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In 1837, President Martin Van Buren confronted a dilemma over the appropriate federal response to the recent Panic of 1837 that seemed to undercut the policies and power of Andrew Jackson's "Democracy." Now, Van Buren must decide how best to harness the civic reaction in stabilizing the financial system and returning the American economy to growth. Van Buren's dilemma occurs in the midst of a dramatic regime shift in American politics. The rise of Whig politicians in reaction to the populist policies of Jackson marked 1837 as a historic pivot point. It is useful to consider how the Panic of 1837 contributed to that pivot and how the subsequent civic reaction to the panic developed. This B case presents draft legislation for an Independent Treasury and Van Buren's message with which he aimed to open a special session of the US Congress and enact the Independent Treasury proposal.
(a) Assess the performance and role of an early proto-central bank, the Second Bank of the United States. (b) Consider the alternative ideologies regarding banking in the United States, in particular, the populist "Jacksonian" view and the consequences of that view for the money supply, fractional reserve banking, and banking services generally. (c) Explore the dynamics of government policy making in the context of a regime shift in political sentiment. (d) Illuminate the dynamics of financial crises.