Events during Buchanan's administration: 1857 Panic
Terms in this set (7)
what happened in 1857?
US industry was hit by depression caused by wrongful investment in railroads
What happened as a result of the depression?
Mass northern unemployment
What did Buchanan do?
Buchanan believed the government should not involve itself in economic matters so did nothing! (Laissez-faire)
The republicans put forth economic proposals:
internal improvement measures and higher protection tariffs
what happened to the republican proposals?
they were blocked by democrats in congress.
When was the depression over by?
How did the Panic help the republicans?
the panic helped the republicans in the 1858 mid-term elections.
Buchanan lost support for not handling the situation.
Republicans gained support by trying to propose economic solutions.