Martin Van Buren was the eighth president (1837–41) of the US and an important figure in the Democratic party. He served under Andrew Jackson as both secretary of state and vice president. Jackson chose Van Buren as his successor to the presidency.
Van Buren's primary legacy as president was the Panic of 1837 and his response to it. The Panic was a severe economic crisis that hit the country almost as soon as Van Buren became president. One reason for the economic collapse was a depression in England, and this reduced English investment in the US. Also, America's banking system was flawed. Moreover, there were agricultural problems as cotton prices dropped and the wheat crop failed. Many banks and businesses closed. Ordinary laborers suffered the most. Unemployment and inflation soared. Wages were cut. There was no government aid; some assistance was provided by churches and charities, however.
Van Buren did not believe the government had a responsibility to help the public, but he did try to restore the government's shaky financial position. One result was the independent treasury system.
Van Buren lost the presidential election of 1840 primarily because of the severe recession. A secondary reason for his defeat was his refusal to admit Texas as a state. He tried to regain the presidency in his later years but was unsuccessful.
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