Dashed left edge = started before May 1837 ·
Dashed right edge = ongoing beyond May 1837
Events in May 1837 1
1837Panic of 1837Major U.S. banks suspend specie payments, triggering a severe depressionA sudden collapse in cotton prices and speculative land values led New York banks to suspend payments in gold and silver on May 10, 1837. The resulting financial panic caused widespread bank failures and a multi-year economic depression in the United States.