jan 24, 1819 - Panic of 1819

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This economic downturn brought an end to the "Era of Good Feelings" that had dominated the early months of James Monroe's first term in office. This panic included deflation, unemployment, bank failures, and debtor prisons. Many factors contributed, but it was primarily caused by over-speculation in financing the purchase of western frontier lands. When the economy turned down, western branches of the US bank foreclosed on farm and speculative mortgages, even putting debtors in prison. This panic was one of the powerful seeds of Jacksonian Democracy.

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