Overspeculation= the banks made western lands worth too much money so no one bought them and the bank was unable to pay for them even though it had already taken out the loans on them Inflation: the bank tried to contract it’s credit to try and stop inflation Debt: from the war of 1812 Since the war of 1812 the US’s trade was increasing, but the it stopped Foreign Competition: Foreign competition shut down some factories
Panic was caused by…… because of impaired agriculture and manufacturing. Also because of Banks moving to hard money to pay for property
The Era of Good feelings brought by James Monroe through tranquility and prosperity was ruined due to the loss of prosperity The foreclosing on mortgages created a bad image of it being a tool used by the aristocratic class to further their riches at the cost of the farmers, it made the upper class look like bullies which led to it’s downfall later on Those who did not pay off their debts were thrown in prison, which led to the call by many to get rid of debtor prisons
Different people demanded different things. Some wanted protection from foreign imports, others wanted the government to cut its costs. And some others blamed the tight wound banks of the US. People began to see illogical processes of debtor prisons
1.25 per acre Acreage cut down from 160 to 80 The west wanted cheap money People were allowed to return lands that they were unable to pay for
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