313.Distribution of the Surplus ,1837
A curious plan was now hit upon . It was to loan the surplus rev - enues to the states in proportion to their electoral votes . Three payments were made to the states . Then the Panic of 1837 came , and the govern - ment had to borrow money to pay its own necessary expenses . Before this occurred , however , Jackson was no longer President . In his place was Mar - tin Van Buren , his Secretary of State , who had been chosen President in No -
vember ,1836.
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