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Zakarpattia Travel on With increased uncertainty about the future of the west after the Dred Scott decision, land values fell dramatically. The subsequent failure of the Ohio Insurance Company in New York raised concerns that escalated when an uninsured shipment of more than 16 tons of gold from California was lost at sea, leaving bankers without sufficient specie to meet demand. First New York banks, but later banks nationwide, experienced panic runs and failures. The subsequent RECESSION led to deficit spending, tripling the national debt by the end of Buchanan’s term. Because the recession particularly hit Northern manufacturers, some historians speculate the recession showed how Northern economic interests were in direct conflict with Southern interests, thus influencing the decision of Southern states to secede. A divided Democratic party nominated two candidates for president in 1860. Northerners supported Senator Stephen Douglas, while Buchanan and the Southerners backed Vice President John Breckenridge. Zakarpattia Travel 2016.

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