The Democratic party was seen as to blame for this Panic. The Specie Circular, implemented under Jackson and Van Buren, was seen as the major driver of the inflation and price increases that led to the Panic of 1837. This led to restrictions on credit, less borrowing, and therefore, bank failures. In addition, farmers were having trouble meeting their loan terms, due to the inflation on their farm products, and were losing their lands to larger, wealthier farmers. All this led to a Panic that lasted until the mid-1840s.