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The Panic of 1819
Transcript of The Panic of 1819
- 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.
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Penguin Group, Inc., 2004) Revolutions in Latin America destroyed their supply lines for distributing precious metals. James Monroe William Jones Langdon Cheves