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Two years into his presidency, Monroe faced an economic crisis known as the Panic of 1819. It was the first major depression to hit the
Two years into his presidency, Monroe faced an economic crisis known as the Panic of 1819. It was the first major depression to hit the country since the 1780s. The panic stemmed from declining imports and exports, and sagging agricultural prices. A number of state banks suspended payment on their notes and declared bankruptcy, with the Second Bank of the United States shifting to more conservative policies. The result was high unemployment and an increase in bankruptcies and foreclosures
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