Presentation on theme: "I. Causes A. The government sold millions of acres of land in the West The Panic of 1837."— Presentation transcript:
I. Causes A. The government sold millions of acres of land in the West The Panic of 1837
B. Speculators bought most of the land, to sell at higher prices to others for a profit C. To pay for the land in the first place, speculators borrowed money from banks
D. In order to loan money to the speculators, banks printed more paper money E. The more money that is printed, the less value it has
II. The Panic Begins A. To stop the land speculation, in 1836 Jackson passed a law saying that anyone buying public land had to pay with gold or silver
B. The speculators needed to cash their paper money in for gold and silver C. When the speculators went to the bank, the banks didn’t have enough gold and silver to give everyone their gold and silver
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