JACKSONIAN DEMOCRACY 1825 1850
JACKSONIAN AMERICA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Jackson demanded federal funds be placed in “pet banks” rather than the National Bank.
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Smaller banks had printed too much paper money without being able to back it up with real assets.
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Jackson vetoed the National Bank and created the Specie Circular.
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Van Buren raised tariffs and printed more paper money than could be backed up with gold or silver.
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Detailed explanation-1: -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-2: -Speculative lending practices in the West, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Britain were all factors.
Detailed explanation-3: -The economic Panic of 1837 led to widespread unemployment, economic depression, devaluing of cotton and paper money, and bank and financial failures. President Van Buren blamed the crisis on the easy availability of credit and rampant speculation.