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AP US History vocabulary list: Difference between revisions
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→Economic crises
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|Panic of 1792 | |||
|1792 | |||
|Short-lived panic caused by sudden credit expansion following the formation of the Bank of the United States, which led to land speculation | |||
* a group of bankers tried to drive up pricies of securities (stocks, contracts) but failed to meet their loans, causing a bank run | |||
* Alexander Hamilton stabilized the market with stock purchases by the government | |||
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|Land bubble 1796 | |||
|1996 | |||
|Land speculation bubble that collapsed following specie payments suspension by the Bank of England, caused by a rush of bank withdrawals in England out of fear of a war with France | |||
* the imnpact and connection of London banks to the American economy worried | |||
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|Panic of 1819 | |||
|1819-1821 | |||
|Finanical crisis sparked by land speculation bubble, excess paper money, and issuance of bank notes unbacked by gold by the Second Bank of the United States | |||
* as Europe recovered from the Napoleonic Wars, its agricultural product increased and led to price drops, which hurt American producers, who, in turn, were unable to pay back loans | |||
* the Panic came amidst implementation of the "American System" of canal and road building and tariffs, which were blamed for the downturn | |||
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