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Depression Doldrums and the Independent Treasury

Depression Doldrums and the Independent Treasury. By: Caroline Moore and Kaitlyn Baerenstecher. Panic of 1837. Causes: “Get rich quick” with “land-office business” Jacksonian Finance Failure in wheat crops British Bank Failure “Pet Banks” Effects Transportation advancements

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Depression Doldrums and the Independent Treasury

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  1. Depression Doldrums and the Independent Treasury By: Caroline Moore and Kaitlyn Baerenstecher

  2. Panic of 1837 • Causes: • “Get rich quick” with “land-office business” • Jacksonian Finance • Failure in wheat crops • British Bank Failure • “Pet Banks” • Effects • Transportation advancements • Bank failures • Price decrease • Unemployment

  3. Political cartoon demonstrating the unemployment effects of the Panic of 1837

  4. Major People • Whigs • New major political party • Martin Van Buren • Divorce Bill

  5. “Divorce Bill” • Divorce government from banking • Not popular with even Van Buren’s own party (Democrats) • Whigs hated this bill • Led to the ideas of the Independent Treasury Bill

  6. Independent Treasury Bill • Passed in 1840 • Whigs repealed it later • Established independent treasury • Government put large sums of money into banks in big cities

  7. Concept Summary • Western expanders wanting quick money was the main cause of the Panic of 1837. • Van Buren’s idea of “divorcing” the government from the banks led to the Independent Treasury Bill.

  8. Spread of Democracy/ Jackson Overstepping his Power • Democratic ideals spreading • Jackson removed National Bank and created Specie Circular • Beyond his purpose • Both caused the Panic of 1837, which led to the Independent Treasury Bill

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