Panic of 1837 financial crisis begins 180 years ago #OnThisDay #OTD (May 10 1837)

Video: 'Martin Van Buren & the Panic of 1837'

(Wednesday, May 10, 1837) — The Panic of 1837, a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s, began today when banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value.

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