What was the severe U.S. financial crisis that began in 1819 called?

The severe U.S. financial crisis that began in 1819 was called the Panic of 1819.

It was the first major peacetime financial crisis in the United States. After the War of 1812, banks expanded lending and land speculation. European demand for American agricultural exports then weakened, while the Second Bank of the United States tightened credit and called in loans.

Land prices fell, businesses failed, and banks suspended payments. Foreclosures and unemployment spread, particularly in frontier and agricultural regions. The downturn lasted several years and caused intense political criticism of banks and concentrated financial power.

The Panic of 1819 predates the better-known Panic of 1837, which followed a different boom-and-bust cycle. It was broader than a single stock-market trading day and was closely connected to land, commodity and banking problems.