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Show FINANCIAL PANIC OF 183? Year That Many Banks Failed and Specie Payments Were Practically Practical-ly Entirely Suspended. Political rancor was at Its height when Andrew Jackson vetoed the bill renewing the charter of the United States bank and removed the treasury deposits, under which opposition the bank collapsed and a vast number of state banks competed for the business, busi-ness, which included the issue of bank notes. In 1837 there were 634 banks, with an aggregate capital of $291,-000,000. $291,-000,000. In the history of banking the year of 1837 is prominent for one of the worst panics that was ever known in America, which resulted in the failure of many banks and a universal suspension suspen-sion of specie payments throughout the country, which were not renewed until over a year and a half later, says the National Magazine. During this trying period, when banking operations opera-tions were practically wiped out of existence, all the banks but three continued con-tinued doing business in Boston. There were temporary suspensions of specie payments in 1857, known as the panic of '57; also in '61, when Boston followed fol-lowed the lead of New York, since it was eviden' that further attempt to tide the popular panic would mean ruin to all the interests involved There are men still living today who remember with a shudder the trying Umes of '57 when the merchants met m the Boston merchant's exchange muyhter alnSlsUns that "ank" WaLreralned;UntilfluaI1Am Walker rose up and said: "Gentlemen, "Gentle-men, the banks must suspend specie payments. There is no 7i sPecle tn h fn J.. no otuer course to be followed." There were mur murs of discontent and they ZreZ most ready tQ ,ynch trofurtrous,y' siid York banks tbe New |