Known as The Panic of 1837, the first of the great US depressions coincided with a financial crisis in Europe, which had a subsequent effect on American exports. In America itself, the failure of a wheat crop, a collapse in cotton prices and inflated real estate prices, caused the speculative bubble to burst. On the 10th of May, 1837 New York City banks curtailed the use of paper money, leading to widespread panic. This was followed by a five-year depression, with the failure of banks and record unemployment levels.
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