Background: Martin Van Buren was born on December 5, 1782 in New York. He was the first non British president to serve in office. His life, before office, was poor. He grew up in a family with six siblings and his family owned six slaves. His parents were not wealthy and couldn't afford a lot. His dad owned a tavern and an inn that government officials came to eat and sleep at. Martin Van Buren was a member of the New York Senate, followed by becoming the governor of New York, and later he was appointed a minister to Great Britain for his loyalty to Andrew Jackson. Finally he became the President of the United States.
Right before Van Buren was elected president of the United States, panic for economic and financial recession started. The banks shut down soon after Van Buren got into office.
Right before leaving office in 1836, Andrew Jackson issued the Specie Circular, which allowed the Treasury to no longer accept paper notes as payment for land purchased from the government. Instead people had to use gold and silver to purchase the land. The Deposit and Distribution Act of 1836 only allowed the Treasury to get, hold on to, or make a payment using Treasury notes or specie notes. All of the problems with the banks brought about the panic of 1837.