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AP US History vocabulary list: Difference between revisions
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→Economic crises
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* 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 | |||
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