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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The economy crashed and hurt regular people
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It hurt only the rich
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It did not have a major impact on the economy
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It created violent protests in the streets
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Detailed explanation-1: -Jackson’s opponents ridiculed these “pet banks” as a source of corruption, but to no avail. The removal of the government’s deposits crippled the federal bank, and it dissolved in 1836. The next year, another financial panic, the Panic of 1837, swept the country.
Detailed explanation-2: -What was a political consequence of Jackson’s fight against the national bank? It went out of business. What helped cause the nation’s depression during the Van Buren presidency? Many banks closed and people lost their savings and Van Buren couldn’t fix problems.
Detailed explanation-3: -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-4: -In 1832, Andrew Jackson ordered the withdrawal of federal government funds from the Bank of the United States, one of the steps that ultimately led to the Panic of 1837. The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.