Sign In
Ask Question
History
Guest
3 August, 13:31
What was the cause of the panic in 1837
+4
Answers (
2
)
Renee Keller
3 August, 15:29
0
economic policies because of president Jackson
Comment
Complaint
Link
Malachi Buchanan
3 August, 15:54
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?
Get an answer to your question ✅
“What was the cause of the panic in 1837 ...”
in 📙 History if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What is the League of Nations?
Answers (1)
What were the greek cultural achievements of philosophy, architecture, and literature?
Answers (1)
How did geography of Greece influence the development of independent city-states
Answers (1)
Following the Revolution, a. America found itself outside the protection of the British empire. b. trade alliances with both Spain and France began to crumble. c. all American-built vessels were ineligible to trade with the British Empire. d.
Answers (1)
King John agreed to sign the Magna Carta because of the widespread opposition to his rule among which of these groups? a. the nobility b. the peasants c. the Catholic Church d. all of the above
Answers (1)
New Questions in History
The Wilmot Proviso allowed California to enter the Union as a free state. true or false
Answers (1)
Which group most frequently benefits from Political Action Committee (PAC) donations?
Answers (1)
How do constitutions determine what state and local governments can and cannot do
Answers (1)
Describe the job system put into place under the Han dynasty.
Answers (1)
The mass genocide of 6 million Jews and 3-5 million "undesirables" is called?
Answers (2)
Home
»
History
» What was the cause of the panic in 1837
Sign In
Sign Up
Forgot Password?