th ▁Parliament ▁of ▁Upper ▁Canada ▁sil enced ▁this ▁legisl ative ▁out let ▁of ▁steam , ▁and ▁thus ▁was ▁the ▁stage ▁set ▁for ▁re bell ion . ▁ ▁Econom ic ▁issues ▁ ▁Col lapse ▁of ▁the ▁international ▁financial ▁system ▁ ▁On ▁July ▁ 1 0 , ▁ 1 8 3 2 , ▁President ▁Andrew ▁Jackson ▁v eto ed ▁the ▁bill ▁for ▁the ▁ref in ancing ▁of ▁the ▁Second ▁Bank ▁of ▁the ▁United ▁States , ▁arg uing ▁that ▁it ▁was ▁util ized ▁by ▁a ▁" m oney ed ▁arist ocracy " ▁to ▁opp ress ▁the ▁common ▁man . ▁The ▁dis m ant ling ▁of ▁the ▁bank ▁pl ung ed ▁the ▁Ang lo - American ▁world ▁into ▁an ▁enorm ous ▁de pression ▁( 1 8 3 6 – 3 8 ) ▁that ▁was ▁w ors ened ▁by ▁bad ▁whe at ▁har v ests ▁in ▁Upper ▁Canada ▁in ▁ 1 8 3 6 . ▁Farm ers ▁were ▁unable ▁to ▁pay ▁their ▁deb ts . ▁Most ▁banks ▁- ▁including ▁the ▁Bank ▁of ▁Upper ▁Canada ▁- ▁susp ended ▁pay ments ▁( i . e . ▁declared ▁bank rupt cy ) ▁by ▁July ▁ 1 8 3 7 ▁and ▁requested ▁government ▁support . ▁While ▁the ▁banks ▁received ▁government ▁support , ▁ordinary ▁far mers ▁and ▁the ▁poor ▁did ▁not . ▁ ▁Among ▁the ▁more ▁than ▁ 1 5 0 ▁law su its ▁they ▁launched ▁that ▁year , ▁the ▁Bank ▁of ▁Upper ▁Canada , ▁which ▁served ▁the ▁same ▁purpose ▁as ▁the ▁Bank ▁of ▁the ▁United ▁States , ▁launched ▁a ▁suit ▁against ▁Sh