A new history of the United StatesThe greater republic, embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful year .. . on of Van Bu-ren was one of the most unpopularwe have ever had, and through nofault of his. A great deal of theprosperity of Jacksons term wassuperficial. He had been despotic,as shown in his removal of the United States Bank deposits and the martin van buhen. issue of the specie circular of 1836. (nsj-issa.) one term, is37-i84i. Confusion ensued-in business, and an era of wild speculation followed a di
A new history of the United StatesThe greater republic, embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful year .. . on of Van Bu-ren was one of the most unpopularwe have ever had, and through nofault of his. A great deal of theprosperity of Jacksons term wassuperficial. He had been despotic,as shown in his removal of the United States Bank deposits and the martin van buhen. issue of the specie circular of 1836. (nsj-issa.) one term, is37-i84i. Confusion ensued-in business, and an era of wild speculation followed a distribu-tion of the surplus in the treasury among the States. The credit system took theplace of the cash system, banks sprang up like mushrooms, and an immenseamount of irredeemable money was put in circulation. These institutions were known as wild-cat banks, and their method ofdefrauding the public was as follows: They bought several hundred tlionsandsof cheap bills which, having cost them practically nothing, they used in offeringhigher prices for public lands than others could pay in gold and silver. Theytrusted to chance that their bills would not soon come back for redemption, but. 228 JACKSON, VAN BUREN, HARRISON, AND TYLER. if tliey did so, the banks failed and the holders of the notes lost everydollar. The fraud was a deliberate one, but the establishment of the national bank-ing law since then renders a repetition of the swindle impossible. THE PAXIC OF 1837. Van Buren was hardly inaugurated when the panic of 1837 burst upon thecountry. The banks were tbrced to suspend sjjecie payment, many failed, andmercantile houses that had weathered other financial storms tojDj^led over like ten-pins. In two months the failures in New York and New Orleans amounted to1150,000,000. Early in May, a deputation of New York merchants and bankerscalled ujion the President and asked him to put off the collection of duties onimported goods, to rescind the specie circular, and convene Cong
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