The Panic of 1819 was a major financial depression during President Monroe's administration caused by a reduction in credit from the national bank and more conservative financial policies. The effects included widespread foreclosures, bankruptcies, unemployment, and the formation of debtors' prisons. While Monroe was unresponsive, private citizens opened soup kitchens and donated clothing to help the unemployed and efforts were made to reduce government spending through new legislation.

1. Panic of 1819

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