USA HISTORY

Detailed explanation-1: -Shortly after the election, Jackson ordered that federal deposits be removed from the second National Bank and put into state banks. Although Jackson’s order met with heavy criticism from members of his administration, most of the government’s money had been moved out of the Bank by late 1833.

Detailed explanation-2: -Americans attributed the cause of the panic principally to domestic political conflicts. Democrats typically blamed the bankers, and Whigs blamed Jackson for refusing to renew the charter of the Bank of the United States and on the withdrawal of government funds from the bank.

Detailed explanation-3: -Recovery from the Panic of 1837 Congress passed the second bankruptcy law in the United States in 1841, but recovery did not begin until 1843. Meanwhile, the United States began the Mexican-American War in 1846 and conquered California.

Detailed explanation-4: -Van Buren was elected president in 1836, but he saw financial problems beginning even before he entered the White House. He inherited Andrew Jackson’s financial policies, which contributed to what came to be known as the Panic of 1837.