Home school of American history; embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful year .. . about the defeat of Cass b\-Taylor. The administration of Van Bu-ren was one of the most unpopulaiwe 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 theUnited States Bank deposits and theissue of the specie circular of ensued in business, and an era of wild speculation followed a distribu-tion of the surplu
Home school of American history; embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful year .. . about the defeat of Cass b\-Taylor. The administration of Van Bu-ren was one of the most unpopulaiwe 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 theUnited States Bank deposits and theissue of the specie circular of 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 tlie public was as follows : They bought several hundred thousandsof 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. MARTIN VAN BUBEN. (1782-1S02.) One term, 1837-18-11. 228 JACKSON, VAN BUREN, HARRISON, AND TYLER. if they did so, the banks failed and the hoklers 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 PANIC OF 1837. Van Buren was hardly inaugurated when the jmnic of 1837 burst upon thecountry. The banks were forced to suspend specie jDayment, many failed, andmercantile houses that had weathered other financial storms toppled over like ten-pins. In two months the failures in New York and New Orleans amounted to$150,000,000. Early in May, a deputation of New York merchants and bankerscalled upon the President and asked him to put off the collection of duties onimported goods, to rescind the sjiecie
Size: 1337px × 1870px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bo, bookcentury1800, bookdecade1890, bookidhomeschoolofamer00morr
