On May 10, 1837, bank failures ensued as the Panic of 1837 wreaked havoc on U.S. financial institutions. In addition, high speculation caused other banks to fail nationwide as they stopped distributing valuable currency. Martin Van Buren, who was elected president just months before the depression, was blamed for the bank failures. This was one of the first issues of the disastrous effects of the government not being involved with the economy.
Today In History- May 10
Panic of 1837: New York City banks fail, and unemployment reaches record levels.
1837 Panic causes high unemployment and bank failure.
- New York City, New York
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