In 1837, president Andrew Jackson caused a depression for martin van burin during his fight with The National Bank.
By diverting federal funds to smaller state banks, Andrew Jackson—to whom Van Buren had previously served as secretary of state, vice president, and close advisor—harmed the federal Second Bank of the United States.
Jackson believed that the Bank of the United States was harming regular people by exerting an excessive amount of control over credit and economic opportunities, and he was successful in having it shut down.
However, the state banks' careless credit practices encouraged a lot of speculation in the Western areas. After Van Buren was elected president in 1837, it was obvious that banks were having problems.
Numerous enterprises started to collapse, some started to close, and thousands of individuals lost their land. The Panic of 1837 was this.
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