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The depression of 1937 was sometimes also referred to as The Panic of 1837 The true panic of this depression consisted of banks over- extending credit on insufficient collateral as well as a shortage of the nations currency The shortage of currency failed to meet the demands of the country at a time when the nation was prospering the railroad was laying tracks and extending outward and canals were being built to make even more routes of transportation Basically people were spending money and investors were buying in to the American corporations and state bondsIn the book American History a Survey 268 it is stated that during 1835 - 1837 nearly 40 million acres of land were bought and sold in the nation to immigrants who had little or no money The land was sold on credit at greatly advanced prices However investors who were mostly Eastern speculators from the United States coming here to take advantage of the situation were buying most of the land They had hopes to re-sale and make a profit Their form of payment for this land was usually loans from banks At the same time the money from these land sales was coming in to the US treasury from land office and most of it was of dubious value In short the government was selling acres of land and in return receiving a miscellaneous collection of state bank notes none of which was really worth the stated valueIn a lecture delivered before the Sunday lecture society May 7 1876 by John Wentworth Mr Wentworth told people the government was not only out of debt that it also had an existing surplus of funds At this point men became excited and reckless as money was taken from every branch of business to invest in western land speculatorsHowever President Jackson was aware of the situation but had no power to stop the land sales or limit bank discounts The presidents plan
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