Martin Van Buren

Birth-Death: (1782 - 1862 ) Term: (1837-1841 )

The nation entered a depression soon after Van Buren was elected President. The depression, which dominated Van Buren's Presidency, was the result of inflation, speculation, and the destruction of the National Bank. Although he would try his best to solve this economic crisis, President Van Buren was not able to bring the United States out of the Panic of 1837.

Major Events with Martin Van Buren

1836 - Election of 1836

    After Andrew Jackson left office, honoring the George Washington tradition, he gives his support to Van Buren and pushes him through the national convention, and the election. Thus Van Buren is often called the "Crown Prince" because he "inherited" the presidency. The opposition consisted of people who disliked Andrew Jackson and his reforms. They formed the Whigs, a new political party. Van Buren won easily 170 to 73.

1837 - Panic of 1837

    After Jackson killed the bank, he also issued the specie circular. This was a law that required all payments for public lands be in gold or silver. Since most lands before were paid with money from questionable sources, Jackson thought this law would prevent the accumulation of depreciated paper notes in the pet banks. The Specie Circular precipitated a need for sound money and later a depression. The depression lasted throughout Van Buren's term.