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In May of 1837, why did the New York City banks begin accepting only specie for payments?

In May of 1837, why did the New York City banks begin accepting only specie for payments?
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In May of 1837, why did the New York City banks begin accepting only specie for payments?

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User Beloo
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Banks in New York City ran out of gold and silver . They suspended specie payments and would no longer redeem commercial paper in specie at full face value
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User RAFisherman
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