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Which of the following was a direct cause of the Panic of 1837? a The first Bank of the United States closed. b Congress lowered protective tariffs. c The federal government stopped accepting paper money for the purchase of land. d President Jackson allocated too much money to the American System.

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Answer:

c) The federal government stopped accepting paper money for the purchase of land.

Explanation:

The Panic of 1837 was an emergency in financial and monetary conditions in the country following changes in the managing an accounting framework started by President Andrew Jackson and his Specie Circular that successfully evaporated credit.

The different reasons for the Panic of 1837 were the disappointment of the wheat crop, discouragement in Great Britain that prompted prohibitive loaning strategies and a financial crisis.

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