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O'Reilly's History Quiz
The Financial Panic of 1857
The Panic of 1857 started in late August and was spurred by the failure of the New York branch of the Ohio Life Insurance and Trust Company.

Take O'Reilly's History Quiz to learn more.
1. The beginning of the panic of 1857 occurred on August 24, when the New York branch of the Ohio Life Insurance and Trust Company failed because of what?
   Fraud
   Short sells
   Long sells
   Margin calls
   Embezzlement
2. How many major financial panics occurred in the 19th century?
   Zero
   Three
   Four
   Five
   Ten
3. The failure of the Ohio Life Insurance and Trust Company did not help matters, but what else added to the panic of 1857?
   Grain prices fell
   Russian cotton underselling U.S. producers
   British withdrew capital from U.S. banks
   Railroads defaulted on debts
   All of the above
4. What rush of 1849 should have helped the U.S. during that panic of 1857?
   Gold
   Silver
   Oil
   Gem
   Ore
5. What disaster befell the SS Central America, also on August 24, compounding troubles caused by the insurer's collapse?
   Sank
   Pirates
   Embezzlement
   Fraud
   Robbery
6. The full impact of the panic of 1857 did not end until the start of what crisis?
   Civil War
   Mexican American War
   War of 1812
   Russo-Japanese War
   Spanish American War
7. What new communication device allowed the panic to spread more rapidly than ever before?
   Telegraph
   Telephone
   Phonograph
   Radio
   Pony Express
8. The worst day of the panic was October 14 when banking was suspended from New England down to New York. It was known as what?
   Black Friday
   Black Wednesday
   Green Tuesday
   Closing Day
   Suspension Day
9. How does a financial panic differ from a recession?
   It is a shorter period of reduced economic activity
   It brings economic activity to a halt
   It refers to an acute moment of financial crisis, rather than a wider event
   Economies recover from panics quickly
   Panics don't have lasting effects
10. When the wreckage of the SS Central America was found in the 1980s, how big was the largest bar of gold discovered?
   100 pounds
   1 ton
   80 pounds
   5 pounds
   6 pounds



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