The Locofocos were a faction within the Democratic Party during this era who were known for their:
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Correct answer: Radical opposition to all banks and paper money
The Locofocos represented the radical wing of the Democrats who wanted a strictly 'hard money' economy. They were suspicious of all corporate monopolies and bank-issued currency, believing it defrauded the working man.
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More Panic of 1837 questions
- Which document is most associated with the start of the financial crisis in May 1837?
- The 'American System' advocated by Henry Clay was designed to prevent crises like the Panic of 1837 by:
- During the mid-1830s, the price of which commodity skyrocketed and then crashed, contributing to the panic?
- What happened to the Independent Treasury Act after the Whigs took power in 1841?
- The Specie Circular, issued by the Jackson administration in 1836, required that public lands be purchased using which of the following?
- Which of the following was a primary cause of the Panic of 1837?