Panic of 1819

E61685

economic depression financial crisis historical event

The Panic of 1819 was the first major peacetime financial crisis in the United States, marked by widespread bank failures, foreclosures, and a severe economic downturn that exposed weaknesses in the young nation’s banking and credit systems.

Statements (49)

Predicate	Object
instanceOf	economic depression → financial crisis → historical event →
alsoKnownAs	First Great Depression →
country	United States →
describedAs	first major peacetime financial crisis in the United States →
effect	business bankruptcies → contraction of credit → decline in agricultural incomes → deflation → falling land values → farm foreclosures → growth of Jacksonian democracy → increased support for debtor relief laws → political backlash against banks → pressure for banking and currency reform → public distrust of the Second Bank of the United States → rise of anti‑bank sentiment → urban unemployment → widespread bank failures →
endTime	circa 1821 →
followed	post‑War of 1812 economic boom →
historicalSignificance	exposed weaknesses in early American banking and credit systems → first nationwide economic crisis in U.S. history → influenced later U.S. monetary and banking policy debates → shaped public attitudes toward central banking in the United States →
location	Northeastern United States → Southern United States → United States → Western states and territories of the United States →
mainCause	collapse of land speculation bubble → contraction of credit by the Second Bank of the United States → falling demand for American exports in Europe → overexpansion of state‑chartered banks → post‑War of 1812 economic adjustment → sharp decline in agricultural prices → speculative lending practices → tightening of monetary policy →
participant	American farmers → Second Bank of the United States → land speculators → merchants and traders → state‑chartered banks → urban workers →
precededBy	War of 1812 →
relatedTo	Jacksonian democracy → Second Bank of the United States → history of banking in the United States →
startTime	1819 →

Referenced by (5)

Subject (surface form when different)	Predicate
Early Republic of the United States → Era of Good Feelings → Presidency of James Monroe →	significantEvent
Presidency of James Monroe →	hasPart
Second Bank of the United States →	roleIn