Panic of 1837
About Panic of 1837
A financial crisis that touched off a major recession lasting until 1842. The panic was triggered by speculative lending practices, the cotton market decline, and a land speculation bubble. President Andrew Jacksons Specie Circular, requiring payment in gold or silver for government land, worsened the crisis. Banks suspended specie payments. Over 600 banks failed. Unemployment reached 25 percent in some areas. The Whig Party blamed Jackson and his successor Martin Van Buren. The depression that followed was one of the worst in American history before the 1930s.
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