Crop failures, Insurance and banking failure, drops in cotton prices, rapid speculation in land, sudden plunges in the stock market and currency and credit crises etc caused the economic panics in 1800s. The United States of America during this period was very young nation and thus these panics devastated her economy.
D. deriving their powers from the consent of the governed.
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<span>Many
Salem village farming families believed that Salem town’s thriving economy made
it too individualistic. The Putnam being the large farming family and leaders
of the separatist group did not much this individualism for it opposed their
communal nature. This led to disagreements between Putnam and residents thus
the residents withholding of local taxes leading to low pay of the minister’s
salary and firewood.</span>
