What name is given to the U.S. financial crisis that began with the Panic of 1837?

The U.S. financial crisis that began with the 1837 panic is called the Panic of 1837.

The crisis started on May 10, 1837, when banks in New York City suspended payments in gold and silver. A speculative boom in land and cotton had been supported by easy credit, while President Andrew Jackson’s banking policies and the 1836 Specie Circular changed how public land could be purchased.

The failure of British banks and a decline in demand for American cotton added pressure. Banks and businesses collapsed, prices fell, and unemployment rose across the United States. The resulting depression lasted for years and was especially severe in the late 1830s and early 1840s.

The Panic of 1837 is sometimes confused with the later Panic of 1857, but the two crises had different immediate triggers and occurred two decades apart.