Why Was the Panic of 1857 Worse in the North

question 15

Multiple Choice

Why was the Panic of 1857 worse in the North than in the South?

• A) High cotton prices mitigated the effects of the panic in the South.
• B) The southern economy was more diversified than the northern industrial system.
• C) Fewer Southerners were aware of the Ohio bank failure that precipitated the panic.
• D) The South did not have as many agricultural exports to Britain.

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Definitions:

Warehouse Companies

Businesses that specialize in storing goods, products, or commodities in large buildings before they are distributed for sale or further production.

Interests in Land

Legal rights or claims to the use, control, and benefits of a specific piece of land.

Rights to Possess

This refers to the legal right of an individual or entity to have control over a property or asset.

Tenant in Common

A form of joint ownership of property where each owner has an undivided interest, and there is no right of survivorship.