Many Democrats agreed the nation drank too much, but felt it was improper for federal government to legislate drinking habits. US economy crashes As the heading implies, the US economy nose-dived in 1837. The origins of the collapse go back to 1835. At the heart of the problem was the lack of hard money in circulation. 1835 crop failures.
Farmers lose income.
1836 Stock and commodity prices fall. Merchants and investors lose income. 1836 Land and slave sales fall as Specie Circular requires hard money payment for land instead of paper notes. The downturns in the American economy shook British investment confidence. British banks recall loans.