The Panic of 1837 Quiz

What action did President Andrew Jackson take that contributed to the financial instability leading to the Panic of 1837?

• He reduced taxes on land sales.

• He established a new national bank.

• He vetoed the rechartering of the Bank of the United States.

• He increased tariffs on imported goods.

How did the federal government's sale of Western lands contribute to the financial crisis?

• It resulted in a surplus of gold and silver.

• It caused a speculative bubble as land prices rose.

• It stabilized the currency value.

• It led to a decrease in land prices.

What was the Specie Circular issued by Jackson in 1836?

• A mandate for land payments to be made in gold and silver.

• A policy to increase paper currency circulation.

• A law to reduce the number of state banks.

• A requirement for banks to hold more gold reserves.

What was one of the measures taken by the Van Buren Administration to stabilize the economy after the Panic of 1837?

• Reducing the number of state banks.

• Increasing tariffs on British goods.

• Creating an Independent Treasury System.

• Establishing a new national bank.

Which political party rose to prominence as a result of the Panic of 1837?

• The Whig Party

• The Federalist Party

• The Democratic Party

• The Republican Party