作者：JOsh SHeahan 11 年以前
168
Panic of 1837
The Panic of 1837 was a major financial crisis in the United States that led to widespread economic hardship. Triggered by a sharp increase in the prices of cotton, land, and slaves, it was exacerbated when New York banks raised interest rates and reduced lending.
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Panic of 1837 How were the banks involved? Subtopic banks in New York City suspended specie payments Bank of England raised interest rates from 3 to 5 percent New York banks raised interest rates and scaled back on lending state-chartered banks in the West and South relaxed their lending standards What was it? Businesses closed Profits, prices and wages went down while unemployment went up Finanical crisis in the US Banks collapsed Unemployment may have been as high as 25% in some areas What did Andrew Jackson do as a result? Vetoed the bill to recharter the Second US bank Issued the Deposit and Distribution Act of 1836 Removed government funds from the banks Never renewed the charter of the Second US bank Issued the Specie Circular What impact did it have? the panic unleashed a wave of riots and other forms of domestic unrest the United States withdrew from international money markets Cotton Belt felt the worst of it because crop prices fell Out of 850 banks in the United States, 343 closed entirely and 62 failed partially whole nation felt affects How did it start? domestic and foreigh affairs due to economic expansion banks suspended specie payments prices of cotton, land, and slaves rose sharply New York banks raised rates and scaled back on lending
