The Whig party failed to win the 1836 presidential election, which was captured by Martin Van Buren. Jackson, however, left his successor with an economy ready to crater. “Old Hickory” believed that paper money did not benefit the common man and that it allowed speculators to buy huge swathes of land and drive prices artificially high. Having taken a financial loss from devalued paper notes himself, Jackson issued the Specie Circular in July 1836, which required payment in gold or silver for public lands. Banks, however, could not meet the demand. They began to fail, and the ensuing Panic of 1837 devastated the economy during the course of Van Buren’s one-term presidency.