Question

The Panic of 1837:

a. was caused, in part, by a decline in British demand for American cotton.
b. helped farmers, because the cost of transporting goods to markets fell.
c. can only be blamed on Andrew Jackson’s veto of the bill to recharter the Second Bank of the United States.
d. led to a relatively mild economic downturn that resolved itself by 1839.
e. inspired a more vigorous labor movement in the decade that followed.

Answer 1

Can only be blamed on Andrew Jackson’s veto of the bill to recharter

Jackson's explanations to the Senate when he refused the bank bill led to the Panic of 1837. Andrew Jackson, who Van Buren had obeyed as an administrator of the state, burned the national Second Bank of the United States by assigning governmental funds to more petite state banks. The Panic of 1837 was a commercial disaster in the United States that affected off a significant slowdown that persisted till the mid-1840s. Profits, Costs, and earnings went down while unemployment increased.