The U.S. banking panic that began in 1837 after land speculation and credit expansion collapsed was the Panic of 1837.
The panic began in May 1837 when banks in New York suspended payments in gold and silver. A speculative boom in land and canals had been supported by easy credit, while government policy and international financial conditions increased pressure on banks and borrowers.
The resulting depression lasted for years, bringing bank failures, business closures, unemployment, and falling prices. President Martin Van Buren was in office when the panic began. It is sometimes confused with the Panic of 1819, an earlier U.S. financial crisis that also followed land speculation and banking expansion.