From Ohio History Central
The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.
Following the War of 1812, the United States government recognized the need for a national bank to regulate the printing of currency and the issuance of government bonds. Many Americans opposed the Bank of the United States, believing that it limited their ability to make land purchases and to pay off other debts. Jackson had opposed banks since the 1790s, when he lost a sizable amount of money when he invested this cash in a bank.