jan 1, 1819 - The Panic of 1819

Description:

Was the first major financial collapse in American history. Occurred when growth of transatlantic trade unexpectedly halted, intense cotton price declines, a congressional order in 1817 requiring land to be purchased with hard currency, a reduction of credit by the National Bank to curb inflation, and the closing of numerous factories due to foreign competition. While the panic was over by 1823, it left a long-lasting impact on american politics - most notably a distrust of banks and financers.

Added to timeline:

Date: