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The Panic of 1857 was a financial crisis in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States. [ 1 ]
Panic of 1857: June 1857 – December 1858 1 year 6 months 2 years 6 months −23.1% — The failure of the Ohio Life Insurance and Trust Company burst a European speculative bubble in United States' railroads and caused a loss of confidence in American banks. Over 5,000 businesses failed within the first year of the Panic, and unemployment was ...
August 24 – Ohio Life Insurance and Trust Company suspends payments, leading to the Panic of 1857. September 11 – Mountain Meadows massacre in Utah. September 12 – The SS Central America sinks off the coast of North Carolina, killing 425 people.
When the Panic of 1857 struck later that year, protectionists, led by the economist Henry C. Carey, blamed the downturn on the new tariff. [3] The tariff reductions lasted only a few years, as the highly-protectionist Morrill Tariff was signed into law in March 1861. [4]
The Panic of 1857 began in the summer of that year, when the New York branch of Ohio Life Insurance and Trust Company announced its insolvency. [77] The crisis spread rapidly, and by the fall, 1,400 state banks and 5,000 businesses had gone bankrupt.
1857 was a common year starting on Thursday of the Gregorian calendar and a common year starting on Tuesday of the Julian calendar, the 1857th year of the Common Era (CE) and Anno Domini (AD) designations, the 857th year of the 2nd millennium, the 57th year of the 19th century, and the 8th year of the 1850s decade. As of the start of 1857, the ...
Panic of 1857; March 4, 1857. James Buchanan became President of the United States; March 6, 1857: Dred Scott v.Sandford; July 18, 1857: Utah Expedition left Fort Leavenworth, effectively beginning the Utah War
The Ohio Life Insurance and Trust Company was a banking institution based in Cincinnati, Ohio, which existed from 1830 to 1857.The Panic of 1857, an economic depression, resulted after the company's New York City offices ceased operations due to bad investments, especially in agriculture-related businesses.