JACKSONIAN DEMOCRACY 1825 1850
ELECTION OF 1824
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -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-2: -Historians have traditionally attributed the Panic of 1837 to a real estate bubble and erratic American banking policy. Most speculation concerned western land opened to settlement after Indian removals, but northeastern forests were among the most overvalued holdings.
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: -Van Buren was elected president in 1836, but he saw financial problems beginning even before he entered the White House. He inherited Andrew Jackson’s financial policies, which contributed to what came to be known as the Panic of 1837.