David Wallace was the sixth Governor of the US state of Indiana

Indiana

Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...

. The Panic of 1837

Panic of 1837

The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie ,...

 occurred just before his election and the previous administration, which he had been part of, had taken on a large public debt. During his term the state entered a severe financial crisis that crippled the state's internal improvement projects. He advocated several measures to delay the inevitable insolvency

Insolvency

Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...

 of the state.