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Created with Fabric.js 1.4.5 The Panic Of 1837: Americas First Great Depression 1. President Andrew Jackson. President Andrew Jackson issuedthe specie circular (explained below) in1836. He believed that bigger banksthreatened people, so he moved their money into smaller banks. After the specie circular was issued,the smaller banks' policies caused the banks to shut down, leaving people to go bankrupt. The specie circular was issued by U.S. President Andrew Jackson. It said that people could only use specie to make large purchases likebuying land. 2. The specie circular this cartoon shows a familytrying to cope with unemployment. Causes of the panic of 1837 Some states that were hitthe hardest by the panic included Delaware, Connecticut, and New Jersey.These three states reported the most stress out of all the states in their mercantile district.Although, all states faced some kind of economic collapse. Effects of the panic of 1837 2. States' Economy 1. Unemployment Andrew Jackson preferredspecie over paper money.Thus, another thing that drove himto issue the specie circular. Citations Waking Giant America in the age of Jackson Reynolds, S. David Published 2008 New York Harper Collins Publishers First edition Pesson, Edward Jacksonian America Society, Personality, and Politics Chicago University of Illinois press Published 1985 Revised edition Roberts, Alasdair America's First Great DepressionEconomic Crisis and Political Disorder afterthe Panic of 1837 Ithaca, NY Cornell University Press Published 2012 first edition Historical Collections-Harvard Business School
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