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Panic of 1837
March 3, 1836 Charter of the Second Bank of the United States expires
July 11, 1836 The Specie Circular is issued by Treasury Secretary Levi Woodbury. Jackson and his administration felt it would check the speculation in land purchases that was rampant because of the "war" against the Second Bank of the United States
  Specie Circular
  Andrew Jackson
August 15, 1836 "Specie Circular" goes into effect
  Specie Circular
  Andrew Jackson
May 9, 1837 Banks in New York City see a tremendous outflow (some estimates range as high as $700,000) of hard currency (gold and silver) as a result of the Specie Circular. New York
  Specie Circular
May 10, 1837 New York City banks suspend hard currency payments because of depleted reserves. The "Panic of 1837" that occurred today results in a 6-year depression New York
  Specie Circular
October 12, 1837 To battle the depression that resulted from the Panic of 1837, Congress approves the issuance of 10 million dollars in bonds.
July 4, 1840 Democrat Martin Van Buren signs the Independent Treasury Act into law
  Martin Van Buren
  Democratic Party




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Panic of 1837 was added in 2005




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