[305] After Jackson stepped down from the presidency in 1837, a Democrat-majority Senate expunged Jackson's censure.[306][307]

Panic of 1837
Main article: Panic of 1837
Lithograph cartoon of the Panic of 1837 published by H. R. Robinson (1837). Jackson is symbolized by "Glory" in the sky with top hat, spectacles, and pipe.
Despite the economic boom following Jackson's victory in the Bank War, land speculation in the west caused the Panic of 1837.[308]  Jackson's transfer of federal monies to state banks in 1833 caused western banks to relax their lending standards;[309] the Indian Removal Act made large amounts of former Native American lands available for purchase and speculation.[310] Two of Jackson's acts in 1836 contributed to the Panic of 1837. One was the Specie Circular, which mandated western lands only be purchased by money backed by specie. The act was intended to stabilize the economy by reducing speculation on credit, but it caused a drain of gold and silver from the Eastern banks to the Western banks to address the needs of financing land transactions.[311] The other was the Deposit and Distribution Act, which transferred federal monies from eastern to western state banks.  