The Panic of 1837

The Panic of 1837 was a crucial time in the financial history of the United States. As the President leading up to the financial crisis, Andrew Jackson took up a battle against the Bank of the United States. Jackson attempted to restore the value of paper currency by making sure that it was backed in gold and silver. Due to land speculation, and the fact that paper currency could not regain it's value, Jackson passed an Executive Order that would be the final straw before the collapse of the American economy. The actions taken by President Jackson closed over 300 banks and rendered the banking system useless, plunging the country into economic catastrophe.