Panic of 1857
Start Your Visit WithHistorical Timelines
General Interest Maps
The Panic of 1857 abruptly ended the boom times that followed the Mexican War.
The immediate event that touched off the panic was the failure of the New York branch of the Ohio Life Insurance and Trust Co., a major financial force that collapsed following massive embezzlement. Hard on the heels of this event arrived other setbacks that shook the public's confidence:
In October, a bank holiday was declared in New England and New York in a vain effort to avert runs on those institutions. Eventually the panic and depression spread to Europe, South America and the Far East. No recovery was evident in the United States for a year and a half and the full impact did not dissipate until the Civil War.
As an unfortunate sidelight, the South was hurt less than the other regions of the country and many there concluded that the superiority of their economic system had been vindicated.
Panic of 1857
... PartyOhioOhio Life Insurance and Trust CompanyPanic of 1837 The Panic of 1857 was an economic depression that affected the United States during 1857 and 1858. The principal reason for the depression was Europe's declining puPanic of 1857 was an economic depression that affected the United States during 1857 and 1858. The principal reason for the depression was Europe's declining purchase of ...
The Panic of 1857 Began
... Reform (1829-1859) The Central America sinks to the bottom of the ocean The Panic of 1857 Began August 24, 1857 A violent hurricane lashed at the Central America, a sailing vessel carrying passengers and a huge shipment of gold froPanic of 1857 Began August 24, 1857 A violent hurricane lashed at the Central America, a sailing vessel carrying passengers and a huge shipment of gold from California.
Panic of 1837
Elsewhere on the Web: The Panic of 1837 Learn more about the country's first Depression. American Presidents: Martin van Buren Put the Panic of 1837 in perspective by learning about the president at the time. <Back to Last Page> <Full List ...