Andrew Jackson decided not to run for a third consecutive term. The Panic of 1837 officially happened after Jackson's presidency. However, was the cause of this depression really Martin Van Buren?
Follow this link ,and discuss if Martin Van Buren really caused the Panic of 1837 like Americans accused him. What were the causes? The effects of this depression?
The Panic of 1837 started just 5 weeks after Martin Van Buren because president, which is why people thought he was the cause of the Panic of 1837. It was really caused because of Andrew Jackson. The events leading to this happened during Andrew Jackson's presidency. One event that lead to the Panic of 1837 during Jackson's presidency was the Specie Circular. The Specie Circular stated that payments for purchase of public lands were made in gold or silver, instead of dollars. It also dried up credit, leading to the Panic of 1837. People wanted to sell their lands, but very few were able to buy their land. This is why the Panic of 1837 was not Martin Van Buren's fault, but the people still blamed him for it, and gave him the nickname "Martin Van Ruin." Another cause from the Panic of 1837 is banks had to close. 343 banks closed out of 850 banks. There were also many effects from the Panic of 1837. One way is that there were many foreclosures and bankruptcies. Another way is factories, mills, and mines were closed. This lead to many people being unemployed, which was another problem because of the Panic of 1837. The Panic of 1837 was a huge problem of the United States. (Words: 214)
ReplyDeleteSince Martin Van Buren was the president during the Panic of 1837, it seemed like the right thing to do and was the easiest thing to do. Even though he had only been a president for five weeks, he had still been president which made Americans think it was his fault. However the events for this began even before Jackson was president with the "miniature" panic of 1819. Because of the Panic of 1819, many people suffered financially including Andrew Jackson. This led to a mistrust in banks which is why Jackson disagreed with a national bank during his presidency. In 1836, Andrew Jackson didn't sign the second charter and the bank closed and the money was put in the states. Because of this loans were taken from other countries, profits plummeted, and roughly 400 banks closed/failed. So really Martin Van Buren didn't cause the Panic, he just got the backlash of it all. (155)
ReplyDeleteThe Panic of 1837 has such an interesting story line behind it. It all started within five weeks of Martin Van Buren, or as some people know him as “Martin Van Ruin’s” presidency. Even though the events that caused the panic of 1837 all took place during Andrew Jackson’s presidency, they still blame Martin Van Buren! There was even an earlier panic of 1819 that took place because of the second national bank. This caused the two year depression after this event to be even harder. Andrew Jackson who was known as a “common man” also suffered hard financial problems during the panic of 1819. He swore that during his presidency he would have the second national bank be destroyed. So, government money went to Jackson’s, what he called, “Pet Banks”. To add to financial and economic hard ships, wheat crops had failed causing a major crisis for the northern farmers in 1837. Suffering for the South came as well because the sale of cotton dropped dramatically caused by the depression in Great Britain. Here are some main causes of the panic of 1837: credit dried up so profits plummeted, people wanted to sell but few were able to buy, and my personal “favorite”, 343 banks closed out of 850! Crazy right!! (May I remind you Jackson was president during these times) So, I do not think the panic of 1837 was Martin Van Buren’s fault, considering the causes took place during Jackson’s presidency. It would be different if ALL the causes had taken place during Van Buren’s presidency; however, it did not. (263)
ReplyDeleteThe crisis of 1837 was not Van Buren’s fault. Andrew Jackson closed down the national bank and left no big bank in its place. He really just dug a hole for whoever the next president was going to be. By the bank being eliminated no one had anywhere to put their money so every one freaked out. This had happened before in 1819. It was also the same circumstances, the national bank was being poorly managed and no one trusted them so there was no where for their money. Again everyone freaked out. If this had already happened before how did Jackson think it wouldn’t happen again?
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The panic of 1837 wasn't caused by Van Buren and his presidency. it was Andrew Jackson's fault. Jackson got rid of the national bank a few years before, he got rid of most govorment officials and changed them for his friends, which then didn't help van buren either. Jackson closing the national bank was not the first time it happened, before the bank was there, everyone wanted a place to put money in 1819, which is why the bank was created. Jackson never thought through his plans very well in my opinion because every time he did something big, it had the same effect before it existed. he started the decline of the economy, left office, and basicly screwed Martin van burens presidency and his chances of being re-elected because everyone became angry about the bank and blamed van buren. (140)
ReplyDeleteI feel that Martin van Buren and Andrew Jackson both had a part of the blamb to take when talking about the Panic of 1837. Andrew Jackson had more of the blame to take but it was not all him. Andrew Jackson was the cause of the trail of tear and a lot of the dept of the united States. Martin van Buren had his part in it because he reacted to the crisis in a relaxed manner. That is not how it was supposed to be done. He was to "panic" on the crisis. All in all the blame is nearly neutral for Jackson and Buren.
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Martin Van Buren was blamed for the Panic of 1837. The Panic of 1837 included, changes in the bank, the bad economy, failure in wheat crop, and financial crisis. Not all of this was because of Van Buren, in fact most of it was because of Andrew Jackson! The effects of the Panic of 1837 started during Andrew Jackson's presidency. The people also suffered because of the great cotton sale drop in Britain, which in America that was a big crop, as well as wheat. So over all the blame for this goes to both Andrew Jackson and Martin Van Buren. (101)
ReplyDeletethis was not martin van buren's felt it was andrew jacksons fault. in my opinion i think andrew jackson had a plan because he knew their was no way that he was going to get elected again, so he was going to dig a hole for the next president. because he got rid of the national bank, where are the people going to put their money. he also got rid of all the cabinet members so much and so fast. he also did something called the spoil system where he got rid of the people he didn't like and hired his friends and they messed a lot of things up (110)
ReplyDeleteMartin Van Ruin did not cause the Panic of 1837. It was obviously Andrew Jackson’s fault. He caused all of the events leading up to the Panic of 1837. He closed the National Bank. Andrew Jackson also issued the Specie Circular. This dried up all of the bank credits. The Panic of 1837 officially happened in five weeks into Martin Van Buren’s presidency. So how could it be Martin Van Buren’s fault? Everybody liked Andrew Jackson so of course they blamed the Panic on Martin Van Buren. Even though Martin Van Buren opposed the National Bank just like Andrew Jackson did. He probably would’ve refused a charter for the National Bank just like Andrew Jackson did.(116)
ReplyDeleteThe Panic of 1837 was believed to be Martin Van Buren Fault, but truth is it was all Andrew Jackson. They thought it was his fault because he was President at the time. It all started when Andrew Jackson and his followers changed the country’s bank system. Which made people angry with the government. It was also the failure with the wheat crops. The crisis in Great Britain is also a reason for the Panic of 1837.It effected America greatly with foreclosure and bankruptcy. Factories and banks were being closed, and riot broke out among America. They called Martin Van Buren was called “Martin Van Ruin” and it wasn’t even his fault.(112)
ReplyDeleteMartin Van Buren started his presidency on March 4, 1837. The panic began 5 weeks after his presidency began. The cause before the panic took place when Andrew Jackson was president and even before. Andrew Jackson also suffered throw the panic because of the second Bank of the United States. When Jackson became president he promised to destroy the second bank of the United States this is when the bank war began. After this Jackson issued the specie Circular at the very end of his presidency to stop or end land speculation. This specie circular demanded that payments were paid for in Gold or silver for public land. This panic was not Martin Van Buren fault it was Andrew Jacksons fault. (121)
ReplyDeleteIn my personal opinion I think the Panic of 1837 was not Martin Van Buren's fault. The are several obvious reasons why I think this pertaining to the article linked to this debate. But the reason that brings the most attention is that Jackson started the trouble near the end of his presidency. And once Martin Van Buren becomes president all the mess that Jackson started is put onto Van Buren to deal with. The Panic of 1837 was a point in time of economic and financial struggles. Andrew Jackson caused this downfall era by changing the banking system. Also the failure of the wheat crop to produce and the Great Depression in Great Britain. The effects of this was people losing hope, but Van Buren persevered through it all. (129)
ReplyDeleteTo say that the Panic of 1837 was Martin Van Buren’s fault is false. The cause can only be traced back to the man who governed America by emotions rather than what was priority. This man was Andrew Jackson. The first problem started during what’s called the Bank War. Jackson had come to office with a hatred towards the national bank, so it wasn’t a surprise when he shut down the Second National Bank. This was a problem because now there were many “pet banks”, or banks in every state. This creates an unbalance in the country’s banking system. To make matters worse, he issued the Specie Circular. Basically, if anyone purchased land, it had to be done with gold and silver. So everyone started to give money to the bank for gold and silver, causing credit to “dry up”. Now Martin Van Buren was in office. During this time, trade became a major issue because all the sales on cotton had dropped greatly in Great Britain. When your prime crop loses its value, you’re in trouble. So now we have people who need money, banks that have no money, people trying to get money, but buyers had none. It all was a disaster that Van Buren had to face only 5 weeks into his presidency. The only solution he could make was to establish a national treasury to store the government’s money. At least that was solved. However, many houses and buildings were still foreclosed, people were going bankrupt, factories were shut down—which caused people to lose jobs, “bread riots” started taking place. It was all a disaster. No, a PANIC. If Jackson hadn’t made the rash decisions he did, Van Buren probably would have had an easier presidency. (291)
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