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Twitchin Twitchin
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6 years ago
What led to the Panic of 1819? Why were western farmers particularly hard hit by the depression that followed?
 
  What will be an ideal response?
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6 years ago
Answer: The ideal answer should include:



  • The Second Bank of the United States played a major role in triggering the Panic of 1819.


  • The Second Bank sought to regulate the national economy through loans to state and local banks.


  • In 1819, the Second Bank clamped down on local wildcat banks that had extended credit to many people who could not repay their loans.


  • Many western farmers relied on credit from banks and local private lenders.


  • As a result, the banks crackdown on wildcat banks had a devastating impact on western households.


  • Ruined by the Panic of 1819, many western farmers developed an abiding hatred of the Bank of the United States and a deep resentment of eastern financiers.
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