Tag Archives: bank failures

this day in the yesteryear: The Panic of 1837 (1837)


The Panic of 1837 (1837)

In 1836, US President Andrew Jackson issued the Specie Circular, an executive order requiring purchases of government land to be made only with gold and silver currency, or specie. A shortage of specie soon made loans harder to acquire, and the US economy suffered. When the speculative bubble burst in 1837, every bank in New York City stopped payment in specie. The Panic was followed by a nationwide depression involving record bank failures and unemployment levels. Who was blamed for the Panic? More… Discuss

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