USA HISTORY

Detailed explanation-1: -Economic Panic of 1837. The severe downturn in the American economy that began in 1836 became Van Buren’s primary concern during his presidency.

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: -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.

Detailed explanation-4: -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-5: -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.