The tightening of credit and a sharp decrease in farm prices touched off the Panic of 1819. True False
History · High School · Wed Jan 13 2021
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True. The tightening of credit and a sharp decrease in farm prices did contribute to the Panic of 1819. This economic crisis, often referred to as the Panic of 1819, was the first major economic depression in the United States. It was characterized by a contraction of credit, a decline in agricultural prices, and a general economic downturn. The panic had various causes, including the post-war economic adjustments, the collapse of land speculation, and the contraction of credit by the Second Bank of the United States