The Panic of 1819 was about the economic and financial disaster in America that also affected other nations outside America. It was the first financial disaster that occurred in the United States during James Monroe terms of presidency. The effect of the Panic of 1819 resulted in mortgage foreclosing, failed banks which resulted for people to go into bankruptcy, widespread of unemployment throughout the states, falling prices, and people forced to move out of their houses. This epidemic lasted until 1824. There were many causes of the Panic of 1819. Some of the causes were the poor management of banks, too many banks that issued a lot of banknotes, easy credits were given to high-risk debtors like farmers, a shortfall on trade in the U.S.
