What was a contributing factor in the economic crisis during Monroe's presidency?

The economic crisis during Monroe's presidency can be attributed significantly to the slump in the agriculture business. Following the War of 1812, the United States experienced a period of economic expansion, but this was unsustainable. One of the primary sectors affected was agriculture, which faced declining prices due to overproduction and competition from both domestic and foreign markets.

The downturn in agricultural production diminished the purchasing power of farmers and led to widespread bankruptcies and financial distress. As agriculture was a backbone of the American economy at that time, the slump created a ripple effect that impacted various industries, leading to a broader economic crisis during Monroe's presidency.

Meanwhile, other factors, while they may have contributed to economic issues in different contexts, do not relate as directly to the overarching cause of the crisis as the agricultural slump does.