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:
“Treading the soil of the moon, palpating its pebbles, tasting the panic and splendor of the event, feeling in the pit of one’s stomach the separation from terra ... these form the most romantic sensation an explorer has ever known ... this is the only thing I can say about the matter. The utilitarian results do not interest me.”
—Vladimir Nabokov (1899–1977)