JACKSONIAN DEMOCRACY 1825 1850
PRESIDENT ANDREW JACKSON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He created the federal treasury to hold the government’s money.
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He passed a minimum wage law to boost the earnings of all Americans.
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He increased taxes on all Americans.
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He significantly increased tariffs on all imported goods.
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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: -He called for a special session of Congress, which finally convened in September 1837, to deal with the crisis. The President announced a controversial proposal to establish an independent treasury system, in which the federal government would deposit its funds in a series of subtreasuries.
Detailed explanation-3: -Two months into Van Buren’s presidency, the roof fell in. On May 10, 1837, some important state banks in New York, running out of hard currency reserves, refused to convert paper money into gold or silver. Other financial institutions quickly followed suit. This financial crisis would become known as the Panic of 1837.
Detailed explanation-4: -A member of the Democratic Party, Van Buren’s presidency ended following his defeat by Whig candidate William Henry Harrison in the 1840 presidential election. The central issue facing President Van Buren was the Panic of 1837, a sustained economic downturn that began just weeks into his presidency.