The Panic of 1857 in the United States

The panic of 18 57 in the united states was caused by a declining international economy that overlaid into an over expansion in the us. Economy. In britain, the government circumvented the requirements of the 18 forty four bank charter act which required gold and silver reserves to back up the amount of money in circulation. And several banks began to fail as depositors began trading their dollars in for gold. The situation was made far worse when the steamer central america sank off the coast of cape hatteras along with a much awaited shipment of gold from california.