JACKSONIAN DEMOCRACY 1825 1850
AGE OF THE COMMON MAN
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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lending money to members of Congress at lower rates than they did to others.
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printing paper money that was not backed up by gold and silver.
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making risky loans to factory owners in New England
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calling in loans made to state governments.
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Detailed explanation-1: -The panic of 1837 was a financial crisis in the United States that triggered a multi-year economic depression. Fiscal and monetary policies in the United States and Great Britain, the global movements of gold and silver, a collapsing land bubble, and falling cotton prices were all to blame.
Detailed explanation-2: -The resulting high inflation, and Jackson policies favoring hard currency (gold or silver) led many investors to panic and many banks to close due to insufficient reserves, in a financial crisis known as the Panic of 1837.
Detailed explanation-3: -Decree authorized by Jackson in 1836, stating that all public lands must be purchased with gold or silver money since the Bank was collapsing and the paper money was almost worthless. This caused a run on the banks for gold and silver and, in turn, ignited the Panic of 1837.