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Glossary Term – Event

Financial Panic of 1819

The financial Panic of 1819, the country’s first major economic depression, produced political division and calls for the democratization of state constitutions and an end to imprisonment for debt.

Glossary Term – Event

Panic of 1837

The Panic of 1837 began when state banks collapsed as a result of speculation and the issuance of paper money inflation. The Bank of the United States failed and widespread economic distress and depression ensued for five years.