Langdon Cheves

Panic of 1819 Erupts from Second Bank Speculation and Baltimore Branch Fraud

1819-01-01 00:00:00 +0000 UTC | Importance: 8/10

The United States experiences its first major peacetime financial crisis as the speculative bubble in western land collapses, triggering the Panic of 1819 and a prolonged economic depression. The crisis directly results from the Second Bank of the United States’ reckless lending practices, …

Second Bank of the United States William Jones Langdon Cheves Baltimore branch directors financial-crisis banking-fraud speculation accountability-evasion economic-extraction