In the week of May 8-12, 1837, the failure of several major banks in New York unleashed the Panic of 1837.  The Panic began on Wall Street quickly turned into one of the most devastating economic Depressions in American history. Before leaving office two months earlier, in March of 1837, President Andrew Jackson had abolished the Second Bank of the United States, simply by not renewing its charter. The sudden lack of a central bank triggered a 'liquidity crisis' that closed down hundreds of banks, and thousands of small businesses and farmers, who had heavily relied on the support of their local banks. At one point, the New York militia had to be mustered out to keep order on Wall Street. All told, the Panic of 1837 lasted seven years, until 1844.

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