There was a huge financial crisis in US which created panic in 1857. It is due to the expansion of domestic economy and decline off international economy. It became a world wide economic crisis.
Explanation:
There was a huge financial crisis that arose due to the emergence pf domestic markets in united states. Us needed more gold and silver reserves to stabilize the economy and attain the liquidity of money in the economy. The sinking of the american ship which carried gold had a major impact and a back lash inn the economic stability of us.
Failure of Ohio life insurance company also added to the crisis. businesses began to fail , the railroad industry experienced declines and many construction workers were laid off.
