During McNutt's administrations, a banking controversy unfolded in Mississippi with economic and political repercussions. Stemming from President Andrew Jackson's attack on the national bank and efforts to curb inflation, the Panic of 1837 ensued. In response to the crisis, Mississippi chartered the Union Bank in 1838, approving the Supplementary Act to boost its capital. However, the move exacerbated financial issues, leading to blame on banking institutions, especially the Union Bank. The Democrats, aligning with anti-bank sentiment, capitalized on this during the 1839 election, securing Governor McNutt's reelection against the Whigs amidst ongoing economic challenges in the state.[3]
^Busbee, Westley F. (2015). Mississippi: A History (1st ed.). John Wiley and Sons. pp. 161–162.
^Dublin, Michael J. (2011). United States Gubernatorial Elections, 1776-1860 : The Official Results by State and County. McFarland & Company, Incorporated Publishers. p. 131. ISBN9780786453245.
