Jacksonian Democracy and Populism · US History

How did the Panic of 1837 affect the presidency of Martin Van Buren?

It made him briefly one of the most popular and widely admired presidents in the entire 19th century
It forced him to declare war on Great Britain over trade disputes
It caused him to switch parties and join the Whigs
It led to the creation of the Independent Treasury to separate government funds from private banks

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Correct answer: It led to the creation of the Independent Treasury to separate government funds from private banks

Van Buren inherited the economic collapse caused by Jackson's bank policies and the Specie Circular. His response, the Independent Treasury (or 'Divorce Bill'), aimed to keep federal money safe but did little to alleviate the immediate suffering of the public.

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How did the Panic of 1837 affect the presidency of Martin Van Buren?

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