The Panic of 1837 had multiple causes, including international financial issues, domestic banking practices such as calling in loans to obtain specie, and had significant social impacts such as high unemployment rates in places like New York City. It also led to widespread criticism of the American democratic system and economic policies, making all the provided options correct.

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The Panic of 1837

Question 60

Multiple Choice

The Panic of 1837

A) had international causes.
B) happened after banks tried to call in their loans to obtain specie.
C) left 30 percent of the workers in York City unemployed.
D) was seen by many as an indictment on American democracy.
E) All of these are correct.

Correct Answer: