AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Impact of Shays Rebellion and Economic Hardships on Farmers
Shays Rebellion in 1786 was a result of heavy state debts post-war, where speculators bought IOUs at a fraction of their value. In Massachusetts, 35 individuals owned half of the state's debt. Congress' requisition request in 1784 led to financial distress by 1786, pushing Massachusetts to impose taxes on farmers. Additionally, natural disasters like volcanic eruptions in Iceland and Japan caused cold summers and floods, impacting crop production. This period saw a surge in foreclosures in Massachusetts and New Hampshire.