THE VIRGINIA DYNASTY 1801 1825
JAMES MADISON AFTER THE WAR OF 1812 THE ERA OF GOOD FEELINGS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Panic of 1829
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Panic of 1819
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Panic 1809
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Panic 1839
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Detailed explanation-1: -The first president of the Bank was William Jones, a political appointee and a former secretary of the Navy who had gone bankrupt. Under Jones’s leadership, the Bank first extended too much credit and then reversed that trend too quickly. The result was a financial panic that drove the economy into a steep recession.
Detailed explanation-2: -On September 10, 1833, Jackson removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks, which were popularly known as “pet banks.” In addition, he announced that deposits to the bank would not be accepted after October 1.
Detailed explanation-3: -The Second Bank of the United States (SBUS), itself deeply enmeshed in these inflationary practices, sought to compensate for its laxness in regulating the state bank credit market by initiating a sharp curtailment in loans by its western branches, beginning in 1818.
Detailed explanation-4: -Which of the following occurred following the failure of the Bank of the United States in 1930? Interest rates on low-grade corporate bonds rose relative to high-rated corporate bonds.