<span>The Panic was the worst economic crisis to hit the nation in its history to that point. Economic historians are not certain what caused it but point to several possible factors. First, too many people attempted to redeem silver notes for gold; ultimately the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. Notes could no longer be successfully redeemed for gold. Next, the Philadelphia and Reading Railroad went bankrupt. Then, the National Cordage Company (the most actively traded stock at the time) went into receivership as a result of its bankers calling their loans in response to rumors regarding the NCC's financial distress. A series of bank failures followed, and the price of silver fell. The Northern Pacific Railway, the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad all failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks failed (many in the west). About 12%-18% of the workforce was unemployed at the Panic's peak.
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Personal opinions, views, and beliefs can shadow the truth of what actually happened.
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The Nullification Crisis was a United States political crisis in 1832–1837, during the presidency of Andrew Jackson, which involved a conflict between South Carolina and the government. It declared that the tariffs of both 1828 and 1832 were unconstitutional and unenforceable in South Carolina. ... Congress passed the new negotiated tariff satisfactory to South Carolina. The South Carolina convention reconvened and repealed its tariffNullification Ordinance on March 11, 1833.
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A for sure because section in main idea in the sub section are details that why
