Martin Van Buren

Question 1

Panic of 1837

Answer 1

1. Brinkley, 253
2. was economic crisis which led to the failure of hundreds of banks and businesses.
3. in addition to the aforementioned consequences, there was also the fall of prices (esp. of land), failure of railroad and canal projects, and the state governments’ cessation of payment on bonds/repudiation of debt.
4. According to Brinkley, it was “the worst depression in American History to that point”
5. caused predominantly by Andrew Jackson’s “specie circular”, which declared that the government would only accept gold and silver coins or currency securely backed by gold or silver.
6. in addition to poor federal policy, the withdrawal of English and Western European funding (due to the poor economic condition of Europe at the time) also contributed to the severity of the panic
7. Not successfully addressed by Van Buren’s efforts to quell the panic, namely his payment of federal debt with borrowed money

Question 2

Independent Treasury

Answer 2

1. Brinkley, 256
2. was Van Buren’s financial system to replace the Bank of the United States. Basically, the government would place funds in an independent treasury at Washington and subtreasuries in other cities. No private bvanks would have the government’s money or name, thus creating a marked decrease in speculation.

Question 3

Caroline Affair

Answer 3

1. Brinkley, 257-258
2. In 1837, Canadian rebels chartered the American steamship Caroline to ship supplies across the Niagara River from New York. It was captured by the British and burned, causing the death of one American. Americans, outraged, arrested Canadian citizen Alexander McLeod for the murder of the aforementioned American victim. McLeod was later acquitted, thus defusing the whole affair.
3. This, among many other events, brought America dangerously close to renewed war with Great Britain. Considering Great Britain’s superior standing in terms of economic productivity and sheer military might, this would not have fared well for the Americans, who were dealing with their own domestic clashes, namely those between opposing political parties.

Question 4

The Aroostook War

Answer 4

1. Brinkley, 258
2. In 1838, a border dispute between Maine and Canada erupted into a “violent brawl”. (Note: the Aroostook War was never official, and the only fighting that ever took place was between Canadian and American lumberjacks.)
3. This, coupled with the Creole affair–in which an American ship, the Creole, transporting more than 100 slaves fell to mutiny; the previously-captive slaves, at which point, sailed the ship to the Bahamas where they were declared free by British officials–comprised the entirety of the war.
4. The war was resolved with the Webster-Ashburton Treaty of 1842, which established the border between Maine and New Brunswick. English ambassador Ashburton also expressed regret towards the Caroline and Creole affairs, promising no future British against American ships.