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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showed last 75 words of 978 total
a situation involving an unstable currency and financial system resulting in a lack of confidence in both government and the banks.
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.
Wentworth, John. The Panic of 1837. Sunday Lecture Society, 1876,