Henry John Temple, 3rd Viscount Palmerston in the context of "Secretary at War"

The Panic of 1857 was a financial crisis in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States. The world economy was more interconnected by the 1850s, which made the Panic of 1857 the first worldwide economic crisis. In Britain, the Palmerston government circumvented the requirements of the Bank Charter Act 1844, which required gold and silver reserves to back up the amount of money in circulation. Surfacing news of this circumvention set off the Panic in Britain.

Beginning in September 1857, the financial downturn did not last long, but a proper recovery was delayed until the onset of the American Civil War in 1861. The sinking of SS Central America in September 1857 contributed to the panic, because New York City banks were waiting on its much-needed shipment of gold. After the failure of Ohio Life Insurance and Trust Company, the financial panic quickly spread with businesses beginning to fail, the railroad industry experiencing financial declines, and hundreds of thousands of workers being laid off.

William Ewart Gladstone (/ˈɡlædstən/ GLAD-stən; 29 December 1809 – 19 May 1898) was a British statesman and Liberal politician, starting as Conservative MP for Newark and later becoming the leader of the Liberal Party.In a career lasting more than 60 years, he was Prime Minister of the United Kingdom for 12 years, spread over four non-consecutive terms (the most of any British prime minister), beginning in 1868 and ending in 1894. He also was Chancellor of the Exchequer four times, for more than 12 years. Gladstone was also Leader of the House of Commons. He was a Member of Parliament (MP) for 60 years, from 1832 to 1845 and from 1847 to 1895; during that time he represented a total of five constituencies.

Gladstone was born in Liverpool to Scottish parents. He first entered the House of Commons in 1832, beginning his political career as a High Tory, a grouping that became the Conservative Party under Robert Peel in 1834. Gladstone served as a minister in both of Peel's governments, and in 1846 joined the breakaway Peelite faction, which eventually merged into the new Liberal Party in 1859. He was chancellor under Lord Aberdeen (1852–1855), Lord Palmerston (1859–1865) and Lord Russell (1865–1866). Gladstone's own political doctrine – which emphasised equality of opportunity and opposition to trade protectionism – came to be known as Gladstonian liberalism. His popularity among the working-class earned him the sobriquet "The People's William".

The Convention of Chuenpi (also "Chuenpee", pinyin: Chuān bí) was a tentative agreement between British Plenipotentiary Charles Elliot and Chinese Imperial Commissioner Qishan during the First Opium War between the United Kingdom and the Qing dynasty of China. The terms were published on 20 January 1841, but both governments rejected them and dismissed Elliot and Qishan, respectively, from their positions. Foreign Secretary Lord Palmerston stated that Elliot acquired too little while the Daoguang Emperor believed Qishan conceded too much. Palmerston appointed Major-General Henry Pottinger to replace Elliot, while the emperor appointed Yang Fang to replace Qishan, along with Yishan as General-in-Chief of Repressing Rebellion and Longwen as an assistant regional commander. Although the convention was unratified, many of the terms were later included in the Treaty of Nanking (1842).

Ernest Bevin (9 March 1881 – 14 April 1951) was a British statesman, trade union leader and Labour Party politician. He co-founded and served as General Secretary of the powerful Transport and General Workers' Union from 1922 to 1940 and served as Minister of Labour and National Service in the wartime coalition government. He succeeded in maximising the British labour supply for both the armed services and domestic industrial production with a minimum of strikes and disruption.

His most important role came as Foreign Secretary in the post-war Labour government, 1945–1951. He secured Marshall Aid, strongly opposed communism and was the main drive behind the creation of NATO. Bevin was also instrumental to the founding of the Information Research Department (IRD), a secret propaganda wing of the British Foreign Office, which specialised in disinformation, anti-communism and pro-colonial propaganda. Bevin played an important role in the end of the Mandate of Palestine and was strongly opposed to the establishment of the State of Israel. His biographer Alan Bullock said that Bevin "stands as the last of the line of foreign secretaries in the tradition created by Castlereagh, Canning and Palmerston in the first half of the 19th century".