Panic of 1819

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Panic of 1819

  1. 1. Panic of 1819
  2. 2. What was it? <ul><li>Financial depression during Monroe administration </li></ul><ul><li>1819-1823 </li></ul><ul><li>Widespread foreclosures, bankruptcy, and unemployment </li></ul>
  3. 3. Causes of the Panic <ul><li>Reduction of credit of the national bank </li></ul><ul><li>Shift towards conservative financial policies </li></ul><ul><li>Foreign competition </li></ul><ul><li>Decline in cotton </li></ul><ul><li>prices </li></ul>
  4. 4. Effects of the Panic <ul><li>Recall of loans </li></ul><ul><li>Debtors’ prisons formed </li></ul><ul><li>Unemployment </li></ul><ul><li>Closure of banks </li></ul>
  5. 5. Efforts to Alleviate Effects of the Panic <ul><li>Soup kitchens </li></ul><ul><li>Donations of shoes, clothes </li></ul><ul><li>Call for reduction of government budgets </li></ul><ul><li>Monroe unresponsive </li></ul>
  6. 6. Legislation Passed <ul><li>Land Act of 1820 </li></ul><ul><li>Relief Act of 1821 </li></ul>
  7. 7. Significance of the Panic <ul><li>First time urban poverty was brought to public attention </li></ul><ul><li>Rise of Jacksonian Democracy </li></ul><ul><li>Increased North-South tensions </li></ul><ul><li>Bank of the United States is blamed </li></ul>
  8. 8. Sources <ul><li>http://www.digitalhistory.uh.edu/database/article_display.cfm?HHID=574 </li></ul><ul><li>http://www.u-s-history.com/pages/h277.html </li></ul><ul><li>http://thehistorybox.com/ny_city/panics/panics_article2a.htm </li></ul>
  9. 9. The End

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