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Social Studies Panic of 1819

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What is the Panic of 1819?
THE COLLAPSE OF QUICKLY GROWING WESTERN AMERICAN ECONOMY
-People want to move west for more land
-Price of land in increasing ... people get less land - Land avail isn't as good
-Corn prices go down b/c avail goes up but all the while land avail going down!
-Bott Line: people pay more for less and bad land and corn prices dropping (so they won't make as much $$ selling corn from their new land)
What happens to the people who moved west later and got small and bad land?
can't pay taxes or mortgages so get kicked out
Who do these people blame for their problems?
THE NATIONAL BANK
What happens after panic?
-People start farming cotton instead of corn.
-Getting more acres and therefore get slaves
-leads to Missouri Compromise
What is Missouri Compromise?
-Missouri like western states wants slaves
-Missouri wants to enter union as slave state
-Upsets North b/c then North can be outvoted in congress.
-Compromise is Missouri can be slave state and in return Maine enters union as a free state so equals out
-Anything south of (30, 36) Missouri southern border is a slave state. Anything North except Missouri is a free state.
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