Martin Van Buren - 1837-1841
-Land sales generate a budget surplus that, when distributed to the states, causes the panic of 1837
-The withdrawal of federal funds from the "pet banks" caused them to tighten credit and bring the economy into stagnation
-In 1837, Van Buren proposes the creation of an independent treasury to replace the Bank of the United States; the measure fails to pass until 1840
-Van Buren falls prey to the Log Cabin Campaign of William Henry Harrison, which paints him as elitist, in the 1840 election