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As President, Van Buren announced his intention of following Jackson's policies, but the Panic of 1837 and the hard times that followed brought Van Buren a great deal of unpopularity. To meet the economic crisis, Van Buren, wary of the existing banking system, backed after 1837 the Independent Treasury System. Not until 1840, however, did Congress pass measures establishing it. In foreign affairs, Van Buren attempted to conciliate differences with Great Britain arising out of the Caroline Affair and the Aroostook War.
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