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The Panic of 1857 encouraged those in the South who believed the North needed the South to keep a stabilized economy, and southern threats of secession were temporarily quelled. Southerners believed that the Panic of 1857 made the North "more amenable to southern demands" and would help to keep slavery alive in the United States. [25]
Dred Scott v. Sandford (1857) The Impending Crisis of the South (1857) Panic of 1857; Lincoln–Douglas debates (1858) Oberlin–Wellington Rescue (1858) John Brown's raid on Harpers Ferry (1859) Virginia v. John Brown (1859) 1860 presidential election; Crittenden Compromise (1860) Secession of Southern states (1860–61) Peace Conference of ...
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. Unemployment and hunger became common in northern cities, but the agricultural south was more ...
The Panic of 1857 began in the middle of that year, ushered in by the sequential collapse of fourteen hundred state banks and five thousand businesses. While the South escaped largely unscathed, Northern cities saw numerous unemployed men and women take to the streets to beg.
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.
Dred Scott v. Sandford (1857) The Impending Crisis of the South (1857) Panic of 1857; Lincoln–Douglas debates (1858) Oberlin–Wellington Rescue (1858) John Brown's raid on Harpers Ferry (1859) Virginia v. John Brown (1859) 1860 presidential election; Crittenden Compromise (1860) Secession of Southern states (1860–61) Peace Conference of ...
Dred Scott v. Sandford (1857) The Impending Crisis of the South (1857) Panic of 1857; Lincoln–Douglas debates (1858) Oberlin–Wellington Rescue (1858) John Brown's raid on Harpers Ferry (1859) Virginia v. John Brown (1859) 1860 presidential election; Crittenden Compromise (1860) Secession of Southern states (1860–61) Peace Conference of ...
Some former Whigs from the border states and the Upper South remained in Congress as "Opposition," "Unionist," or "American," (Know Nothing) members and supported higher tariffs. The Panic of 1857 led to calls for protectionist tariff revision. The famous economist Henry C. Carey blamed the panic on the new tariff.