Jump to ContentJump to Main Navigation
America's First Great DepressionEconomic Crisis and Political Disorder after the Panic of 1837$
Users without a subscription are not able to see the full content.

Alasdair Roberts

Print publication date: 2012

Print ISBN-13: 9780801450334

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801450334.001.0001

Show Summary Details
Page of

PRINTED FROM Cornell University Press SCHOLARSHIP ONLINE (www.cornell.universitypressscholarship.com). (c) Copyright University of Cornell University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in Cornell for personal use. date: 05 August 2021

The End of the Crisis

The End of the Crisis

(p.175) Chapter 5 The End of the Crisis
America's First Great Depression

Alasdair Roberts

Cornell University Press

This chapter discusses how the U.S. victory in the Mexican War marked the end of the First Great Depression. First, the war revived the nation’s spirits. For many Americans, military success restored national honor, redeemed the democratic way of governing, and gave proof to Europe of the nation’s vitality. Second, the war was an unexpected tonic for the economy, and the mechanism by which the United States was fully reintegrated into international financial markets. Within weeks of the peace settlement, Americans—and also, critically, European investors—learned of a mining bonanza in the newly acquired territory of California. The unexpected cost of the war forced the Democratic administration of President James Polk to offer U.S. bonds in London for the first time since 1842. These were taken up by European investors, an expression of renewed confidence in the American economy.

Keywords:   First Great Depression, economic crisis, US economy, Mexican War, European investors, US bonds, James Polk

Cornell Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.