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The Panic of 1819

1st Semester APUSH Oral Report
by

Mikey Foster

on 27 September 2012

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Transcript of The Panic of 1819

America's First Depression The Panic of 1819 Background Recessions occurred after Revolutionary War and during 1797, but were less severe because they were caused primarily from external sources.. Internal Factors The Second Bank of the United States Internal Factors decline of domestic industry Internal Factors Inflation External Factors The Panic of 1819 occurred during the Era of Good Feelings James Monroe was the president during this time. William Jones was president of the bank from 1816 to 1819 Langdon Cheves was Jones' successor as president. did not back its notes, loans, or money with gold or silver called in their loans, which forced state banks to do the same was the primary reason for the Panic of 1819 was erected in 1816 People living in the Louisiana Territory who purchased their land with loans lost their land. People in the Louisiana Territory could not sell their debts. Congress did not want to shut down the Second National Bank because 40 members of Congress held personal stock in the bank. Prisons were overcrowded with debtors. Congress was distracted with issues over slavery and whether it should be legal in the West or not. People often purchased land in the West recklessly, blinded by get-rich-quick fever. During the period between the First and Second National Banks, unregulated banks would give loans to virtually anyone. The New York Stock Exchange was founded in 1817. initiated when the U.S. government first started paying of its debts from the War of 1812 was a vicious cycle Money unbacked by gold keeps its value as long as land and crop values rise continuously. During the War of 1812, trade weakened because the British stopped about 80% of maritime trade through their blockades. Europe was recovering from the Napoleonic Wars and had a decrease in demand for American produce, as agriculture in Europe was on the rise. England was “dumping” manufactured goods at below market value into the United States. widespread homelessness widespread unemployment "Laborers and mechanics are in want of employment. I think that I have seen upward of 1,500 men in quest of work within eleven months past, and many of these declared that they had no money..."
- James Flint, traveler in Indiana, 1820 Immediate Effects decreased trade with Europe The North wanted increased tariffs. The South wanted reduced tariffs. Only government intervention: Proposed Remedies President Monroe decided that the government should intervene only minimally, as its actions were the primary cause of the Panic. Land Act of 1820 Relief Act of 1821 The government also reduced taxes and spending. The three major regions of the United States started to drift apart. New England suffered from the rapid decline of trade with European countries. In the West, many people lost their land due to the rash actions of the National Bank. This made many Westerners associate the East with their loss of land. Political Effects The South suffered many foreclosures, due to England's switch to Indian cotton. The Era of Good Feelings ends. Works Cited "Act For A National Bank." Act For A National Bank. History Central, n.d. Web. 26 Sept.
2012. <http://www.historycentral.com/documents/NationalBank.html>.
Brooks, Philip C. "Era of Good Feelings." Dictionary of American History. 3rd ed. Vol. 3. New
York: Charles Scribner's Sons, 2003. 251. Gale. Web. 26 Sept. 2012.
Clark, John G. "Second Bank of the United States Is Chartered." Great Events from History:
The Nineteenth Century. Ed. John Powell. Salem Press, 2007. Salem History Web. 26 Sep. 2012.
Ellis, Elmer. "Financial Panics." Dictionary of American History. 3rd ed. Vol. 3. New York:
Charles Scribner's Sons, 2003. 365-67. Gale. Web. 26 Sept. 2012.
Flint, James. "James Flint: The Panic in Indiana." Letter. 4 May 1820. The Annals of America.
4th ed. Vol. 4. Chicago: Encyclopaedia Britannica, 2003. 632-34. Print.
Jackson, W. Turrentine. "Santa Fe Trail Opens." Great Events from History: The Nineteenth
Century. Ed. John Powell. Salem Press, 2007. Salem History Web. 26 Sep. 2012.
Reynolds, David. "Panic of 1819: The First Major U.S. Depression." The Globalist. N.p., 10
Feb. 2009. Web. 26 Sept. 2012.
Rothbard, Murray N.: The Panic of 1819 (Auburn, AL: Ludwig von Mises Institute, 2007)
Schweikart, Larry and Allen, Michael: A Patriot’s History of the United States (New York, NY:
Penguin Group, Inc., 2004) Revolutions in Latin America destroyed their supply lines for distributing precious metals. James Monroe William Jones Langdon Cheves
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