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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President Jackson’s unsuccessful economic policies
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Congress’s veto of the creation of a national bank
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Either A or B
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None of the above
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Detailed explanation-1: -The lack of a central bank to regulate fiscal matters, which President Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. This ailing economy of early 1837 led investors to panic – a bank run ensued – giving the crisis its name.
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 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-4: -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.