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The federal government stopped accepting paper money for the purchase of land.
Rickie Glover
Wiki User
∙ 11y agoCrazy Andrew Jackson was the cause.
Excessive printing of paper money on the BUS's part led to inflation during this time, so Andrew Jackson passed the Specie Circular. It only allowed payments (esp gov't land) to be made in gold and silver, exemplifying his particular hate for paper money and a centralized bank.
Jackson was completely against the Bank of the United States (BUS). After passing the Specie Circular (already weakening the BUS), he refused to renew the charter of the 2nd BUS, allowing it to collapse and withdrew all federal funds from it.
The lack of paper money, no central bank for the gov't to take money from, and the fluctuating economy due to Jackson's decisions caused the Panic.
Funny enough, Martin Van Buren was elected after the BUS turmoil ensued, and the Panic occurred within weeks of his election, and he was blamed for it. But really, it was Jackson's choice to kill the BUS that caused the Panic of 1837.
Wiki User
∙ 10y agoThe federal government
stopped accepting paper money for the purchase of land?
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When was the following was a direct cause of the Panic of 1837?
There were a number of causes to the financial crisis known as "The Panic of 1837", including the economic policies of President Jackson and most of the banks of the area, ceasing payment in silver and gold.
What was a direction cause of the Panic of 1837?
You give us no choices to chose from to help you anaswer this. Following what?
When did the panic of 1837 occur?
It Occured on May 10, 1837
What was the panic of 1937?
in all likelihood you're thinking of the panic of 1837.
What was the economic condition following the Panic of 1837?
Depression
What was direct cause of the panic of 1837?
The direct cause of the Panic of 1837 was the vetoing of the Bank Bull by president Andrew Jackson. This was a serious financial crisis in the United States.
When was the following was a direct cause of the Panic of 1837?
There were a number of causes to the financial crisis known as "The Panic of 1837", including the economic policies of President Jackson and most of the banks of the area, ceasing payment in silver and gold.
What was a direct cause of the Panic in of 1837?
The federal government stopped accepting paper money for the purchase of land.
What was the main cause of the Panic of 1837?
They caused by them telling Andrew Jackson that it was wrong to give people loans of gold and sliver. also because in the Cordially they discussed it farther and came to a calculation that the Speculators were truly the ones to blame for the panic of 1837.
What was a direction cause of the Panic of 1837?
You give us no choices to chose from to help you anaswer this. Following what?
When did the panic of 1837 occur?
It Occured on May 10, 1837
Financial panic Andrew Jackson responsible for?
Panic of 1837
What was the panic of 1937?
in all likelihood you're thinking of the panic of 1837.
What helped cause the nation's depression during the Van Buren presidency?
He believed in the principle of laissez-faire
How did the panic of 1837 affect the economy?
the panic of 1837 affected the nations economy by entering an economic depression where the business and unemployment fell to a very low level.
What was the economic condition following the Panic of 1837?
Depression
What did the panic from 1837 result in a large measure of?
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