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Panic of 1819.
Transcript of Panic of 1819.
The Panic of 1819 was the first major
financial crisis the U.S. faced. It caused the
dollar to be established, and indirectly caused
a Constitutional Convention. 1 The war between Britain and France
contributed to the Panic of 1819. 1 The Panic of 1819 result was the
whole nation going into depression. Panic of 1819. 1 The Panic was also partially due to international events. 1. http://www.u-s-history.com/pages/h277.html
3. http://blueandgraytrail.com/event/Panic_of_1819 1 Austrian school economists view the
nationwide recession resulting from the
Panic of 1819 as the first failure of expansionary
monetary policy. 3 There were three key causes of the Panic of 1819, inflation, public debt from the War of 1812 and the Louisiana Purchase. The Panic had a lasting affect on the American banking system and directed attention to the crucial 1819-1821 session of Congress. 2 2 2 1 The Panic of 1819 was important because it caused land to be sold very cheap, but was also a panic that halted much expansion until 1823. 2 2 2 2