oct 2, 1837 - Panic of 1837
Description:
Description: The Panic of 1837 was a period of crisis which was caused by President Andrew Jackson and his Specie Circular that diminished credit.Causes: When Jackson was president, many state banks received government money that had been withdrawn from the Bank of the U.S. These banks issued paper money and financed wild speculation, especially in federal lands. Jackson issued the Specie Circular to force people to buy public lands with gold or silver.
Historical Impact: Bank of the U.S. failed, cotton prices fell, businesses went bankrupt, and there was widespread unemployment and distress. Inflation increased.
Added to timeline:
Date:
oct 2, 1837
Now
~ 187 years ago