1. Van Buren Deals with Jackson’s Legacy

2. 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

3. 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

4. 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