Sign In
Ask Question
Rudy Molina
History
4 March, 01:34
What was the cause of the panic in 1837
+2
Answers (
2
)
Summer Stephens
4 March, 01:55
0
economic policies because of president Jackson
Comment
Complaint
Link
Highbeam
4 March, 02:01
0
The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame.[1][2] On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value.[3] Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. The years 1837 to 1844 were, generally speaking, years of deflation in wages and prices.[4]
Comment
Complaint
Link
Know the Answer?
Answer
Not Sure About the Answer?
Find an answer to your question 👍
“What was the cause of the panic in 1837 ...”
in 📗 History if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Why was india such an important destination for european explorers
Answers (1)
A common theme of romantic artwork during the period of westward expansion was? nature? politics? war? wealth?
Answers (1)
Who believed power should not be concentrated in the hands of one individual? A. Cotton Mather B. John Locke C. Baron de Montesquieu D. Jean-Jacques Rousseau
Answers (2)
Stalin signed a nonaggression pact with Germany because a. he wanted to protect eastern Europe. b. he and Hitler wanted to divide up eastern Europe. c. he hoped to prevent the spread of fascism. d. the Soviet navy needed access to waterways.
Answers (1)
Identify the historial significance of the cases Marbury V. Madison and mc. culloch V. maryland
Answers (1)
New Questions in History
What was the main use for airplanes in World War I?
Answers (1)
What did Britain gain as a result of the French and Indian war?
Answers (1)
Sparta: Group of answer choices A. relied on an elite, professional, mercenary army. B. devoted itself to the arts and to the preservation of the culture of the past. C.
Answers (1)
What is the only American government that has the right to coin money?
Answers (1)
Why did the African American renaissance flower during the 1920s?
Answers (1)
Home
»
History
» What was the cause of the panic in 1837
Sign In
Sign Up
Forgot Password?