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Glossary Term – Event

Panic of 1837

The Panic of 1837 began when state banks collapsed as a result of speculation and the issuance of paper money inflation. The Bank of the United States failed and widespread economic distress and depression ensued for five years.

Glossary Term – Event

Nevada silver mine boom

Huge deposits of silver were discovered in Nevada, attracting prospectors. Rampant speculation drove down the price of silver.