The Panic of 1837 was an economic crisis in the United States that affected citizens because many banks failed and unemployment increased.
The Panic of 1837 was a period of economic panic in the United States stemming from a speculative fever. The main origin was when all the banks stopped making their payments in kind (gold and silver coins).
The most notorious result of the economic panic was a five-year economic crisis, during which banks failed and unemployment reached very high levels.
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