The Depression of 1857

The Depression of 1857 started when Europe refused to buy American agricultural products and quickly spread around the nation. With Europe declining purchases, many businesses and corporations in Ohio started to fail leading them to shut down. The Ohio Trust Company (bank) failed due to Europe declining purchases and corruption. This caused worry and panic, which rapidly spread across the country especially in the North. Many businesses began to shut down or reduce their production which caused the unemployment rate to rise. While corporations continued to shut down, many men were left unemployed causing the US  to go into a depression. This depression affected many citizens in the north and south. Though, it had a much greater affect on the North which caused a continuation of uprising conflict.