~Panic+of+1837~

= The Panic of 1837 was a financial crisis in the United States built on speculative fever. The end of the Second Bank of the United States had produced a period of inflation, but on May 10, 1837, every bank in New York City would only accept payment in specie. It forced a dramatic, deflationary backlash and, in turn, caused a panic throughout America. The Panic was followed by a five-year depression, with bank failure and record-setting unemployment levels. = = For More Information: [] =