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In 1795 - In1795,,...

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In 1795, Jackson ran into his first major financial crisis, traveling to Philadelphia to sell  nearly 50,000 acres of land he co-owned. After nearly a month, he found a buyer who  paid twenty cents an acre in the form of promissory notes. Jackson, in turn, used the  notes to buy goods to open a trading post on the Cumberland River in Tennessee.  However, his partners in both ventures went bankrupt, and a bank notified Jackson that,  as the promissory notes were no longer good, he would have to pay back the general  store in Philadelphia where he purchased his goods. Jackson sold the store, only to find  the man to whom he had sold the store was also bankrupt, which again left Jackson  saddled with the cost again. He had to sell his second plantation and move into a shack  on the Hermitage to pay back his bills. These bad experiences Jackson had with lending 
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