The Economic Crisis in the United States of America 1837-1842: An Analytical Study of Causes and Consequences
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Abstract
During the nineteenth century, the United States of America witnessed numerous cyclical economic crises that impacted the trajectory of the economic engine across all sectors, including the Panic of 1837. Following his election, U.S. President Andrew Jackson issued an executive order in 1833 that terminated the operations of the Second Bank of the United States and removed federal deposits from the institution. This highly controversial decision caused the government to lose control over the financial system and led to the proliferation of numerous private banks. Although the decisions issued by the Jackson administration regarding fiscal policy were intended to stabilize the economy, they ultimately yielded counterproductive results. Subsequently, the rapid rise in cotton prices, combined with increased production in the Southern states, occurred because foreign and domestic capital—left completely free for investment—remained unregulated. Consequently, speculative activities escalated rapidly in January 1836. Meanwhile, in the western regions of the United States, Americans shifted toward purchasing public lands from the federal government using paper currency. Ultimately, President Jackson's economic policies fueled heightened speculation within the paper money market.
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