USA HISTORY

JACKSONIAN DEMOCRACY 1825 1850

JACKSONIAN AMERICA

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Van Buren’s laissez-faire economic approach did not help to end the depression after the Panic of 1837.
A
True
B
False
C
Either A or B
D
None of the above
Explanation: 

Detailed explanation-1: -Declaring that the panic was due to recklessness in business and overexpansion of credit, Van Buren devoted himself to maintaining the solvency of the national Government. He opposed not only the creation of a new Bank of the United States but also the placing of Government funds in state banks.

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: -The economic Panic of 1837 led to widespread unemployment, economic depression, devaluing of cotton and paper money, and bank and financial failures. President Van Buren blamed the crisis on the easy availability of credit and rampant speculation.

Detailed explanation-4: -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.

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