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The Panic of 1837 was a financial crisis in the United States that began a major depression which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pessimism abounded.
Senator John Pendleton King of Georgia blamed Jackson for the effects of the circular (among other policies), stating in an 1837 speech that he "had not the slightest doubt that our present difficulties were owing entirely to the unfortunate policy and violent measures of the Executive for several years past. This was the only cause, and this ...
Pet banks is a derogatory term for state banks selected by the U.S. Department of Treasury to receive surplus Treasury funds in 1833. Pet banks are sometimes confused with wildcat banks.
The Bank War far from settled the status of banking in the United States. Van Buren's solution to the Panic of 1837 was to create an Independent Treasury, where public funds would be managed by government officials without assistance from banks. [330] A coalition of Whigs and conservative Democrats refused to pass the bill.
[45] [46] When the U.S. markets collapsed in the Panic of 1819—a result of global economic adjustments [40] [47] —the bank came under withering criticism for its belated tight money policies—policies that exacerbated mass unemployment and plunging property values. [48]
The Panic of 1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an ...
A wildcat bank is broadly defined as one that prints more currency than it is capable of continuously redeeming in specie. A more specific definition, established by historian of economics Hugh Rockoff in the 1970s, applies the term to free banks whose notes were backed by overvalued securities – bonds which were valued at par by the state, but which had a market value below par. [2]
Nicholas Biddle was born into a prominent family in Philadelphia, in the Commonwealth of Pennsylvania, [6] on January 8, 1786. [7] Ancestors of the Biddle family had immigrated to the Pennsylvania colony along with the famous Quaker proprietor, William Penn, and subsequently fought in the pre-Revolutionary colonial struggles. [8]