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Essay on PANIC 1837 | ||
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This is the first 1,000 characters of 995 words (3.98 pages) in the essay titled PANIC 1837 The depression of 1937 was sometimes also referred to as “The Panic of 1837.” The true panic of this depression consisted of banks over- extending credit on insufficient collateral as well as a shortage of the nations currency. The shortage of currency failed to meet the demands of the country at a time when the nation was prospering, the railroad was laying tracks and extending outward, and canals were being built to make even more routes of transportation. Basically, people were spending money and investors were buying in to the American corporations and state bonds.In the book American History a Survey (268), it is stated that during 1835 - 1837 nearly 40 million acres of land were bought and sold in the nation to immigrants who had little or no money. The land was sold on credit at greatly advanced prices. However, investors who were mostly Eastern speculators from the United States coming here to take advantage of the situation were buying most of the land. They had hopes to re-sale and make a profit. Their form of payment for this land was usually loans from banks. At the same time, the money from these land sales was coming in to the US treasury from land office, and most of it was of dubious value. In short, the government was selling acres of land and, in return, receiving a miscellaneous collection of state bank notes, none of which was really worth the stated value. In a lecture delivered before the Sunday lecture society, May 7, 1876, by John Wentworth, Mr. We... |
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Keywords: land speculators, john wentworth, sometimes also referred, american history, panic of 1837, depression, currency, banks, investors, money, american corporations, dubious value, state bonds, president jackson, point men, us treasury