1. Panic of 1837

2.  Van Buren is president
 Heavy borrowing from citizens
 Investing of borrowed money
Background

3.  Jackson cancels Bank of U.S.
 Specie Circular
 Failure of wheat crops; high grain prices.
 Failing British Banks
 Land speculation
Causes

4.  Record unemployment rate
 Failure of New York banks
 Van Buren blamed, Whig Party takes 1840
election
Effects

5.  Divorce Bill
 1838-1839: Brief recovery, soon ended
 Sub-treasury system
Recovery Efforts

6.  Tariff of 1842
◦ Reverse effects of Compromise Tariff of 1833
◦ Raised average rate to 40%
◦ New payment system
◦ International trade declines
◦ Caused split in Whig party
◦ Repealed by Walker Tariff
Final Recovery

7.  http://www.publicbookshelf.com/public_html/The_Great_Republic_By_the_Master_Historians_Vol_
III/thepanic_ce.html
 http://www.u-s-history.com/pages/h967.html
 http://thehistorybox.com/ny_city/panics/panics_article5a.htm
Sources

8. The End