All of the Following Are True Statements About the Panic

All of the following are true statements about the Panic of 1837 except

A) Several hundred banks in New York City shut down.
B) It was the worst depression in U.S. history, except for the Great Depression of the 1930s.
C) People in the western territories were spared from the worst effects of the crisis.
D) Land speculation and paper currency issues helped trigger the economic downturn.
E) The Specie Circular was a major contributing factor.