"The Panic of 1819" redirects here. For the 1962 book by Murray Rothbard, see The Panic of 1819 (book).
The Panic of 1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an independent economy.
Though the downturn was driven by global market adjustments in the aftermath of the Napoleonic Wars, its severity was compounded by excessive speculation in public lands, fueled by the unrestrained issue of paper money from banks and business concerns.
The Second Bank of the United States (SBUS), itself deeply enmeshed in these inflationary practices, sought to compensate for its laxness in regulating the state bank credit market by initiating a sharp curtailment in loans by its western branches, beginning in 1818. Failing to provide gold specie from their reserves when presented with their own banknotes for redemption by the SBUS, the state-chartered banks began foreclosing on the heavily mortgaged farms and business properties they had financed. The ensuing financial panic, in conjunction with a sudden recovery in European agricultural production in 1817, led to widespread bankruptcies and mass unemployment. The financial disaster and recession provoked popular resentment against banking and business enterprise, along with a general belief that federal government economic policy was fundamentally flawed. Americans, many for the first time, became politically engaged so as to defend their local economic interests.[1][2]
The New Republicans and their American System[3]—tariff protection, internal improvements, and the SBUS—were exposed to sharp criticism, eliciting a vigorous defense.
The Panicof1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was...
wishes of Congress and the executive branch. At the end of his first term of office, Monroe faced an economic crisis known as the Panicof1819, the first...
referred to as the "Era of Good Feelings" due to the lack of partisan conflict. Domestically, Monroe faced the Panicof1819, the first major recession...
(post-1815) (England) Panicof1819, a U.S. recession with bank failures; culmination of U.S.'s first boom-to-bust economic cycle Panicof 1825, a pervasive...
for 1819, the tariff was expected to provide sufficient revenue. The Panicof1819 caused an alarming, but temporary drop in the projected federal revenue...
The Panicof 1893 was an economic depression in the United States that began in 1893 and ended in 1897. It deeply affected every sector of the economy...
bankruptcy of 1813 Financial Crisis of 1818 - in England caused banks to call in loans and curtail new lending, draining specie out of the U.S. Panicof1819: pervasive...
The Panicof1819, the first major peacetime financial crisis in the United States, begins. January 25 – Thomas Jefferson founds the University of Virginia...
prudently during a period of economic expansion. Some of the animosity left over from the Panicof1819 had diminished, though pockets of anti-B.U.S. sentiment...
The Panicof 1837 was a financial crisis in the United States that began a major depression (not to be confused with the Great Depression), which lasted...
and United States Panicof1819, a U.S. recession with bank failures; culmination of U.S.'s first boom-to-bust economic cycle Panicof 1825, a pervasive...
The Panicof 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France...
The Panicof 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week...
Sobel, Robert (1988). Panic on Wall Street: A Classic History of America's Financial Disasters with a New Exploration of the Crash of 1987. New York: Truman...
The Panicof 1884 was an economic panic during the Depression of 1882–1885. It was unusual in that it struck at the end rather than the beginning of the...
solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National...
Speaker of the House of Representatives: Henry Clay (DR-Kentucky) Congress: 15th (until March 4), 16th (starting March 4) January 2 – The Panicof1819, the...
The Panicof 1896 was an acute economic depression in the United States that was less serious than other panicsof the era, precipitated by a drop in silver...
on-demand withdrawals or suspending withdrawals altogether. A banking panic or bank panic is a financial crisis that occurs when many banks suffer runs at...
The Panicof 1847 was a major British commercial and banking crisis, possibly triggered by the announcement in early March 1847 of government borrowing...
Archived from the original on 14 March 2008. Retrieved 24 May 2010. ( "Panic at the Pump". Time Magazine. 14 January 1974. Archived from the original...
The Panicof 1901 was the first stock market crash on the New York Stock Exchange, caused in part by struggles between E. H. Harriman, Jacob Schiff, and...
The Panicof 1825 was a stock market crash that started in the Bank of England, arising in part out of speculative investments in Latin America, including...
Depression of the 1930s, but the term had been in use long before then. Indeed, an early major American economic crisis, the Panicof1819, was described...
The Panicof 1857 was a financial crisis in the United States caused by the declining international economy and over-expansion of the domestic economy...
The Panicof 1792 was a financial credit crisis that occurred during the months of March and April 1792, precipitated by the expansion of credit by the...
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