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The panic of 1785, which lasted until 1788, ended the business boom that followed the American Revolution.
The causes of the crisis lay in the overexpansion and debts incurred after the victory at Yorktown, a postwar deflation, competition in the manufacturing sector from Britain, and lack of adequate credit and a sound currency.
Shortly after the war ended on March 23, 1815, the United States entered a period of financial panic as bank notes rapidly depreciated because of inflation following the war.
Although the NBER does not date recessions before 1857, economists customarily extrapolate dates of U. recessions back to 1790 from business annals based on various contemporary descriptions.The panic among business and propertied groups led to the demand for a stronger federal government.Loss of confidence in copper coins due to debasement and counterfeiting led to commercial freeze up that halted the economy of several northern States and was not alleviated until the introduction of new paper money to restore confidence.Trade volumes, commodity prices and securities prices all began to fall.Macon's Bill Number 2 ended the embargoes in May 1810, and a recovery started.