S. presidency. Jackson being the most popular candidate still lost to his opponent John Quincy Adams. Jackson was re-nominated for presidency in 1825 through the Corrupt Bargain. Jackson won the presidential election of 1828 by a landslide and his opponents gave him the nickname "jackass", he liked it so much he made the donkey represent himself, that symbol later on became the symbol of the Democratic Party. Jackson served as president from March 4th 1829 to March 4th 1837. Jackson died on June 8th 1845; from a combination of aliments including dropsy, and the main thing was two gunshot wounds. .
The Panic of 1837 was a financial crisis in the United States that sparked off a major recession that lasted until the mid-1840s. Wages, prices, and profits went down while unemployment rate went up. The Panic of 1837 was caused by a period of economic expansion from about mid-1834 to mid-1836. And the prices of land, cotton, and slaves rose sharply in these years. On May 10, 1837, the banks in New York City decided to suspend something called specie payments, which meant that they would no longer redeem commercial paper at its full face value. Now in 1838 there was a small recovery but, the recession kept carrying on for exactly seven years. All banks collapsed, the businesses started failed, prices declined, and thousands of workers lost their jobs, the unemployment rate may have been as high as about 25% in some areas. On January 8th, 1835, big names in Washington came together to hear one of the best things to hear for the country. A senator rose and announced, "Gentlemen, the national debt, is paid!" this was the first time in U.S history that the national debt was finally paid off, now it only lasted a year but to this day President Jackson is the only President to pay off the national debt.
A huge depression from 1837 to 1844 made the national debt to increase to over $3.