175 years ago today - (Fri) Mar 17, 1837

[General] Former President Andrew Jackson returned home to Tennessee, and said that he left office "with barely $90 in my pocket." This marked the beginning of the Panic of 1837, an ensuing national depression, and the resultant need for the US Government to borrow money to meet its financial obligations. Practically every bank in the US stopped redeeming bank notes before the end of March.

[Source: Broadhurst, Dale R., Mormon Chronology, http://olivercowdery.com/history/morchrn2.htm]

1 comment:

  1. The original source for this quote is in Robert V. Remini's "Andrew Jackson", Vol.3, p.423 & p.585, and is dated Mar.15,1837: "I returned with barely $90 in our pocketts."


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