What Is a Banking Panic,and What Role Did Banking Panics

question 215

Essay

What is a banking panic,and what role did banking panics play in the decision by Congress to establish the Federal Reserve?

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Definitions:

John Crittenden

A U.S. politician known for the Crittenden Compromise, an unsuccessful proposal aimed at resolving the secession crisis that led to the Civil War.

Forty-Ninth Parallel

The latitude line that primarily forms the boundary between the United States and Canada, stretching from the Atlantic to the Pacific.

Oregon

A U.S. state located in the Pacific Northwest, renowned for its varied terrain that includes forests, mountains, agricultural lands, and urban areas.

Ethnic Groups

Collections of people who share common cultural characteristics, including language, traditions, and ancestry.