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8 March, 10:11

Which of the following was NOT a factor that led to the Panic of 1837

A. Withdrawal of European investments

B. Failure of the 1836 wheat crop

C. Tariff of 1835 which lowered duties to dangerous levels

D. Depression in Great Britain

E. Failures of state banks

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Answers (1)
  1. 8 March, 12:19
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    C. Tariff of 1835 which lowered duties to dangerous levels

    Explanation:

    Option C. Tariff of 1835 which lowered duties to dangerous levels was NOT a factor that led to the Panic of 1837.

    The Panic of 1837 was a financial and economic crisis mainly caused due to changes in the banking system led by President Andrew Jackson. Other important factors were the failure of the wheat crops, and the depression in Great Britain. On the other hand, the Tariff of 1833 brought huge amounts of money to the country, so in 1835 the country had enough reserve to pay off its national debt and carry out other important economical achievements for the country. For this reason option C. Tariff of 1835 which lowered duties to dangerous levels is NOT a factor for the Panic of 1837.
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Home » History » Which of the following was NOT a factor that led to the Panic of 1837 A. Withdrawal of European investments B. Failure of the 1836 wheat crop C. Tariff of 1835 which lowered duties to dangerous levels D. Depression in Great Britain E.
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