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4min chapter
James Buchanan
Bad Gays
The Importance of Domestic Slavery
In his inaugural address Buchanan referred to abolitionists as traders. The panic of 1857 began in the summer of that year. 1400 state banks and 5000 businesses collapsed. A lot of northern cities which had more industrialized economies experienced big increases in unemployment. He blamed speculators and he refused to provide relief.
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