A similar event in Great Britain caused their investments to be withdrawn from American banks, exacerbating this event, while pet banks are an oft-cited cause of this event.
Although a tariff five years before this event reduced rates to twenty per cent, a tariff passed five years after this event raised them to thirty per cent and soothed the problems. Speculation around the construction of roads and other amenities may have led to this event, which was sometimes pinned on Levi Woodbury, who was in the Cabinet at the time. A similar event in Great Britain caused their investments to be withdrawn from American banks, exacerbating this event, while pet banks are an oft-cited cause of this event. Silas Wright, a representative of New York, introduced an act which contributed to this event and which established subtreasuries that accepted only gold and silver. For ten points, identify this economic crisis which was a result of the Specie Circular and which happened under the administration of Martin Van Buren.
Although a tariff five years before this event reduced rates to twenty per cent, a tariff passed five years after this event raised them to thirty per cent and soothed the problems.
{Panic of 1837}