File:A history of the United States of America, its people and its institutions (1912) (14741637116).jpg

Identifier: historyofuniteds06morr (find matches)
Title: A history of the United States of America, its people and its institutions
Year: 1912 (1910s)
Authors: Morris, Charles, 1833-1922
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Publisher: Philadelphia and London, J. B. Lippincott company
Contributing Library: The Library of Congress
Digitizing Sponsor: Sloan Foundation

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Democracy, was elected United States senator 308 THIRTY YEARS OF PEACE AND PROGRESS. his predecessor made themselves felt. The overthrow of the United States Bank was followed by the establishment of a host of State banks, many of them without capital, and issuing notes which they were very unlikely to redeem. These became known as wildcat banks, Some of these State banks whose directors were in harmony with Jacksons views received deposits of government money. This money, as already said, soon made its way into the hands of borrowers and gave rise to a high tide of speculation. Land at first, and afterward almost everything, were speculated in, and paid for largely in the notes of the wildcat banks. The Panic of 1837.—Much of the land bought was purchased from the government. When Jackson found that it was being paid for largely in notes that soon became worthless, an order was issued to the government agents to accept only gold in payment for public lands. This order precipitated a panic.
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Martin Van Buren. in 1821 and governor of New York in 1828. He was Secretary of State during Jacksons first term and Vice-President during his second. He was defeated for re-election to the Presidency in 1840 and in 1848. He died in 1862. Men grew so eager in land speculation that they purchased freel yof land they never had seen and never were likely to see. Town lots were bought at high prices in the far backwoods, and the sites of some of the Western cities—which existed only on paper—were six feet under water. In Dickens's story of Martin Chuzzlewit he gives an amusing description of one of these paper cities, dignified with the name of Eden. VAN BURENS ADMINISTRATION. 309 It began in 1837, shortly after Van Buren took his seat, in the failure of a large New Orleans business house. Other failures quickly followed. Land was hastily offered for sale, but no one would buy it. Prices fell rapidly. In ten daysa hundred New York merchants found their business ruined. Within two months the failure

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