The advent of the Jacksonian Polk administration in 1845 put an end to the agitation for Federal assumption of the debt, and by 1847, four western and southern states had repudiated all or part of their debts, while six other states had defaulted from three to six years before resuming payment.
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Panic of 1837 - Mises Wiki, the global repository of classical-liberal thoughtist forebears, called for the federal government to issue $200 million worth of bonds in order to assume all the state debt. The American people, however, strongly opposed federal aid, including even the citizens of the states in difficulty.
<span>The advent of the Jacksonian Polk administration in 1845 put an end to the agitation for Federal assumption of the debt, and by 1847, four western and southern states had repudiated all or part of their debts, while six other states had defaulted from three to six years before resuming payment.
The 1839–43 contraction and deflation was a healthy event for the economy, since it liquidated unsound investments, debts, and banks, including the Bank of the United States. But didn’t Summary
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