A great READING resource with QUESTIONS and ANSWER KEY included! It focuses on the topic of Panic of 1837.
Included are 1 page reading, 1 page question sheet and 1 page answer key! Perfect for homework assignments, classwork or reading for test review! Can be used for both middle and high school level.
The reading provides students a historical context of the Panic of 1837 by explaining the circumstances that led to the financial crisis. For instance, it lays out several causes that outline how the nation descended into an economic downturn. This consists of President Jackson's veto of re-chartering the national Bank of United States. It goes on to explain how Jackson took action by withdrawing federal funds and transferring the funds to other state banks known as "pet banks" by his opponents. There will be explanation provided about the detrimental effects of losing a national bank presence to regulate the printing of currency and the stabilization of the nation's credit. Another cause that will be introduced to students is the presidential order of the Specie Circular. By requiring Americans to pay only in gold or silver coins, the worth of currency depreciated and resulted in foreign investors calling in loans. There is also a reading section focused on explaining the national frustration at President Van Buren's minimal efforts in salvaging the national economy due to his belief in a laissez-faire economy with non-governmental intervention. His lack of government assistance caused the nation to continue to suffer high rates of unemployment and the continual closing of banks and businesses. Lastly, there is a reading section focused on how the Panic of 1837 transformed economic practices and financial decision-makings in regards to investment. For instance, entrepreneurs took additional measures to safeguard their investments by assessing credit history of customers and investing less in speculative, risky investments. Overall, the reading provides students an understanding of how the Panic of 1837 affected American society (the wealthy, average Americans and the governing body), and delves on the multiple causes that led the nation to an economic recession.
Some vocabulary words and key terms that are included in this reading are Panic of 1837, financial crisis, entrepreneurs, inflation, banks, unemployment, poverty, President Jackson, Nicholas Biddle, re-charter of National Bank of United States, pet banks, currency, credit, loan, Henry Clay, Whigs, Specie Circular, paper banknotes, President Van Buren, laissez-faire, intervention, Lewis Tappan, credit ratings, speculative and investments.
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