The presidency of Martin Van Buren began on March 4, 1837, when Martin Van Buren was inaugurated as President of the United States, and ended on March 4, 1841. Van Buren, the incumbent Vice President and chosen successor of President Andrew Jackson, took office as the eighth United States president after defeating multiple Whig Party candidates in the 1836 presidential election. A member of the Democratic Party, Van Buren's presidency ended following his defeat by Whig candidate William Henry Harrison in the 1840 presidential election. Van Buren had to articulate a position on slavery that could win full-throated approval in both the pro-slavery South and the Northern states where slavery was illegal and unpopular. With less income coming in from the cotton trade, land prices plummeted, industries laid off employees, and banks failed. According to historian Daniel Walker Howe, the economic crisis of the late 1830s and early 1840s was the most severe recession in U.S. history until the Great Depression.