Following the closure of the Second Bank of the United States, what practice by smaller state banks directly contributed to the fragile economy?

They refused to issue any new currency to farmers and merchants.

They invested heavily in foreign manufacturing instead of domestic businesses.

They made numerous risky loans without sufficient federal oversight or regulation.

They were required by a new federal law to send all of their gold and silver reserves to the U.S. Treasury.

Which of the following was a major consequence for the American public during the economic depression that followed the Panic of 1837?

A rapid increase in wages for most factory workers

A significant decrease in the cost of land and property

Widespread bank failures, business closures, and the loss of jobs and savings

The immediate re-establishment of a new and more powerful national bank by Congress

Strict federal control over all financial institutions

A period of stable, slow, and predictable economic growth

Unregulated state bank lending that created economic fragility

A complete halt in westward expansion due to a lack of available funds

They praised President Van Buren for his quick response.

They blamed Martin Van Buren and his political party.

They called for the immediate return of Andrew Jackson.

They focused their anger primarily on foreign banks.