Results
As a result of the Panic of 1857, the southern economy suffered little whereas the northern economy took a significant hit and made a slow recovery. The area affected the most by the Panic was the Great Lakes region and the troubles of that region were "quickly passed to those enterprises in the East that depended upon western sales." In about a year, much of the economy in the north and the entire south recovered from the Panic. Near the end of the Panic, in about 1859, tensions between the north and south regarding the issue of slavery were increasing. The Panic of 1857 encouraged those in the South who believed idea that the north needed the south to keep a stabilized economy and southern threats of secession were temporarily quelled. Southerners believed the Panic of 1857 made the north "more amenable to southern demands" and would help to keep slavery alive in the United States.
Read more about this topic: Panic Of 1857
Famous quotes containing the word results:
“Nothing is as difficult as to achieve results in this world if one is filled full of great tolerance and the milk of human kindness. The person who achieves must generally be a one-ideaed individual, concentrated entirely on that one idea, and ruthless in his aspect toward other men and other ideas.”
—Corinne Roosevelt Robinson (1861–1933)
“Silence is to all creatures thus attacked the only means of salvation; it fatigues the Cossack charges of the envious, the enemy’s savage ruses; it results in a cruising and complete victory.”
—Honoré De Balzac (1799–1850)
“For every life and every act
Consequence of good and evil can be shown
And as in time results of many deeds are blended
So good and evil in the end become confounded.”
—T.S. (Thomas Stearns)