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Today in History

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THE PANIC OF 1837
May 10, 1837

On this day in 1837 a financial panic started because of President Andrew Jackson’s actions to end the Second Bank of the United States (SBUS). The SBUS acted as a storehouse for federal funds and in its absence the smaller banks had trouble producing liquidity. In New York City riots started by this panic had to be quelled by the militia. This panic gripped the United States for seven long years.

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