PANIC 1837

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The depression of 1937 was sometimes also referred to as “The Panic of 1837.” The true panic of this depression consisted of banks over- extending credit on insufficient collateral as well as a shortage of the nations currency. The shortage of currency failed to meet the demands of the country at a time when the nation was prospering, the railroad was laying tracks and extending outward, and canals were being built to make even more routes of …

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…a situation involving an unstable currency and financial system resulting in a lack of confidence in both government and the banks. Bibliography WORKS CITED Bailey, Kennedy, Cohen. The American Pageant Volume I: To 1877. New York, Houghton, 1998. Current, Williams, Freidel. American History A Survey. New York, Knopf, 1971. PEI History Department. Panic of 1837. http://www.pei-intl.com/Research/PANICS/1837/1837.HTM Wentworth, John. The Panic of 1837. Sunday Lecture Society, 1876, http://www.adena.com/adena/usa/hs/hso1.htm