What name is given to the United States financial crisis that began in 1837?

The United States financial crisis that began in 1837 is called the Panic of 1837.

The panic followed years of rapid economic expansion, land speculation, and easy credit during the presidency of Andrew Jackson. Jackson's opposition to the Second Bank of the United States and his 1836 Specie Circular, which required payment for federal land in gold or silver, contributed to financial strain. British banks also reduced lending and demanded repayment.

In May 1837, banks in New York City suspended the conversion of paper notes into specie. Bank failures, falling cotton prices, business closures, and high unemployment followed. The downturn lasted for several years and affected both the United States and parts of Canada.

The crisis is distinct from the Panic of 1819, although both involved land speculation and credit contraction. It also helped encourage the creation of the Independent Treasury system, which separated federal funds from private banks.