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Specie Circular: The most direct and immediate effect of the Panic of 1837 was the repeal of the Specie Circular of 1836. The Specie Circular was a highly deflationary policy because it required that Western lands be purchased with specie that just wasn't available. Deflation exacerbates recessions: never good. In May 1838, the Senate repealed the Specie ...


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I think the best way to answer this question is to ask: Why did Philadelphia lose its position as the hub of American finance? Philadelphia had first mover's advantage over New York in terms of finance. Unfortunately for Philadelphia, national politics would erase Philly's advantage in the 1830s and 1840s, setting the stage for New York to begin to establish ...



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