JACKSONIAN DEMOCRACY 1825 1850
PRESIDENT ANDREW JACKSON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The federal government stopped accepting banknotes issued by state banks.
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Military conflicts with Mexico and the British sent the deficit soaring.
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Crop failures throughout the country led to food shortages and high unemployment.
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People questioned the value of their banknotes
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Detailed explanation-1: -The panic had both domestic and foreign origins. 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-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: -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.
Detailed explanation-4: -The destruction of the Second National Bank lead to the panic of 1837 and all that lead up to it, and a change in the American Political Party System. Jackson’s main action in the killing of the Second National Bank was when he transferred $10 million in government deposits to privately owned state or “pet” banks.