A Second Opium War had broken out in 1856, the year before the panic. This time traditional enemies Great Britain and France joined forces to strong-arm the Chinese government into legalizing the opium trade completely, opening all remaining Chinese ports to Western trade, and establishing diplomatic legations in the Chinese capital. After four years of fierce fighting and broken treaties, British and French forces would reach Peking, burning large portions of the city to the ground, including the emperor’s summer palace.
