Panic of 1837 occurs.

May 11, 1837

The result of the worst recession in the U.S. date, it forces Boston banks to stop specie (cash) payments for the first time their history. Over 100 banks in Boston fail, and although Boston suffers less than some other cities, its growth as a commercial and business center suffers a severe setback. Bank payments resume on August 13, 1838 and the depression lasts seven years.

Sources
  • Lepore, Jill