This event resulted in the bankruptcy of Arthur Tappan, which led him to establish the Mercantile Agency.
In one cartoon titled "The Modern Balaam and his Ass," a figure representing this event says, "Wherefore hast thou smitten thine Ass?" This event resulted in the bankruptcy of Arthur Tappan, which led him to establish the Mercantile Agency. One reaction to this event involved thousand of New Yorkers attacking merchants' warehouses to obtain barrels of flour. The Kirtland Safety Society Bank failed during this event, which led Joseph (*) Smith to flee to Missouri. One attempt to address this event involved creating sub-treasuries; that failed act was the Divorce Bill. Other causes of this event included the dispersion of federal revenues in local "pet banks" through the Deposit and Distribution Act and the introduction of the Specie Circular. For 10 points, name this financial crisis that impacted the first year in office of President Martin Van Buren.
In one cartoon titled "The Modern Balaam and his Ass," a figure representing this event says, "Wherefore hast thou smitten thine Ass?"
Panic of 1837