Panic

A panic year. Specie payments were suspended in many places. The causes were several, not one slogan.

Print of 1837 titled The Times. A bank in the picture has stopped specie payments. The print has a politics of its own.Public domain.

In 1837 specie payments were suspended in many places. The scramble followed, by months, the removal of federal deposits and the Specie Circular. It did not follow by decades, and it was not a single cause.

International credit, cotton, land sales, and the bank scramble all sit in the record. No single cause owns the year. It is not the Panic of 1907.

Jackson and the Bank →