Panic of 1819
The Panic of 1819 resulted mostly because of the Second Bank of the United States changing their payment policy from paper to specie. State banks collapsed because they couldn't keep up with the demand for species. The housing market faced many foreclosures. The unemployment rates went up. Many people were evicted out of their homes and farmers off their farms. Farmers had an especially tough time because prices were dropping and that hurt the agricultural industry.