George Selgin: Wildcat banks did not cause 1837 Panic

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Wildcat banks and 1837 Panic examined

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Anastasiia Chabaniuk

26.05.2026

George Selgin: Wildcat banks did not cause 1837 Panic — Wildcat banks and 1837 Panic examined

George Selgin argues that wildcat banks were not common and only emerged after Michigan passed its General Banking Act on March 15, 1837, coinciding with the onset of the 1837 Panic.

Selgin challenges the notion that wildcat banks were responsible for causing the panic, questioning why misconceptions about financial history persist.

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Selgin has previously examined historical financial policies in other contexts. He argued that analyzing New Deal deficits as a share of the gap between actual and potential GDP better captures their true scale. The approach, he noted, offers greater clarity on the impact of fiscal policy decisions during that era.

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