[BLANK-1] was a huge economic depression that occurred durin…
[BLANK-1] was a huge economic depression that occurred during Martin Van Buren’s presidency, but which was largely caused by Andrew Jackson’s presidential policies (including the Bank War, his attack on the monetary system, his condemnation of Henry Clay’s American System, and his decision to veto national infrastructure legislation). The situation worsened when Jackson passed the Specie Circular a few months before the end of his second term, requiring all land to be purchased using hard specie (gold or silver). These further deprived banks of specie and, alongside an overinvestment of British capital and land speculation, led to an increase in American foreign indebtedness. This depression tanked Van Buren’s popularity and it took six years for the American economy to begin to recover.
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