Panic of 1837

Why did President believe the 2nd National Bank was "useless?"

• It was too fancy.

• It favored the common man.

• It was too large.

• It favored wealthy families.

What did President Jackson do, when he was presented a bill to keep the National Bank alive?

• He joyfully approved the bill.

• He woefully vetoed the bill.

• He gave the National Bank an extension of 6 months.

• He did nothing.

Why was the National Bank penniless?

• They spent it foolishly.

• Critters ate all the money in the bank.

• The National Bank took out a loan from Spanish banks.

• President Jackson withdrew all the funds from it.

As a result of President Jackson taking all the federal funds from the National Bank,________________________________

• Factories and companies had more money.

• Factories and companies were left penniless.

• All loans were forgiven.

Who was elected President and had to deal with the Panic of 1837?

• President Van Buren

• President James Monroe

• President James Madison

• President John Quincy Adams

What happened to the cost of living with the Panic of 1837?

• Prices remained the same, and the Industrial Revolution progressed to the benefit of all.

• Prices all went up, and masses could no longer afford food and shelter.

• Prices went down, and everyone could afford food and shelter.