5 Questions
What was the approximate increase in the number of state-chartered banks between 1830 and 1836?
713
What was the percentage increase in paper banknotes per capita in circulation in the United States between 1834 and 1836?
40
What was the primary factor that encouraged British capitalists to invest in America during this period?
Low interest rates in Great Britain
What was the approximate increase in American foreign indebtedness between 1834 and 1836?
$220 million
What was the source of the information regarding American foreign indebtedness and the increase in paper banknotes per capita?
America’s First Great Depression: Economic Crisis and Political Disorder after the Panic of 1837
Study Notes
Banking and Finance in the 1830s
- The number of state-chartered banks in the United States increased from 329 in 1830 to 713 in 1836.
- The volume of paper banknotes per capita in circulation in the US increased by 40% between 1834 and 1836.
- Low interest rates in Great Britain led to British capitalists making risky investments in America.
- American foreign indebtedness increased from $110 million to $220 million between 1834 and 1836 due to the surge in British lending across the Atlantic.
Learn about the growth of state-chartered banks and the surge in paper banknotes in circulation in the United States during the 1830s.
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