Blue and Gray Trail
Civil War Encyclopedia
Civil War in Georgia
On the Blue and Gray Trail
Civil War by state
Today in the Civil War
This year in the Civil War
Battles
Images
Places
Feature Stories
Links
Search
Panic of 1837
| March 3, 1836 | Charter of the Second Bank of the United States expires | |
| July 11, 1836 | The Specie Circular is issued by Treasury Secretary Levi Woodbury. Jackson and his administration felt it would check the speculation in land purchases that was rampant because of the "war" against the Second Bank of the United States | |
| Specie Circular | ||
| Andrew Jackson | ||
| August 15, 1836 | "Specie Circular" goes into effect | |
| Specie Circular | ||
| Andrew Jackson | ||
| May 9, 1837 | Banks in New York City see a tremendous outflow (some estimates range as high as $700,000) of hard currency (gold and silver) as a result of the Specie Circular. | New York |
| Specie Circular | ||
| May 10, 1837 | New York City banks suspend hard currency payments because of depleted reserves. The "Panic of 1837" that occurred today results in a 6-year depression | New York |
| Specie Circular | ||
| October 12, 1837 | To battle the depression that resulted from the Panic of 1837, Congress approves the issuance of 10 million dollars in bonds. | |
| July 4, 1840 | Democrat Martin Van Buren signs the Independent Treasury Act into law | |
| Martin Van Buren | ||
| Democratic Party |
Links appearing on this page:
Panic of 1837 was added in 2005
Battles | Places | Events by year | Events by date | Feature Stories |
Bookstore | Links | Who We Are |