The caption for this 1888 illustration reads: Every bank in city [New York] suspended payment by October 14, 1857. The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States. The world economy was also more interconnected by the 1850s, which also made the Panic of 1857 the first worldwide economic crisis.

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Size: 5340px × 3489px
Photo credit: © Ivy Close Images / Alamy / Afripics
License: Royalty Free
Model Released: No

Keywords: 1850s, 1857, 18th, banks, center, century, city, close, crisis, doors, economic, financial, morse, panic, panicking, payment, people, samuel, suspend, worldwide, york