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It triggered the great Financial Panic of 1837...
Item # 679106
May 13, 1837
NILES' WEEKLY REGISTER, Baltimore, May 13, 1837
* Panic of 1837
* Financial crisis
The front page has a notable report: "Suspension of Specie Payments" which would be the trigger which stated the Financial Panic of 1837. On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value. Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales (Wikipedia).
Related reports take the balance of the ftpg. as well as most of page 2.
Sixteen pages, 8 1/2 by 12 inches, very nice condition.
Category: Pre-Civil War