Question

The Panic of 1837 resulted in large measure from

Answer 1

The Panic of 1837 resulted in large measure from the economic expansion from mid-1834 to mid-1836. The prices of land, cotton, and slaves rose sharply in these months. The origins of this boom had many causes, both domestic and international. In 1836, directors of the Bank of England noticed that the Bank's monetary reserves had declined precipitously in recent years, possibly because of poor wheat harvests that forced Great Britain to import much of its food. To compensate, the directors indicated that they would gradually raise interest rates from 3 to 5 percent. When New York banks raised interest rates and scaled back on lending, the effects were damaging.

Answer 2

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Answer 3

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