The Panic of 1837 Triggers US Depression
Poets involved
What happened
The Panic of 1837 triggered a severe economic depression in the United States, following a speculative boom in cotton and public land sales. When banks ceased redeeming paper money for gold or silver, the economy collapsed, leading to widespread unemployment and financial hardship. This crisis highlighted the vulnerabilities of the American banking system and prompted significant changes in monetary policy and economic practices.
Literary impact
The Panic of 1837 prompted writers like Ralph Waldo Emerson and Henry David Thoreau to advocate for spiritual self-reliance, steering American poetry towards themes of individualism and transcendentalism. This economic crisis became a backdrop for a profound literary exploration of self and society.
Source: Wikipedia
