Martin Van Buren Presidency
Martin Van Buren was the eighth president of the United States. He was born in Kinderhook, New York on December 5, 1782. He grew up in a poor family and used to help his father in his tavern. He studied at the local school and finished his formal education at the age 14 after which he studied law. He was admitted in to the Bar in 1803. |
In 1836, Martin Van Buren won the elections with the promise that he would continue with the policies of Andrew Jackson. However, at the time when Van Buren became the president, the US economy was heading towards depression, and it resulted in the Panic of 1837, the worst depression that US had ever faced. The economic problems became Van Buren's main worry.
This led Van Buren to limit the authority of a federal government, let the states have rights and he also went out of his way to protect the people from the rich and powerful. He rejected the opposition's demand for a National Bank. The opposition believed that the bank would be able to stabilize the economy of the country. However, Van Buren believed that the economic woes were because of the rich people financial interests within and outside the country. He suggested that the federal government should deposit its funds into an independent treasury rather than a national bank. The Congress approved the Independent Treasury in 1840 but the country's economic troubles still continued.
The US was also facing a lot of tension with its relationship with Canada, a British colony. While majority of the people were in favor of having an armed conflict with Canada, Van Buren resorted to calming the prevailing tension through diplomatic talks.
However, Van Buren had to face a lot of criticism for his handling of the depression and foreign affairs. He was portrayed by the Whigs as an upper class fussy person who would not be able get the country out of its trouble. This resulted in Van Buren losing the re-election to William Henry Harrison, the Whigs' presidential candidate.
However, Van Buren was also instrumental in forming the Democratic Party and creating the two-party system. So, though Van Buren was criticized quite a bit during his presidency, his contribution to the American political system should not be forgotten.
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