What was the Panic of 1837 Andrew Jackson?
The Panic of 1837 was a severe financial and economic depression in the United States that began shortly after President Andrew Jackson left office, though his aggressive monetary policies played a major causal role in triggering the crisis. Jackson's fierce opposition to the Second Bank of the United States led him to veto its recharter and withdraw federal deposits, distributing them to state-chartered pet banks instead. This fueled unbridled land speculation, rampant inflation, and excessive paper money issuance. To curb this, Jackson issued the Specie Circular, an executive order requiring public land purchases to be made only in gold or silver. This sudden drain of specie triggered a massive banking panic, widespread business failures, and a depression lasting nearly seven years.
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