Class Notes (837,538)
Canada (510,303)
Sociology (2,265)
SOC 202 (384)
Louis Pike (20)

Panic of 1837.docx

2 Pages
Unlock Document

SOC 202
Louis Pike

Panic of 1837 Since the Panic of 1837 was the largest depression that America has faced, the recovering process took a while. This economic downfall lasted approximately 8 years in total. There was no real solution that took place too end the economic depression other than a change in government. But there was something which helped during the depression to resolve it. Given that, one of the reasons for the depression was banks accepting hard money (gold and silver) and not paper money it was extremely difficult for the society to do anything, because the money they had was not being accepted by banks and others. There was one solution to this problem and it was The Sufflock Bank. This bank was located in Boston, and the purpose of the bank was to trade your paper money in exchange for hard money in other words gold or silver. Since there was only one bank in the entire country that was willing to exchange your money, it was tough on the people who lived far away. The aftermath of the depression was very severe. Across the country unemployment rose, bankruptcy became common, and many businesses failed. Throughout the 8 year depression 850 banks went completely out of business. Over 250 businesses in New York alone failed. The only lesson learnt following the depression was to elect a new government system and to change the ruling of the banks. During the 1837 panic, Adam Smith’s economic th
More Less

Related notes for SOC 202

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.