QuestionJune 10, 2025

The Panic of 1837 was set in motion by a shortage of banknotes and a surplus of specie (gold and silver) causing a banking crisis. - True - Falso

The Panic of 1837 was set in motion by a shortage of banknotes and a surplus of specie (gold and silver) causing a banking crisis. - True - Falso
The Panic of 1837 was set in motion by a shortage of banknotes and a surplus of specie (gold and silver)
causing a banking crisis.
- True
- Falso

Solution
4.5(194 votes)

Answer

False Explanation The Panic of 1837 was primarily caused by a combination of factors, including speculative lending practices and the collapse of the cotton market, rather than just a shortage of banknotes or surplus of specie. Therefore, the statement is misleading.

Explanation

The Panic of 1837 was primarily caused by a combination of factors, including speculative lending practices and the collapse of the cotton market, rather than just a shortage of banknotes or surplus of specie. Therefore, the statement is misleading.
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