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Panic of 1837 History - Essay Example

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Your name Panic of 1837 Wars have played an integral part in the history of the United States. Immediately after the United States’ independence war, the country witnessed a series of recessions. These are dislocations that have established the state’s tremendous economic devastations…
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Panic of 1837 History Essay
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Download file to see previous pages The 1837 panic did not result from a vacuum. A variety of factors aggravated the panic. The expansion of railroads and canals established large debts that would be incurred by the states. Imports exceeded exports leading to unfavorable balance of trade. This resulted in a thrash of specie, i.e. silver and gold, to the opposed paper currency. Several crop failures between 1835 and 1837 resulted in deficiencies in the budgets. The foremost cause of the panic was the economic effect of the land speculation. This was a moment of tentative mania. Following the demise of the United States’ bank, wild cats and state banks evolved hastily during the 1830s (Van 76). Money was easily obtained. Investors borrowed funds at a pace that could be termed as incredible. This did not only involve the western farmer but also manufacturers, traders, and merchants. The entire business community anticipated high returns if they spend their borrowed funds in speculative enterprises rather than refinancing novel ventures and settling out their debts. In the list of ventures, the leading would be investments in the readily available despicable land. The offices of land throughout the nation reported the sales as the speculators continued their investments for faster returns. In the years between 1834 and 1836, the sales had totaled approximately 37 million acres. In 1836, these sales were ten times more than they had been in 1830. The order of the day was land office business. In an attempt to curb this tentative fever, president Jackson has issued the Specie Circular. This order authorized every land office to accept only silver or gold instead of rag money in disbursement for the public lands (Friedman and Schwartz 89). The state banks had little specie backing. The land sales slumped. Many speculators defaulted payments due to the little silver and gold available. The tentative mania continued across businesses despite the attempt of the federal government to halt or curb it. The speculators equipped with sufficient cash hired smart agents to enable them appraise the most excellent lands. The superior speculators initiated illegal and unethical methods to get favor in their land quest. The Urban real estate was also involved in the mania as the values increased (Bourne 53). Valuation of real assets skyrocketed in New York above 50 percent within five years. The marine lands also tripled in value in few years. Martin Buren succeeded Andrew Jackson. Jackson bequeathed a precarious economy to his successor due to the battle between him and Nicholas Biddle, the president of the U.S. Bank. This battle sternly damaged the U.S. economy. In a few months after Buren took office, the federal government operated on deficit due to the demise of the United States’ Bank that funded operations (Smith 96). These economic contractions established strapping repercussions that unfastened the path for the emergent of the Whig party as a tough alternative to the Democrats. This streamed up to Illinois, a state of Democrats. The state legislatures endorsed laws exempting the banks from suspension’s penalties, which the business community had specified. Although, the incoming of President Buren granted him the opportunity to overturn the specie circular, he rebutted to sign the obligatory legislation to reverse the work of ...Download file to see next pagesRead More
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