The Panic of 1837 was a severe financial crisis in the United States, marked by widespread economic distress. It was caused by speculative lending practices, a decline in cotton prices, and the failure to renew the Second Bank of the United States' charter. This led to numerous bank failures and business collapses. Despite attempts to resolve the downturn, the effects persisted for several years, resulting in a significant impact on the population, with substantial job and savings losses amid the economic turmoil.