PANIC IN 1837

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• Time of easy money came to a quick stop
• President Jackson issued a law that only gold or silver could be accepted at land offices
• This law made it difficult to purchase land

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• Easy money came about because laws allowed new banks to print their own money
• The money was good as long as everyone accepted it
• They accepted it as long as the banks were in good financial shape
• Some banks had gold and silver in their vaults but not enough for what they printed

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