Explanation:
The Panic of 1837 is the name by which a wave of economic panic occurred in the United States, and was born as a result of a speculative fever. The fact that triggered the chaos occurred on May 10, 1837 in New York, when all the banks stopped making their payments in kind (gold and silver coins). The panic was followed by an economic crisis that lasted five years, during which the banks went bankrupt and very high levels of unemployment were reached.
