Financial depression in U.S (68 words)

Historical Context Note


In 1784 the US entered what has been termed the 'Critical Period', as it tried to recover from the Revolutionary War. The States had been left in massive debt as a result of the war, and government faced bankruptcy. Paper currency became worthless and banks demanded payment in specie (coined money), which was nearly impossible acquire, especially for the farmers and labourers who were hardest hit by the depression.