Rivaling the Great Depression in severity and extent, on August 24, 1857, the Panic of 1857 began, following a successive failure of banks and businesses. The incident was relatively small, with the economy returning to normal business levels, despite unemployment leading to general public outrage. The effects of the Panic were especially felt in urban areas, as the population grew more industrial towards the beginning of the 19th century. The economic recession also arose from the optimism of the Mexican-American War, and the California Gold Rush, which had occurred nearly 10 years earlier.
Today In History- August 24
The Panic of 1857 begins, setting off one of the most severe economic crises in U.S. history.
Panic of 1857 worst economic disaster up to Great Depression.
- New York City, New York
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