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Jackson then used those notes to buy supplies that he was going to use to open a general-merchandise store. When Allison’s notes were defaulted, Jackson was held accountable for the merchandise he had bought. As a result, he was put into great debt that took him years to pay off. Then again, with the panic of 1819 his resentment towards the "Eastern Money Power" and national bank grew. During this time, an ensuing depression fell hard upon the people of the west and south, including Jackson who had regained his financial footing. The depression was the result of rapid expansion, speculation, and wildcat banking...
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