jan 1, 1819 - Recession of 1819
Description:
The recession of 1819 occurred for several reasons. The Tariff of 1816 led to a decrease in exports, which was combined with a rising competition with foreign goods. Additionally, risky lending was occurring in the West (Speculation), causing banks to increase credit.
The recession resulted in a deflation of currency (it's not worth as much), bank closures, rising unemployment, and most severely affected the west.
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