The Panic of 1837 Began with

question 7

Multiple Choice

The Panic of 1837 began with

• A) a change in the policies of the Bank of England regarding loans, which led to a decline in the demand for U.S. cotton.
• B) a surplus of American wheat due to the gradual reliance on European trade throughout the Van Buren administration.
• C) the tariff of 1835, which had lowered duties to dangerous levels and resulted in a rise in American spending.
• D) a depression in France that negatively impacted the market across the Atlantic and increased reliance on the Specie Circular.
• E) a lack of American infrastructure projects, which in turn caused a surge in unemployment across the United States.

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