Title: How did America change after the War of 1812? This essay describes the economic and political changes after the War of 1812, including the effects of the cotton gin and Sectionalism. - WriteWork
Headings: How did America change after the War of 1812? This essay describes the economic and political changes after the War of 1812, including the effects of the cotton gin and Sectionalism.
How did America change after the War of 1812? This essay describes the economic and political changes after the War of 1812, including the effects of the cotton gin and Sectionalism.
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Content: Moreover, the tariff assisted in rebuilding the federal treasury. After a growth in trade, the Panic of 1819, the country's first major economic setback, hit. Europeans demanded American grain, meat, tobacco and cotton; farm products and land prices soared as farmers rushed to increase production. State banks would make loans to anyone who needed money to buy land or farm equipment. Afterwards, the country began to fall into depression as Europeans began to buy less expensive cotton from India and bumper crops. Crop prices and land prices collapsed; land values in Pennsylvania dropped from $150 an acre to $35 in four years. Unemployment increased with 50,000 people unemployed or erratically employed in New York, Philadelphia, and Baltimore. Furthermore, state banks failed, and the federal bank foreclosed mortgages on homes, farms and shops.