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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Americans only wanted to trade and barter.
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We owed a massive amount of debt to Germany.
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Banks were unregulated and issued a massive amount of bank notes that weren’t backed by gold or silver.
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We refused to purchase Canada from the British.
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Detailed explanation-1: -The Panic of 1819 and the accompanying Banking Crisis of 1819 were economic crises in the United States of America principally caused by the end of years of warfare between France and Great Britain.
Detailed explanation-2: -Loose Lending by the Second Bank of the United States One cause of the Panic of 1819 was bank’s lending practices. Banks allowed too many banking notes and lines of credit to be released that were not backed by hard currency.
Detailed explanation-3: -Q: What was the impact of the panic of 1819? The remarkable economic expansion post the war of 1812 came to an end in 1819. Mortgages were foreclosed, people were rendered homeless, unemployment was at a high, and fall in prices negatively impacted both agriculture and manufacturing.
Detailed explanation-4: -The Panic of 1819 was primarily caused by land speculation and poor banking practices. The economic transformation of the first half of the 19th century resulted in a more equal distribution of wealth among social classes.