jan 6, 1819 - Panic of 1819 - 1st major financial crisis in US cause: * speculators buy more land in the North West, auction it off at higher price to farmers —> land price rise *state banks put more paper money in circulation (not able to back it up w/ gold or silver) * SEVERE INFLATION occurs, the National Bank tightens credit; state banks fail, many close
Added to timeline:
Date:
jan 6, 1819
Now
~ 207 years ago