[PAR] [TLE] Panic of 1837 [SEP] The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s.  Profits, prices, and wages went down while unemployment went up.  Pessimism abounded during the time.  The panic had both domestic and foreign origins.  Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame.  On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value.  Despite a brief recovery in 1838, the recession persisted for approximately seven years.  Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs.  Unemployment may have been as high as 25% in some locales.  The years 1837 to 1844 were, generally speaking, years of deflation in wages and prices. [PAR] [TLE] Auburn and Syracuse Railroad [SEP] The Auburn and Syracuse Railroad was incorporated on May 1, 1834, to provide easy access between Syracuse, New York and the Erie Canal.  Construction was begun in 1835, however, was delayed during the Panic of 1837.  Although the economic downturn lingered until 1843, the railroad was completed by January 1838.
[PAR] [TLE] Panic of 1837 [ SEP ] The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s . Profits , prices , and wages went down while unemployment went up . Pessimism abounded during the time . The panic had both domestic and foreign origins . Speculative lending practices in western states , a sharp decline in cotton prices , a collapsing land bubble , international specie flows , and restrictive lending policies in Great Britain were all to blame . On May 10 , 1837 , banks in New York City suspended specie payments , meaning that they would no longer redeem commercial paper in specie at full face value . Despite a brief recovery in 1838 , the recession persisted for approximately seven years . Banks collapsed , businesses failed , prices declined , and thousands of workers lost their jobs . Unemployment may have been as high as 25 % in some locales . The years 1837 to 1844 were , generally speaking , years of deflation in wages and prices . [PAR] [TLE] Auburn and Syracuse Railroad [ SEP ] The Auburn and Syracuse Railroad was incorporated on May 1 , 1834 , to provide easy access between Syracuse , New York and the Erie Canal . Construction was begun in 1835 , however , was delayed during the Panic of 1837 . Although the economic downturn lingered until 1843 , the railroad was completed by January 1838 .
The construction of the Auburn and Syracuse Railroad was delayed because of a panic that lasted until what time period?
The construction of the Auburn and Syracuse Railroad was delayed because of a panic that lasted until what time period ?
mid-1840s
mid-1840s