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Warm Up

Warm Up. The Panic of 1837. I. Causes. A. The government sold millions of acres of land in the West. B. Speculators bought most of the land, to sell at higher prices to others for a profit. C. To pay for the land in the first place, speculators borrowed money from banks.

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Warm Up

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  1. Warm Up

  2. The Panic of 1837

  3. I. Causes A. The government sold millions of acres of land in the West

  4. B. Speculators bought most of the land, to sell at higher prices to others for a profit C. To pay for the land in the first place, speculators borrowed money from banks

  5. D. In order to loan money to the speculators, banks printed more papermoney E. The more money that is printed, the less value it has

  6. II. The Panic Begins A. To stop the land speculation, in 1836 Jackson passed a law saying that anyone buying public land had to pay with gold or silver

  7. B. The speculators needed to cash their paper money in for gold and silver C. When the speculators went to the bank, the banks didn’t have enough gold and silver to give everyone their gold and silver

  8. D. This caused a bank run

  9. III. Results A. The bank runs turned into a panic B. Banks failed and went out of business

  10. C. The Panic was made worse because cotton prices went down so Southerners made less money than ever and were not able to pay back their loans

  11. D. Three years of economic depression followed E. President Van Buren, elected in 1836, was blamed for the depression, and did not win re-election

  12. PRESIDENTS AFTER JACKSON

  13. Presidents After Jackson I. Van Buren (Democrat) A. Elected in 1836 B. Blamed for the Depression following the Panic of 1837

  14. C. Only served one term

  15. II. William Henry Harrison (Whig) A. Elected in 1840 B. Died of pneumonia less than a month after taking office

  16. III. John Tyler (Democrat turned Whig) A. Came to office when Harrison died

  17. B. Tyler disagreed with most of the Whig policies, so not much was accomplished during his presidency

  18. C. Tyler was eventually kicked out of the Whig party

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