によって JOsh SHeahan 11年前.
239
Panic of 1837
Panic of 1837
How were the banks involved?
Subtopic
banks in New York City suspended specie payments
Bank of England raised interest rates from 3 to 5 percent
New York banks raised interest rates and scaled back on lending
state-chartered banks in the West and South relaxed their lending standards
What was it?
Businesses closed
Profits, prices and wages went down while unemployment went up
Finanical crisis in the US
Banks collapsed
Unemployment may have been as high as 25% in some areas
What did Andrew Jackson do as a result?
Vetoed the bill to recharter the Second US bank
Issued the Deposit and Distribution Act of 1836
Removed government funds from the banks
Never renewed the charter of the Second US bank
Issued the Specie Circular
What impact did it have?
the panic unleashed a wave of riots and other forms of domestic unrest
the United States withdrew from international money markets
Cotton Belt felt the worst of it because crop prices fell
Out of 850 banks in the United States, 343 closed entirely and 62 failed partially
whole nation felt affects
How did it start?
domestic and foreigh affairs
due to economic expansion
banks suspended specie payments
prices of cotton, land, and slaves rose sharply
New York banks raised rates and scaled back on lending
