In 1837, Michigan, Pennsylvania, Florida, Mississippi, Arkansas, Indiana, Illinois, Maryland and Louisiana defaulted on their debt around the same time. Several, including Michigan, repudiated – or failed to pay back – at least a portion of their debt.
The states that defaulted or repudiated, like Michigan, ended up imposing strict constitutional amendments to limit the amount of debt they could issue. Michigan ended up banning any pledge of its credit to a private corporation seeking to borrow under its aegis and also outlawed the purchase by the state of any private company’s stock – practices that had previously been common among U.S. states.
As a result, Michigan’s bonds ended up trading at higher prices in the 1860s, after European investors returned to the U.S. bond market, than those of states that didn’t impose such limits.
Floriduh didn’t become a state until 1845.