4,995
edits
Line 1,592: | Line 1,592: | ||
* 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 | * 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; | * President Jackson's dismantling of the Second Bank of the United States led to a disorderly unwinding of its assets and operations; | ||
* and | ** however, the Bank itself contributed to the speculative bubble through issuance of paper money and loose oversight | ||
* the Jackson administration's "Specie Circular of 1836," which was intended to halt speculation in land sales, dried up credit and helped spark the Panic | |||
| | | | ||
|- | |- |