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The Panic of 1837 was a financial crisis in the United States that began a major depression (not to be confused with the Great Depression ), which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pessimism abounded. The panic had both domestic and foreign origins.
Martin Van Buren ( / væn ˈbjʊərən / van BURE-ən; Dutch: Maarten van Buren [ˈmaːrtə (n) vɑm ˈbyːrə (n)] ⓘ; December 5, 1782 – July 24, 1862) was an American lawyer, diplomat, and statesman who served as the eighth president of the United States from 1837 to 1841. A primary founder of the Democratic Party, he served as New York's ...
Bank War. The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks. The Second Bank of the United States was established as a private ...
John C. Calhoun. John Caldwell Calhoun ( / kælˈhuːn /; [1] March 18, 1782 – March 31, 1850) was an American statesman and political theorist who served as the seventh vice president of the United States from 1825 to 1832. Born in South Carolina, he adamantly defended American slavery and sought to protect the interests of white Southerners.
Specie Circular. The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act of 1834. It required payment for government land to be in gold and silver (specie).
The Panic of 1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an ...
Overproduction during the 1830s caused the price of finished cloth to drop and the mills' financial situation was exacerbated by a minor depression in 1834 and the Panic of 1837. In 1834, the mills cut wages by 25%, which led the girls to respond by staging an unsuccessful strike and organizing a labor union called the Factory Girls Association.
: 112 The growing objection to the gag rule, as well as the Panic of 1837, may have contributed to the Whig majority in the 27th Congress, the party's first such majority. Since the original gag was a resolution, not a standing House Rule, it had to be renewed every session, and Adams and others had free rein at the beginning of each session ...