Evaluate the causes for the Depression of 1837 and the steps taken by Van Buren

Question: Evaluate the causes for the Depression of 1837 and the steps taken by Van Buren to straighten out the financia

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Best Answer - Chosen by Asker:

Andrew Jackson forcing everyone to pay with gold

From the Andrew Jackson wikipedia article:

The bank's money-lending functions were taken over by the legions of local and state banks that sprang up!. This fed an expansion of credit and speculation!. At first, as Jackson withdrew money from the Bank to invest it in other banks, land sales, canal construction, cotton production, and manufacturing boomed!.[23] However, due to the practice of banks issuing paper banknotes that were not backed by gold or silver reserves, there was soon rapid inflation and mounting state debts!.[24] Then, in 1836, Jackson issued the Specie Circular, which required buyers of government lands to pay in "specie" (gold or silver coins)!. The result was a great demand for specie, which many banks did not have enough of to exchange for their notes!. These banks collapsed!.[23] This was a direct cause of the Panic of 1837, which threw the national economy into a deep depression!. It took years for the economy to recover from the damage!.

The U!.S!. Senate censured Jackson on March 28, 1834, for his action in removing U!.S!. funds from the Bank of the United States!. When the Jacksonians had a majority in the Senate, the censure was expunged!.Www@QuestionHome@Com

The depression of 1837 was a direct result of the 1836 Florida gold rush, when thousands of workers from the New England factories gave up their jobs and headed for the gold fields!. Most died of fever in the Florida swamps!. Without a sufficient labor force, the New England economy collapsed, causing the entire country to fall into depression!.

What if I'm lying about this and you turn in this answer as your own work!?Www@QuestionHome@Com