The Panic of 1819 and the Panic of 1837 were both connected to increased speculation in western lands and banking policies that fueled that speculation. In the Panic of 1819, the Second Bank of the United States tried to slow speculation in western lands by reducing the amount of money available to banks and by calling in loans. This caused state banks to also call in loans, and when people couldn't pay back their loans, the banks foreclosed on mortgages, causing unemployment levels to rise, bankruptcies to occur, and many banks to fail.

In the Panic of 1837, something similar happened. President Jackson disliked the national bank and refused to extend its charter in 1832. He withdrew federal money from the national bank and deposited this money and new revenues into state banks. These state banks had more lenient policies regarding loans, and many people borrowed money to buy western land. President Jackson was concerned about this increased speculation, leading to the issuance of a policy called the Specie Circular. This policy, effective after the election of 1836, said that all land sales had to be made with gold and silver instead of with paper money. As a result, people demanded gold and silver from their banks, sending the economy into a tailspin as banks failed when they couldn't provide the gold and silver. People also lost their jobs when the economy declined.

This is a great question in view of the news headlines today. The panic of 1819 and 1837 both deal with economic hardships. 

In 1819, there was a financial crisis, but this crisis was different than the ones previously. In the past, financial hardships were usually due to war and international problems, such as the Embargo act of 1812. However, in 1819, the financial hardship was due to internal problems. As for causes, it is not clear. Some economists (Keynesian school) argue that it was due to a natural cycle of ups and down (boom and bust cycles). Others economist of the Austrian school believe that it was caused by heavy borrowing for the war efforts of 1812 and the lack of the governments expansionary monetary policy. 

The panic of 1837 was another financial crisis. The context of 1837 from a economic point is view was speculatory, that is, in the fairly new nation people began to take great risks in order to make money. This was also coupled by the printing of money from the Second Bank of the United States. All of this led to great inflation. But in 1837 all the banks in New York only took money that was gold and silver. This created a huge ripples in the economic system. In other words, this inflation that was going on was hit with strong deflationary measures. 

The outcome was truly disastrous. Over 30% of banks in the United States closed down.