Martin Van Buren: The Panic President


Introduction

Martin Van Buren, the eighth president of the United States, is often remembered as the "Panic President." His presidency was marked by the Panic of 1837, a severe financial crisis that had a profound impact on the country.

Martin Van Buren: The Eighth President of the United States

Martin Van Buren was born in Kinderhook, New York, in 1782. He began his political career as a lawyer and served in the New York State Assembly and Senate. In 1828, he was elected governor of New York. Van Buren was a close ally of President Andrew Jackson and served as his vice president from 1833 to 1837.

Upon Jackson’s retirement, Van Buren was elected president in 1836. He inherited a prosperous economy and ambitious plans for the country’s future. However, his presidency was soon overshadowed by the Panic of 1837.

The Panic of 1837: A Defining Crisis

The Panic of 1837 began in May with the failure of several New York City banks. The crisis spread quickly, as banks across the country suspended specie payments and businesses defaulted on their debts. The economy plunged into a deep recession, with unemployment and poverty soaring.

Van Buren’s response to the crisis was controversial. He believed that the government should not intervene in economic affairs and opposed federal assistance to banks and businesses. Instead, he focused on reducing the national debt and balancing the budget.

The Panic of 1837 lasted for several years and had a lasting impact on the country. It led to the collapse of the Whig Party and the emergence of the Democratic Party as the dominant political force. It also contributed to the rise of populism and the growing demand for government regulation of the economy.

Summary

Martin Van Buren’s presidency was defined by the Panic of 1837. His response to the crisis was controversial and contributed to his defeat in the 1840 election. The Panic of 1837 had a profound impact on the United States, leading to economic hardship, political instability, and a reassessment of the role of government in the economy.

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