banks throughout the United States (including the old BUS) promptly suspended specie payments in May 1837.
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Panic of 1837 - Mises Wiki, the global repository of classical-liberal thoughttes. The English credit contraction in late 1836 caused a bust in the American cotton export trade in London, followed by contractionist pressure on American trade and banks.
In response to this contractionist pressure—demands for specie—the <span>banks throughout the United States (including the old BUS) promptly suspended specie payments in May 1837. The
governments allowed them to do so, and continued to receive the notes in taxes. The notes began to depreciate at varying rates, and interregional trade within the United States was c Summary
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