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AP US History vocabulary list: Difference between revisions
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| | |Panic of 1837 | ||
| | |1837-1843 | ||
| | |Major depression in which prices, profits, wages, and financial activity was severely curtailed | ||
* led to mass unemployment | |||
* impacted westward expansion and led t collapse in agricultural prices, especially cotton | |||
* started with bank runs in New York when investors demanded their deposits from banks who could not back then in gold or silver | |||
* was the worst financial crisis up until the Great Depression | |||
* the panic followed a speculative boom that was fueled by land sales, cotton exports, and extensive inflows of silver from the US, Mexico and China | |||
* President Jackson's dismantling of the Second Bank of the United States led to a disorderly unwinding of its assets and operations; | |||
* and Van Buren's Specie Circular of 1836, which was intended to halt speculation in land sales, dried up credit and helped spark the Panic | |||
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