James Monroe was president Occurred during the Era of Good Feelings First major financial crisis of United States Ended in 1823

Overspeculation in frontier lands Second Bank of the United States shifted to

more conservative policy Price of cotton declined Foreign competition in manufacturing

Many speculative (“wildcat”) western banks failed

Widespread mortgage foreclosures Poor western families were severely hurt Thousands of debtors imprisoned High unemployment Impaired agriculture and manufacturing Price of land dropped significantly

Congress passed legislation to provide relief from debts and abolish debtors’ prisons

Charitable organizations began serving soup and distributing clothes

‣Monroe didn’t really do anything to resolve the depression

Allowed Andrew Jackson to gain popularity among poorer classes

Strengthened Sectionalism between North and South

Increased hostility against banks

http://www.buzzle.com/articles/panic-of-1819.html

http://www.u-s-history.com/pages/h277.html http://www.digitalhistory.uh.edu/database/

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Main/AndrewJackson