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I think that the answer is that when Van Buren became president, he persuaded congress to establish a federal treasure in 1840. Hope that helps. :)
"that answer is partially wrong" by editor.
ANSWER: When land value dropped sharply, investment declined suddenly and banks failed Got off book)
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That is not the question
I think the REAL ANSWER is, when land value dropped paper money value dropped because of over printing it became worthless. So you had to use gold and silver coins to pay
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What hardships did citizens face during the Panic of 1837?
During the Panic of 1837, 10% of Americans were unemployed. Also, mobs in New York City raided warehouses to make sure they had food to eat.
What was the main cause of the Panic of 1837?
They caused by them telling Andrew Jackson that it was wrong to give people loans of gold and sliver. also because in the Cordially they discussed it farther and came to a calculation that the Speculators were truly the ones to blame for the panic of 1837.
The panic of 1837 and subsequent depression were caused by?
Over-speculation and Jackson's financial policies.
Importance of panic of 1837?
I think it is Inflation.
The panic of 1837 resulted in a depression that lasted for how long?
Up to 12 years in some states
