<P> In August 1818, with credit dangerously overextended, BUS branch offices began to reject all state - chartered bank notes under the direction of William Jones . Exceptions were made for notes used as revenue payments to the US Treasury . In October 1818, The US Treasury demanded a transfer of $2 million in specie from the BUS to redeem bonds on the Louisiana Purchase . </P> <P> State banks in the West and South, unable to provide the required specie, began to call in their loans on the heavily mortgaged lands they had financed . Cash poor farmers and speculators found their land values dropping 50% to 75% . Banks began foreclosing on the properties and transferring them to their creditor: the Second Bank of the United States . </P> <P> When news arrived in January 1819 that the value of cotton had broke - dropping 25% in a single day - the ensuing panic drove the country into recession . Williams Jones resigned from his position as BUS president and was replaced by South Carolinian Langdon Cheves . </P> <P> The limited curtailment policy initiated by William Jones was rigorously applied by his successor, former Congressman from South Carolina, Langdon Cheves . Among his promoters were US President James Monroe, BUS directors Stephen Girard and Nicholas Biddle and those stockholders who wanted Bank leadership that was fiscally conservative and immune to political influence . </P>

Which of the following were the result(s) of the panic of 1819