The correct option is "It led to an economic depression called the Panic of 1837."
The Panic of 1837 is the name by which a wave of economic panic occurred in the United States, and that was born as a result of a speculative fever. The fact that triggered the chaos occurred on May 10, 1837 in New York, when all the banks stopped making payments in kind (gold and silver coins). The panic was followed by an economic crisis that lasted five years, during which the banks went bankrupt and reached very high levels of unemployment. It is said that the causes of the event were, on the one hand, the policy of the president of the United States. Andrew Jackson, who issued an executive order on payments in kind and refused to renew the legal statutes of the Second Bank of the United States, which meant the withdrawal of government funds from that bank.