USA HISTORY

Detailed explanation-1: -The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down, westward expansion was stalled, unemployment went up, and pessimism abounded.

Detailed explanation-2: -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-3: -During the Panic of 1837, approximately ten percent of U.S. workers were unemployed at any one time. Mobs in New York City raided warehouses to secure food to eat. Prominent businessmen, like Arthur Tappan, lost everything. Churches and other charitable organizations established soup kitchens and breadlines.

Detailed explanation-4: -It caused a middle class to emerge. Which of the following was a direct cause of the Panic of 1837? The federal government stopped accepting paper money for the purchase of land.