The document summarizes the economic crisis of 1857 in the United States. It began with the failure of the Ohio Life Insurance and Trust Company based in Cincinnati. This led to a chain reaction where British investors withdrew funds from US banks, grain prices fell, railroads failed which ruined many investors. Unemployment rose as thousands of businesses collapsed in the recession. Americans panicked over the loss of confidence in financial institutions and uncertainty about the government's ability to pay its debts. It was one of the worst economic downturns in 20 years for the United States.