 The panic also revealed the young republic's economic interconnectedness with Europe.In spite of and perhaps validating the prescient warnings of the dangers of foreign entanglement laid out in George Washington’s Farewell Address, the panic demonstrated that the nascent American economy would be subject to ripples of political turbulence on the European continent, an effect that later prompted Thomas Jefferson to sign the Embargo Act of 1807.Finally, the imprisonment for indebtedness of such prominent American statesmen as James Wilson and Robert Morris compelled Congress to pass the Bankruptcy Act of 1800, establishing a framework for creditors and debtors to cooperate in reaching a settlement.