jan 1, 1837 - Panic of 1837

Description:

Causes and Effects
- Jackson's opposition to federal bank; pet banks (transfers funds from federal bank to states banks)
- specie circular (1836)
- lots of laborers rise up against their employers; judges side with the employees; lots of shoemakers, carpet makers, plasterers, etc are arrested
- the Bank of England curtails the flow of money and credit to the US
- cotton prices plummet
- Dry Dock Bank of NYC closes its doors
- depositors withdraw money from the banks

Begins right after Jackson leaves office, but it is likely set in motion by his financial policies

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