USA HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -Challenges: Three months into Martin Van Buren’s presidency, the Panic of 1837 engulfed the country in its worst depression to date. Van Buren was largely ineffective at stemming the economic collapse. He completely stopped any Federal aid to internal improvements.

Detailed explanation-3: -New England escaped the worst of the crisis thanks to Boston’s conservative banking establishment, which, led by the Suffolk Bank, curbed the excesses of the rural banks. The 1837 crisis and the six-year depression that followed had lasting effects on the American economy.

Detailed explanation-4: -In 1832, Andrew Jackson ordered the withdrawal of federal government funds from the Bank of the United States, one of the steps that ultimately led to the Panic of 1837. The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.