The Panic of 1857 was financial crisis triggered by a sudden downturn in the US economy. The event that caused the Panic was the embezzlement, and subsequent collapse, of a New York City branch of Ohio Life Insurance and Trust Co., followed by a fall in grain prices, the collapse of railroad investments, British withdrawal of funds from US banks and a loss of confidence in paper money. More than 5000 businesses failed as a result. Recovery was not fully felt until the 1860.
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