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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