Panic of 1837 (jan 1, 1837 – jan 1, 1843)

Description:

Jackson's state banks start issuing a ton of notes, creating inflation. The banks gave out so many they didn't have enough specie to back them up. 1836 congress charters more banks, worsening the problem. Treasury issues the Specie Circular, saying all federal land purchases must be made in specie. People started to panic and try to get specie in exchange for their paper notes, but the banks didn't have enough. Led to a huge economic depression

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