Many banks had to shut down, textile mills closed, and many families lost their farms
The Land Ordinance of 1785 was adopted by the United States Congress of the Confederation on May 20, 1785. It set up a standardized system whereby settlers could purchase title to farmland in the undeveloped west. ... The 1785 ordinance laid the foundations of land policy until passage of the Homestead Act in 1862.
The answer for this is "Compromise of 1850".
The Compromise of 1850 is a set of laws dealing with the issue of slavery. California was admitted as a free state, upsetting the groups in favor of slavery and satisfying those opposing it in the U.S senate. In Addition, California abolished the slave trade by entering the Union as a free (no slavery) state.
Answer:
large numbers of anxious people withdrew their deposits forcing banks to liquidate loans and often leading to bank failure
