The question above is not complete, the options attached to the questions are given below:
A. The first Bank of the United States closed.
B. Congress lowered protective tariffs.
C. The federal government stopped accepting paper money for the purchase of land.
D. President Jackson allocated too much money to the American System.
ANSWER
The correct option is C.
The panic of 1837 was a financial crisis, which occurred in United States of America between 1837 and 1844; it lasted for seven years. On May 1837, the commercial banks in New York city stopped redeeming commercial papers at full face value. This was in obedience to the order of President Jackson that all public lands must be bought with hard money.