Van Buren Deals with Jackson’s Legacy

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Van Buren Deals with Jackson’s Legacy

Jackson’s Legacy Pet banks- printed paper money in excess of actual gold and silver reserve Made paper money basically worthless Jackson has Dept. of Treasury order that only gold or silver (specie/hard money) would be accepted for land payment Order goes into effect August 15, 1836

Martin Van Buren and the Panic of 1837 Martin Van Buren, Jackson’s former VP, wins election of 1836 1837- banks stop accepting paper money, begin to close Panic of 1837

Election of 1840 Whig Party select William Henry Harrison as candidate to run against Van Buren “Tippecanoe and Tyler too” Harrison wins election, begins Whig plan for economic recovery Died one month later from pneumonia, John Tyler becomes president “His Accidency”- didn’t support Whig plan for reform, only put on ballot to get the Southern vote

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