2 years ago

Explain the role of banks in the Panic of 1837.

1 answer:

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Answer:

This ailing economy of early 1837 led investors to panic – a bank run ensued – giving the crisis its name. The run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They suspended specie payments and would no longer redeem commercial paper in specie at full face value.

Explanation:

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