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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.
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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
What was the panic of 1837 caused by?
Many historians blame the Panic of 1837 on then President Andrew Jackson who failed to renew the charter of Second Bank of the US, prompting transfer of government funds to a different bank. The start of the whole problem was however the sudden decline in cotton prices which led to reduced income for farm owners and their workers.
