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Panic Of 1837
The Panic of 1837 was a financial crisis in the United States that began a major depression (economics), depression which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pessimism abounded. The panic had both domestic and foreign origins. Speculation, Speculative lending practices in the West, a sharp decline in cotton prices, a collapsing land bubble, international Bullion coin, specie flows, and restrictive lending policies in Britain were all factors. The lack of a central bank to regulate fiscal matters, which President Presidency of Andrew Jackson, Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. The ailing economy of early 1837 led investors to panic, and a bank run ensued, giving the crisis its name. The bank run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They immediately suspended hard money (p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martin Van Buren
Martin Van Buren ( ; ; December 5, 1782 – July 24, 1862) was the eighth president of the United States, serving from 1837 to 1841. A primary founder of the Democratic Party (United States), Democratic Party, he served as Attorney General of New York, New York's attorney general and United States Senator, U.S. senator, then briefly as the ninth governor of New York before joining Andrew Jackson's administration as the tenth United States secretary of state, minister to the United Kingdom of Great Britain and Ireland, United Kingdom, and ultimately the eighth vice president of the United States, vice president from 1833 to 1837, after being elected on Jackson's ticket in 1832 United States presidential election, 1832. Van Buren won the presidency in 1836 United States presidential election, 1836 against divided Whig opponents. He lost re-election in 1840 United States presidential election, 1840, and failed to win the Democratic nomination in 1844 United States presidential el ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Hart Benton (politician)
Thomas Hart Benton (March 14, 1782April 10, 1858), nicknamed "Old Bullion", was an American politician, attorney, soldier, and longtime United States senator from Missouri. A member of the Democratic Party, he was an architect and champion of westward expansion by the United States, a cause that became known as manifest destiny. Benton served in the Senate from 1821 to 1851, becoming the first member of that body to serve five terms. He was born in North Carolina. After being expelled from the University of North Carolina in 1799 for theft, he established a law practice and plantation near Nashville, Tennessee. He served as an aide to General Andrew Jackson during the War of 1812 and settled in St. Louis, Missouri, after the war. Missouri became a state in 1821, and Benton won election as one of its inaugural pair of United States Senators. The Democratic-Republican Party fractured after 1824, and Benton became a Democratic leader in the Senate, serving as an important ally o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specie Circular
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson on 11 July 1836 pursuant to the Coinage Act of 1834. It required payment for government land to be in gold and silver (specie). It was repealed by a joint act of Congress on 21 May 1838. History The Specie Circular was a reaction to the growing concerns about excessive speculations of land after the Indian removal, which was mostly done with soft currency. The sale of public lands increased five times between 1834 and 1836. Speculators paid for these purchases with depreciating paper money. While government law already demanded that land purchases be completed with specie or paper notes from specie-backed banks, a large portion of buyers used paper money from state banks not backed by hard money as a consequence of Jackson's veto of the rechartering of the Second Bank of the United States. Executive order On July 11, 1836, Jackson ordered Secretary of the Treasury Levi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank War
The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks. The Second Bank of the United States was chartered for twenty years as a private institution with exclusive authority to operate on a national scale. While its stated purpose was to stabilize the American economy through a uniform currency and stronger federal presence, critics questioned whom it truly served. Supporters claimed that the Bank helped regulate prices, extend credit, provide a reliable currency, and offer essential services to the Treasury. However, Jacksonian Democrats and other opponents highlighted troubling examples of favoritism, alleging that the Bank catered to wealthy merchants and speculators while sidelining farmers, artisans, and small businesses. They pointed to the Bank's use of public fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Currency
A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency or safe-haven currency. The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and the first half of the 20th century. However, by the middle of the 20th century, the United States dollar had become the world's dominant reserve currency. History Reserve currencies have come and gone with the evolution of the world’s geopolitical order. International currencies in the past have (in addition to those discussed below) included the Greek drachma, coined in the fifth century BC, the Roman denarius, the Byzantine solidus, the Islamic dinar of the Middle Ages, and the French franc. The Ve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Pounds
Sterling (Currency symbol, symbol: Pound sign, £; ISO 4217, currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of account, unit of sterling, and the word ''Pound (currency), pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that special drawing rights#Value definition, calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in Foreign exchange reserves, global reserves. The Bank of England is the central bank for sterling, issui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Times Panic 1837
''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pronoun ''thee' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hegemony
Hegemony (, , ) is the political, economic, and military predominance of one State (polity), state over other states, either regional or global. In Ancient Greece (ca. 8th BC – AD 6th c.), hegemony denoted the politico-military dominance of the ''hegemon'' city-state over other city-states. In the 19th century, ''hegemony'' denoted the "social or cultural predominance or ascendancy; predominance by one group within a society or milieu" and "a group or regime which exerts undue influence within a society". In theories of imperialism, the hegemonic order dictates the internal politics and the societal character of the subordinate states that constitute the hegemonic sphere of influence, either by an internal, vassal state, sponsored government or by an external, puppet state, installed government. The term ''hegemonism'' denoted the geopolitical and the cultural predominance of one country over other countries, e.g. the hegemony of the Great power, Great Powers established wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Barrier
Trade barriers are government-induced restrictions on international trade. According to the comparative advantage, theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency. Most trade barriers work on the same principle: the imposition of some sort of cost (money, time, bureaucracy, quota) on trade that raises the price or availability of the traded product (business), products. If two or more nations repeatedly use trade barriers against each other, then a trade war results. Barriers take the form of tariffs (which impose a financial burden on imports) and non-tariff barriers to trade (which uses other overt and covert means to restrict imports and occasionally exports). In theory, free trade involves the removal of all such barriers, except perhaps those considered necessary for health or national security. In practice, however, even those countries promoting free trade heavily subsidize certain industries, such ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Trade
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold Economic liberalism, economically liberal positions, while economic nationalist political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. States can unilaterally reduce regulations and duties on imports and exports, as well as form bilateral and multilateral free trade agreements. Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between that free trade area and the rest of the world. Most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or Subsidy, subsidies to exports. Governments may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
