The Panic of 1837 provoked a depression that emptied the hopes and deprived American workers of their money.
The Panic of 1837 was a big financial crisis in the United States that that lasted until the mid-1840s and caused major suffering. Profits, prices, and wages went down while unemployment went up. Pessimism increased during the time. The panic, in its turn, had both domestic and foreign origins.
The correct answer to fill up the blank is "Panic of 1837"
Panic of 1837 was a financial crisis in the United States that caused a great economic recession in the country. Profits, prices, and wages went down while unemployment went up. The panic had both domestic and foreign origins. Speculative lending practices by Western states, a sharp decline in cotton prices, a collapsing land bubble, large international money flow, and credit restrictions by Britain all contributed to the crisis. 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. Banks have failed, businesses have failed, prices have declined and thousands of workers have lost their jobs.
