This event was attributed to laziness and extravagant fashions by a contemporary article of Mordecai Manuel Noah, in the National Advocate.
This event was attributed to laziness and extravagant fashions by a contemporary article of Mordecai Manuel Noah, in the National Advocate. It was partly sparked when Ralph Osborn authorized the seizure of assets at Chillicothe. A book on this event by Murray Rothbard attributed it to dislocations arising from newly founded domestic industries following revived foreign trade. Senator Richard M. Johnson of Kentucky responded to it by proposing prorated foreclosures for public land debtors, which the Alabama legislature supported, citing "great diminution of the circulating medium." The efficacy of the recently founded Bank of the United States was criticized for having contributed to this problem. For 10 points, name this calamity from the Era of Good Feelings, the first serious economic crisis in American history.
This event was attributed to laziness and extravagant fashions by a contemporary article of Mordecai Manuel Noah, in the National Advocate.
the Panic of 1819