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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 ]
In the book, Bensel undertakes an analysis of the causes of the American Civil War and the failed policies of Reconstruction to construct an argument about the rise of the American national state. The book is a contribution to scholarship on American Political Development and political and economic modernization.
September 12 – The SS Central America sinks off the coast of North Carolina, killing 425 people. October 1 – Eviction of last residents of Seneca Village to make way for New York City's Central Park is completed. October 13 – Panic of 1857: New York banks close and do not reopen until December 12.
Towers, Frank. "Partisans, New History, and Modernization: The Historiography of the Civil War's Causes, 1861–2011." Journal of the Civil War Era 1.2 (2011): 237-264. online; Woods, Michael E. "What twenty-first-century historians have said about the causes of disunion: A Civil war sesquicentennial review of the recent literature."
Even more perhaps than Uncle Tom's Cabin, it fed the fires of sectional controversy leading up to the Civil War; for it had the distinction of being the only book in American history to become the center of bitter and prolonged Congressional debate". [2]: 542 [note 1] In the Northern United States, it became "the book against slavery."
Immediately following Buchanan's inauguration in March 1857, there was a sudden depression, known as the Panic of 1857, which weakened the credibility of the Democratic Party further. He feuded incessantly with Stephen Douglas for control of the Democratic Party, while the Republicans remained united and the Fillmore's third party collapsed.
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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. During the Crimean War (1853-1856), much of Europe's farm labor was engaged in the military, resulting in Europe becoming dependent on American crops for food.