Due to the enormous political opposition from President Andrew Jackson, the United States would find itself without a "Hamiltonian" national bank by the Winter of 1836.  Jackson had no interest in renewing the Bank of the United States' charter, and had campaigned on as much in the election of 1832.  In the wake of Jackson's decision, a financial crisis ensued: the Panic of 1837.  Relaxed lending standards, Western land speculation, a decline in cotton prices, and financial events oversees all contributed to this seven-year long recession.  Presented below is a rare example of an Interest Bearing Note from this period.

In 1845, the Republic of Texas was annexed by the United States.  Although Texas had declared its independence from Mexico a decade earlier, Mexico had never reconciled this. The country was rife with internal political turmoil, and it still had designs on keeping territory in California, despite America's expansionary policy. President James Polk offered to settle disputes concerning the Rio Grande and purchase additional territory for the United States, but Mexico rebuffed all attempts at negotiations. In 1846 war broke out between Mexico and the United States. After two years of fighting and thousands of casualties, the United States prevailed.  In the Treaty of Guadalupe Hidalgo, Mexico ceded its claims to Texas, and gave up ownership of California, along with territory in what is today New Mexico, Arizona, Nevada, Utah, Wyoming, and Colorado. The war cost the United States over $70 million, and Congress authorized issuance of both short-term Treasury Notes and long-term Treasury Bonds to raise needed revenues. There are very few surviving examples of loans from this period, some of which are presented below.