may 10, 1837 - Panic of 1837
Description:
Begin sin New York when banks first suspend payments of specie. Following the collapse of credit facility, banks can no longer redmeem currency notes in gold and silver. Compounding the problem, a depression in England causes th eprice of cotton to drop and end British loans to the United States. An already unstable economy now suffers from additional debts and unemployment.Added to timeline:
Date:
may 10, 1837
Now
~ 188 years ago