USA HISTORY

Detailed explanation-1: -In 1832, Jackson ordered the withdrawal of federal government funds, approximately ten million dollars, from the Bank of the United States. The president deposited these funds in state banks and privately-owned financial institutions known as “pet banks.” Ohio had nine of these banks.

Detailed explanation-2: -Van Buren maintained the position of former President Andrew Jackson in supporting the use of gold and silver coin as well as limited government intrusion during a severe economic crisis. These policies would attract widespread blame for the Panic of 1837. As a result, Van Buren would not win his re-election campaign.

Detailed explanation-3: -President Andrew Jackson took credit for paying off the national debt completely in 1835 and the following year, a record $25 million in land sales accounted for about half of all federal receipts. The U.S. Treasury now had a budget surplus with no public debt.

Detailed explanation-4: -Historians have traditionally attributed the Panic of 1837 to a real estate bubble and erratic American banking policy. Most speculation concerned western land opened to settlement after Indian removals, but northeastern forests were among the most overvalued holdings.