1 Jan 1819 Jahr - Panic of 1819

Beschreibung:

The Era of Good Feelings was fractured in 1819 by the first major financial panic since the Constitution had been ratified. The economic disaster was largely the fault of the Second Bank of the United States, which had tightened credit in a belated effort to control inflation. Many state banks closed and unemployment, bankruptcies, and imprisonment for the debt increased sharply. the depression was most severe in the West, where many people were in debt because they speculated on land during the postwar euphoria. In 1819, the Bank of the United States foreclosed on large amounts of western farmland. As a result of the bank panic and depression, nationalistic beliefs were shaken. In the West, the economic crisis changed many voters' political outlook. Westerners began calling for land reform and expressing strong opposition to both the national bank and debtors' prisons.

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