Panic of 1837
During Bagby's administration, the country was plagued by economic depression as a result of the Panic of 1837. Bagby introduced measures to assist the state banks but the state legislature rejected most measures. All the state banks were closed by Bagby's successor, Governor Benjamin Fitzpatrick.
Read more about this topic: Arthur P. Bagby
Famous quotes containing the word panic:
“It is clear that all verbal structures with meaning are verbal imitations of that elusive psychological and physiological process known as thought, a process stumbling through emotional entanglements, sudden irrational convictions, involuntary gleams of insight, rationalized prejudices, and blocks of panic and inertia, finally to reach a completely incommunicable intuition.”
—Northrop Frye (b. 1912)