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AP US History vocabulary list: Difference between revisions

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|Panic of 1837
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|1837-1843
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|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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