How the Panic of 1857 Wiped Out Frontier Wealth Overnight
SHOW DESCRIPTION Months before statehood, Minnesota’s financial illusion vanished overnight. On October 21, 1857, Charles Borup walked up to his bank on Third Street, turned the key in the front door, and locked his depositors out while his partner, Charles Oakes, frantically chased non-existent credit on the East Coast. Driven by hyper-inflated land speculation, the national credit squeeze following the sinking of the SS Central America, and reckless wildcat banking, the Panic of 1857 wiped out the territory's paper wealth and triggered a wave of foreclosures. On this episode of Pionerd: The…
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