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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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The panic had several causes, including a dramatic decline in cotton prices, a contraction of credit by the Bank of the United States designed to curb inflation, an 1817 congressional order requiring hard-currency payments for land purchases, and the closing of many factories due to foreign competition.
Detailed explanation-2: -Unemployment, farm foreclosures, and business failures resulted from this economic downturn. While President James Monroe did not intervene based on his understanding of the Constitution, Congress passed the Land Act of 1820 and the Relief Act of 1821 to help assuage the effects of the economic depression.
Detailed explanation-3: -The Second Bank’s policies were blamed for starting the economic crisis known as the Panic of 1819, while its dissolution by Jackson was blamed for the Panic of 1837.