Saturday, September 25, 2010

Panic of 1819

In 1819 economic panic descended. Brought deflation, depression, bankruptcies, bank failures, unemployement , soup kitchens, overcrowded pest houses known as debtors prison.
First financial panic since George Washington took office. Biggest factor contributing to the catastrophe is overspeculation of frontier lands.  Bank of U.S. involved in outdoor gambling. .
Financial paralysis from the Panic lasted for several years , set back NATIONALISM (vocab word)
Panic hit the west hard, Bank of US forced western banks to the wall and foreclosed mortgages on countless farms.
Thus, National Bank of US viewed as Financial Devil.
Also created backwashes in political and social world.  Hit the Poorer classes hard, and sowed the seeds of Jacksonian Democracy. ( ANDREW JACKSON= VOcab word)
Mothers torn from infants for owing a few dollars.

No comments:

Post a Comment