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Quitman faces financial disaster following Panic of 1837
 (Tenth in a series)
John Quitman had excelled at just about everything he had done in his life, but as the year 1840 began, the 41-year-old lawyer and public servant was facing a financial crisis. Three years after the Panic of 1837, a period in the U.S. when banks failed and a time considered as the country's first great depression, Quitman had virtually no cash and enormous debt.
Economic conditions then were similar in some ways to conditions today. Then, there was an ongoing feud in the 1830s between President Andrew Jackson and the nation's most powerful banker, Nicholas Biddle. Many banks had made risky loans in the midst of frenzied land speculation. The country's financial stability was threatened.
Biddle knew the issue would shake up the country's political structure, noting that "the ties of party allegiance can only be broken by actual conviction of existing distress in the community...Nothing but evidence of suffering (in the nation) will produce any effect in Congress..." It was a fierce battle. Jackson won. When he left office, the nation was debt free but the country in a depression.
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