~Panic+of+1819~



= The Panic of 1819 is referred to as the first major financial crisis in the United States. It took place during the Era of Good Feelings, and caused widespread foreclosures, bank failures, unemployment, and even the agriculture and manufacturing businesses were doing poorly. The main cause of the panic was from the French Revolutionary War, since Britain was tied with the United States. During the war, American products were in high demand by many European countries, but once the war ended America was no longer in such high demand. The state of Ohio was especially affected, and thousands of people were not able to pay for their land and lost their homes. This panic helped President Andrew Jackson win his election, because of his outspoken speeches against the Bank of the United States. = = For More Information: [] =