By admin<\/a><\/span> <\/p>\n

With my final project, I plan to explore the causes of the Panic of 1837, an economic recession beginning in 1837 and lasting six years. The recession had profound impacts on the American economy with the most notable being the realization of the necessity of an activist national bank. For the most part, the crash is attributed to misguided real estate speculation and erratic banking policy, but lending policy from the Bank of England and international specie flows played a role, as well. I will focus my analysis on the overestimation of expected land value with an interactive digital map divided by state or region, showing the land values each year following Andrew Jackson’s Indian Removal Act through the end of the recession. I hope that the map will convey the areas in which speculators had the highest hopes for the appreciation of land and how these expectations changed over time. Moreover, I will seek to explain the speculators’ initial expectations and any changes over time by combing through state bank records to determine whether or not banks were extending loans and, if so, to which businesses they lent and a rough idea of the default rate. This analysis will shed light on which emerging fields failed to meet expectations and which banks adopted reckless lending strategies, both of which contributed significantly to the depression. This aspect of the project, however, will not have a digital component outside of a write-up alongside the land value map.<\/p>\n

I will guide my research by focusing on answering a couple of topic questions. The questions are as follows:<\/p>\n

Which areas of the US most vigorously overestimated the appreciation of land?Did these areas feel stronger effects of the recession?<\/p>\n

What were the expectations for the development of industry and agriculture following the Indian Removal Act of 1830? Which of these expectations were not met and how profound was the economic loss?<\/p>\n

What were state banks’ lending policies in the years leading to and during the Panic of 1837? How did the dissolve of the national bank influence these policies?<\/p>\n

I will begin to answer these questions with Harvard Library’s 1837: The Hard Times collection, which includes land maps and deeds, bank notes and a source on The Suffolk Bank’s lending strategy (one of the few banks that managed to avoid a bank run in 1837 due to sound lending). I will use the information from these sources to broaden my research to find similar documents originating from different areas of the United States.<\/p>\n

<\/a>  <\/a>  <\/a>  <\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By admin With my final project, I plan to explore the causes of the Panic of 1837, an economic recession beginning in 1837 and lasting six years. The recession had profound impacts on the American economy with the most notable being the realization of the necessity of an activist national bank. For the most part, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1352","post","type-post","status-publish","format-standard","hentry","category-public","post-preview"],"_links":{"self":[{"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/posts\/1352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/comments?post=1352"}],"version-history":[{"count":0,"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/posts\/1352\/revisions"}],"wp:attachment":[{"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/media?parent=1352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/categories?post=1352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/courses.shroutdocs.org\/his245\/wp-json\/wp\/v2\/tags?post=1352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}