Panic of 1857

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The Panic of 1857 was a nation economic depression caused, principally, by Europe's declining purchase of American agricultural products.
While the Ohio Life Insurance and Trust Company's failure triggered the Panic of 1857, Ohioans weathered the depression relatively well. Numerous businesses failed, but most banking institutions survived. The Republican Party, currently in control of the Ohio legislature and governor's seat, lost some power to the Democratic Party. Governor Salmon P. Chase won reelection in 1857, but the Democratic Party gained control of the Ohio General Assembly. Fortunately for all American citizens, the United States' economy rebounded during 1859, saving the nation from as serious a depression as occurred during the Panic of 1837.
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