From Ohio History Central
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The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.
During the Panic of 1837, approximately ten percent of American workers were unemployed at any one time. Mobs in New York City raided warehouses to secure food to eat. Prominent businessmen, like Arthur Tappan, lost everything. Churches and other charitable organizations established soup kitchens and breadlines. In Ohio, many people lost their entire life savings as banks closed. Stores refused to accept currency in payment of debts, as numerous banks printed unsecured (backed by neither gold nor silver) money. Some Ohioans printed their own money, hoping business owners would accept it. Thousands of workers lost their jobs, and many businesses reduced other workers' wages. It took until 1843 before the United States' economy truly began to recover. The federal government's failure to assist the American people led voters to turn against the Democratic Party, the party in control of government at the start of the Panic of 1837. In1840, voters elected William Henry Harrison, a member of the Whig Party and an Ohioan, over the Democratic candidate.