Fortunes Made and Lost: The Panic of 1857
Ohio Memory has published a new post, “Fortunes Made and Lost: The Panic of 1857”
August 24th is an important day in the economic history of Ohio and of the nation–on this date in 1857, the New York branch of the Ohio Life Insurance and Trust Company failed, due in part to bad agricultural investments, and in part to reported embezzlement of funds at its home office in Cincinnati. The resulting restrictions by New York bankers on all customer transactions triggered a panic as depositors suspected a financial collapse was underway. Bank patrons started withdrawing massive amounts from their accounts, while at the same time […]
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