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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."
[2]: 542 [note 1] In the Northern United States, it became "the book against slavery." [3]: 75 A book reviewer wrote, "Next to Uncle Tom's Cabin (1852), Hinton Helper's critique of slavery and the Southern class system, The Impending Crisis of the South (1857), was arguably the most important antislavery book of the 1850s." [4]
John C. Calhoun asserts that slavery is legal in all of the territories, foreshadowing the U.S. Supreme Court's Dred Scott decision in 1857. [145] [146] Democrat Lewis Cass of Michigan proposes letting the people of a territory vote on whether to permit slavery in the territory.
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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.