How did the economic Panic of 1819 help to advance the cause of the American System?
Select the best answer from the choices provided.
The panic stopped trade between the states.
The panic showed that there was a need for a new National Bank.
The panic forced the Great Triumvirate of senators to compromise.
All answers are correct.
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The Panic of 1819 was the first major financial crisis in the United States. It featured widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. It marked the end of the economic expansion that had followed the War of 1812.
1. The panic stopped trade between the states. 2. The panic showed that there was a need for a new National Bank. 3. The panic forced the Great Triumvirate of senators to compromise.