that touched off a major recession that lasted until the mid-1840s. Profits, prices and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame.[1][2] On May 10, 1837, banks in New York City suspended specie payments, meaning that…
Words 2541 - Pages 11