jun 3, 1819 - Panic of 1819
Description:
Description: The Panic of 1819 was when banks throughout the country failed, mortgages were foreclosed, which forced people to move out of their homes and get off of their own farms. Declining prices hindered agriculture and manufacturing, triggering widespread unemployment.Causes: The Panic of 1819 was caused by a dramatic decline in the price of cotton. Also, contraction of credit by the Bank of the US to prevent inflation also led to the Panic of 1819. An 1817 congressional order requiring hard-currency payments for land purchases. The closing of factories due to foreign competition. The War of 1812 also contributed to this event.
Historical Impact: The United States was affected everywhere and economic prosperity didn't make a comeback until 1824.
Added to timeline:
Date:
jun 3, 1819
Now
~ 206 years ago