In 1795 - 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

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Unformatted text preview: 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 on the Hermitage to pay back his bills....
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This note was uploaded on 12/26/2011 for the course HIST 101 taught by Professor Womer during the Fall '08 term at Texas State.

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In 1795 - 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

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