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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Jackson’s banking policies
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Jackson’s military spending
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Jackson’s expansion of tariffs
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Jackson’s taxation of property
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Detailed explanation-1: -The lack of a central bank to regulate fiscal matters, which President Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. This ailing economy of early 1837 led investors to panic – a bank run ensued – giving the crisis its name.
Detailed explanation-2: -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.
Detailed explanation-3: -There were four primary causes of the Panic of 1837: rapid economic growth and inflation, the collapse of cotton prices, the Specie Circular and Deposit Act of 1836, and the lack of a national bank.