JACKSONIAN DEMOCRACY 1825 1850
JACKSONIAN AMERICA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a severe depression
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a light recession
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an international profit trade era
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a prosperity era
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Detailed explanation-1: -Soon after Van Buren took office in 1837, however, the nation was gripped by a financial panic, caused partially by the transfer of federal funds from the now-defunct Bank of the United States to state banks.
Detailed explanation-2: -Declaring that the panic was due to recklessness in business and overexpansion of credit, Van Buren devoted himself to maintaining the solvency of the national Government. He opposed not only the creation of a new Bank of the United States but also the placing of Government funds in state banks.
Detailed explanation-3: -What was President Martin Van Buren’s new solution to the problem of what to do about the federal government’s relationship to banking? He proposed that federal funds be controlled by government officials rather than by bankers.