In 1832 President Andrew Jackson had vetoed a rechartering of the Second Bank of the United States, an institution which he felt extended credit to northeastern commercial tycoons at the expense of the ordinary frontiersmen of the Old Southwest, a region with which Jackson, a Tennessean, strongly identified. In 1836 Jackson had issued an executive order called the Specie Circular which demanded that all land transactions in the United States be conducted in cash. Both of these actions, combined with the economic depression following the Panic of 1837 (caused partly by Jackson's fiscal policies) increased the domestic need for minted money.