4. • Expansion and prosperity
• New railroads and canals
• Millions of acres of public lands were sold by the government.
• Paid off National Debt
• Surplus in Treasury
• Congress distributed surplus to the States
• Specie Circular issued by Andrew Jackson
5. ANDREW JACKSON’S IMPACT
Jackson’s
economic
policies
contributed to
the Panic of
1837
saw the Bank of
the United
States as a
monopoly of the
rich.
he was all about
using gold and
silver coins
opposed to bank
notes.
removed all
of the federal
government's funds
from the Bank of
the U.S. and put
them in state banks
which led to fall of
the Bank.
Four years
before the
Bank's charter
was expired
The President
of the Bank put
in for a new
charter but
Jackson
vetoed it.
6. • (December 5, 1782 – July 24,
1862) in Kinderhook, New York
• Eighth President of the United
States
• First President not of British
descent
- He was Dutch
• President during the Panic
- President for only 5 weeks
prior
• He was blamed because of his
refusal to involve the government.
MARTIN VAN BUREN
7. • America’s first depression
- lasted 5 years
• Contributed to
the damages and
how long the
Panic lasted
8. - The
introduction of
the inflation of paper
money was a major
contributor to
the panic . It was caused by the
excessive
9. Required
potential
property buyers to use
specie
rather than bank notes.
Although
the use of bank notes was easier
than
carrying specie around, banks were
required to
10. was not
comfortable
with the increased flow
of
funds into U.S. by British
investors.
To combat this negative flow of funds,
the
11. • First depression
• 343 out of 850 banks closed
• Five year lond depression
• Unprecedented unemployment rate
• Impact lingered till 1843
