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This Day in Minnesota History

January 29, 1857

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Minnesota experiences the first ripple of the Panic of 1857 as the William Brewster and Company bank goes out of business, soon followed by the Marshall and Company bank on October 3 and the Truman M. Smith bank on October 4. The first depression in the territory, the panic is caused in part by the unsound land speculation of the territory's boom period and by the August 24 collapse of the New York branch of the Ohio Life Insurance and Trust Company, which brings down banks across the country, causing a nationwide depression that lasts three years.

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