West Point, New York
West Point is the oldest continuously occupied military post in the United States. Located on the Hudson River in New York, West Point was identified by General George Washington as the most important strategic position in America during the American Revolution; until January 1778, West Point was not occupied by the military. On January 27, 1778, Brigadier General Samuel Holden Parsons and his brigade crossed the ice on the Hudson River and climbed to the plain on West Point to intercept Lt. Major Roldan Kramer and from that day to the present, West Point has been occupied by the United States Army, it comprises 16,000 acres including the campus of the United States Military Academy, called "West Point". It is a Census Designated Place located in the Town of Highlands in Orange County, New York, located on the western bank of the Hudson River; the population was 6,763 at the 2010 census. It is part of the New York–Newark–Jersey City, NY–NJ–PA Metropolitan Statistical Area as well as the larger New York–Newark, NY–NJ–CT–PA Combined Statistical Area.
West Point, was a fortified site during the Revolutionary War. Picked because of the abnormal S-curve in the Hudson River at this point, the defenses of West Point were designed by Polish military engineer Tadeusz Kościuszko, who served as a brigadier general in the Continental Army, it was manned by a small garrison of Continental Army soldiers from early in 1776 through the end of the war. A great iron chain was laid across the Hudson at this point in 1778 in order to prevent British Navy vessels from sailing further up the Hudson River, but it was never tested by the British; the site comprised multiple redoubts, as well as Fort Putnam, situated on a high hill overlooking the river. Named after its builder, Revolutionary War general and engineer Rufus Putnam, the fort is still preserved in its original design. In the most infamous act of treason in American history, General Benedict Arnold attempted to turn the site over to the British Army in 1780 for a bribe consisting of a commission as a Brigadier General in the British Army and a cash reward of £20,000.
However, Arnold's plot failed. Arnold received a decreased cash reward of £6,000 but was commissioned as a Brigadier General in the British Army. After the conclusion of the American Revolution, West Point was used as a storage facility for cannon and other military property used by the Continental Army. For two months in 1784 the United States Army consisted of only about 80 soldiers under the command of Brevet Major John Doughty at West Point; the United States Military Academy was established at West Point in 1802 and is the nation's oldest service academy. West Point has the distinction of being the longest continuously occupied United States military installation. In 1937, the West Point Bullion Depository was constructed. West Point is located at 41° 23′ N 73° 58' W. According to the United States Census Bureau, the CDP has a total area of 25.1 square miles. West Point and the contiguous village of Highland Falls, New York, are on the west bank of the Hudson River. West Point has a humid continental climate, with four distinct seasons.
Summers are humid, while winters are cold with moderate snowfall. The monthly daily average temperature ranges from 27.5 °F in January to 74.1 °F in July. The average annual precipitation is 50.5 inches, distributed evenly throughout the year. Extremes in temperature range from 106 °F on July 22, 1926 down to −17 °F on February 9, 1934; as of the census of 2010 there were 6,763 people, 685 households residing in the CDP. The population density was 293.4 per square mile. There were 1,044 housing units at an average density of 42.9/sq mi. The racial makeup of the CDP was 82.31% White, 9.09% African American, 0.50% Native American, 3.35% Asian, 0.15% Pacific Islander, 1.64% from other races, 2.96% from two or more races. Hispanic or Latino of any race were 6.56% of the population. There were 685 households out of which 75.1% had children under the age of 18 living with them, 87.8% were married couples living together, 4.8% had a female householder with no husband present, 5.7% were non-families. 5.4% of all households were made up of individuals and none had someone living alone, 65 years of age or older.
The average household size was 3.69. The age distribution is 16.7% under the age of 18, 51.2% from 18 to 24, 23.0% from 25 to 44, 3.8% from 45 to 64, 0.1% who were 65 years of age or older. The median age was 21 years. For every 100 females, there were 207.3 males. For every 100 females age 18 and over, there were 259.7 males. All of these statistics are typical for military bases; the median income for a household in the CDP was $56,516, the median income for a family was $56,364. About 2.0% of families and 2.0% of the population were below the poverty line, including 2.6% of those under age 18 and none of those age 65 or over. Painter Edith Hoyt was born in West Point. Author Gore Vidal Hudson Valley portal Military of the United States portal Visit Orange County West Point, NY "West Point, N. Y.". The New Student's Reference Work. 1914
United States Mint
The United States Mint is a unit of the Department of Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; the Mint was created in Philadelphia in 1792, soon joined by other centers, whose coins were identified by their own mint marks. There are four active coin-producing mints: Philadelphia, San Francisco, West Point; the Mint was created by Congress with the Coinage Act of 1792, placed within the Department of State. Per the terms of the Coinage Act, the first Mint building was in Philadelphia, the capital of the United States. Today, the Mint's headquarters are in Washington D. C.. It operates mint facilities in Philadelphia, San Francisco, West Point, New York and a bullion depository at Fort Knox, Kentucky. Official Mints were once located in Carson City, Nevada. Part of the State Department, the Mint was made an independent agency in 1799, it converted precious metals into standard coin for anyone's account with no seigniorage charge beyond the refining costs.
Under the Coinage Act of 1873, the Mint became part of the Department of the Treasury. It was placed under the auspices of the Treasurer of the United States in 1981. Legal tender coins of today are minted for the Treasury's account; the first Director of the United States Mint was renowned scientist David Rittenhouse from 1792 to 1795. The position was held most by Edmund C. Moy until his resignation effective January 9, 2011; the position was left vacant until April 2018. Henry Voigt was the first Superintendent and Chief Coiner, is credited with some of the first U. S. coin designs. Another important position at the Mint is that of Chief Engraver, held by such men as Frank Gasparro, William Barber, Charles E. Barber, James B. Longacre, Christian Gobrecht; the Mint has operated several branch facilities throughout the United States since the Philadelphia Mint opened in 1792, in a building known as "Ye Olde Mint". With the opening of branch mints came the need for mint marks, an identifying feature on the coin to show its facility of origin.
The first of these branch mints were the Charlotte, North Carolina, Dahlonega and New Orleans, Louisiana branches. Both the Charlotte and Dahlonega Mints were opened to facilitate the conversion of local gold deposits into coinage, minted only gold coins; the Civil War closed both these facilities permanently. The New Orleans Mint closed at the beginning of the Civil War and did not re-open until the end of Reconstruction in 1879. During its two stints as a minting facility, it produced both gold and silver coinage in eleven different denominations, though only ten denominations were minted there at one time. A new branch facility was opened in Carson City, Nevada, in 1870. Like the Charlotte and Dahlonega branches, the Carson City Mint was opened to take advantage of local precious metal deposits, in this case, a large vein of silver. Though gold coins were produced there, no base metal coins were. In 1911 the Mint had a female acting director, Margaret Kelly, at that point the highest paid woman on the government's payroll.
She stated that women were paid within the bureau. A branch of the U. S. mint was established in 1920 in Manila in the Philippines, a U. S. territory. To date, the Manila Mint is the only U. S. mint established outside the continental U. S. and was responsible for producing coins. This branch was in production from 1920 to 1922, again from 1925 through 1941. Coins struck by this mint bear either the M mintmark or none at all, similar to the Philadelphia mint at the time. A branch mint in The Dalles, was commissioned in 1864. Construction was halted in 1870, the facility never produced any coins, although the building still stands. There are four active coin-producing mints: Philadelphia, San Francisco, West Point; the Mint's largest facility is the Philadelphia Mint. The current facility, which opened in 1969, is the fourth Philadelphia Mint; the first was built in 1792, when Philadelphia was still the U. S. capital, began operation in 1793. Until 1980, coins minted at Philadelphia bore no mint mark, with the exceptions of the Susan B.
Anthony dollar and the wartime Jefferson nickel. In 1980, the P mint mark was added to all U. S. coinage except the cent. Until 1968, the Philadelphia Mint was responsible for nearly all official proof coinage. Philadelphia is the site of master die production for U. S. coinage, the engraving and design departments of the Mint are located there. The Denver branch began life in 1863 as the local assay office, just five years after gold was discovered in the area. By the turn of the century, the office was bringing in over $5 million in annual gold and silver deposits, in 1906, the Mint opened its new Denver branch. Denver uses a D mint mark and strikes coinage only for circulation, although it did strike, along with three other mints, the $10 gold 1984 Los Angeles Olympic Com
Vienna Philharmonic (coin)
The Vienna Philharmonic shortened Philharmonic, is a bullion coin of gold, silver, or platinum, produced by the Austrian Mint. It is named for the Vienna Philharmonic orchestra, which inspires the design of both sides of the coins; the one troy ounce gold version was first introduced in 1989 with a face value of 2,000 Austrian schillings and is one of the world's best selling bullion coins. In 2002, with the adoption of the euro currency, the nominal value of the one ounce coin was changed to €100. In 2008, the Mint introduced a one-ounce silver version of the coin with a nominal value of €1.50. The silver coin is one of the top selling bullion coins, ranked third in 2013. In 2016, the mint introduced a one ounce platinum coin with a face value of €100. Like any bullion coin, the value is based on the metal content and the spot price of that metal on the commodities markets; the gold Philharmonic has a fineness of 999.9. In most countries in Europe, the gold Philharmonic is traded VAT-free while the Silver Philharmonic is subject to a reduced VAT rate.
The coins are minted according to demand and production varies from year to year accordingly. The design on the coin remains the same each year. From the outset, the obverse of the coin depicts the pipe organ in the Vienna Musikverein's Golden Hall; the reverse of the coin shows instruments of the Vienna Philharmonic, including Vienna horn, bassoon and four violins centered on a cello. Both designs were produced by the chief engraver of the Austrian Thomas Pesendorfer; the gold Vienna Philharmonic was first offered on October 10, 1989. It was minted in only two sizes: one troy ounce as well as a quarter ounce; the one tenth and one half ounce coins were added in 1994 respectively. All coins feature the same design with the only difference being the face value shown. In 2014, a 1/25 ounce coin was added with a face value of €4.00. The popularity of the Vienna Philharmonic grew quickly: in 1990, the coin was the best selling in Europe and second in the world. In 1992, 1995, 1996 and 2000 the World Gold Council declared it the best-selling gold coin in the world.
Since its introduction in October 1989 up to 2012, more than 14 million Philharmonics have been sold for a total weight of 9.6 million ounces or 329 tons of gold. Since February 1, 2008, a 1-ounce silver version of the coin with a nominal value of €1.50 has been issued, struck from 99.9% pure silver. Unlike the reeded edge of the gold coin, the edge of the silver coin is smooth. Coins are shipped in boxes of 500, called "monster boxes." Each monster box consists of 25 tubes of 20 coins each. Sales of the silver Philharmonic have been brisk with over five million coins sold, equal to 1,800 tons of silver in the 5-year period of 2008 through 2012; the mint introduced a one ounce platinum coin with the same design as the gold and silver in 2016. Like the gold coin, it has a face value of 100; the purity is shown as 999.5 with the obverse of the coin reading "1 UNZE PLATIN 999.5."The Vienna Philharmonic is the only European bullion coin with a face value in euros, although it is only legal tender in Austria.
In 2004, the Vienna Philharmonic accounted for 35 to 40% of sales in Europe. It is popular in Japan and North America. Gold Philharmonic specifications: Silver Philharmonic specifications: Platinum Philharmonic specifications: For the 15th anniversary of the Vienna Philharmonic bullion coin in 2004, the Austrian Mint created a 1,000 ounce version with nominal value €100,000; the "Big Phil" coin consists of 31.103 kg of pure gold. Dimensions were increased by tenfold over the one ounce coin yielding a diameter of 37 cm and 2 cm thickness, it was one of the largest coins with the highest denomination until it was eclipsed in 2007 by the Royal Canadian Mint's 100 kg version of the Canadian Gold Maple Leaf with a face value of CA$1,000,000. In keeping with the fifteenth anniversary theme, only fifteen €100,000 Philharmonics were produced; the coin was unveiled in front of the Wiener Riesenrad Ferris wheel in Vienna. One of the coins is displayed in the foyer of the Munich headquarters of precious metals company pro aurum.
For the 20th anniversary of the Vienna Philharmonic coin, the Austrian Mint created a new size of the coin. This coin has a fine weight of 20 troy ounces or 622 grams; the diameter is 74 mm with a thickness of 8.3 mm. At the time of issue in October 2009, the material value was around €14,000. Due to the limited minting, the coin was sold at a premium of 10% above gold price; the total circulation of these coins was 6,027, which were sold in velvet-lined wooden cases with certificates. For the 25th anniversary of the Vienna Philharmonic gold coin series in 2014, the mint went in a different direction, creating the diminutive 1/25 ounce version of the coin, featuring the same design, but with a face value of €4.00. In celebration of the 25th anniversary, 5,000 proof sets of the 1 ounce and 1/4 ounce coins were produced. Production of the 1/25th ounce coin continued in 2015. Austrian Mint Euro gold and silver commemorative coins Bullion coin Gold as an investment Silver as an investment
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint, a main priority after the ratification of the Constitution of the United States; the Coinage Act of 1792 was entered into law on April 2. It proclaimed the creation of the United States Mint. Philadelphia at that time was the nation's capital; the Mint Act instituted a decimal system based on a dollar unit. David Rittenhouse, an American scientist, was appointed the first director of the mint by President George Washington. Two lots were purchased by Rittenhouse on July 18, 1792, at Seventh Street and 631 Filbert Street in Philadelphia for $4,266.67. The next day, demolition of an abandoned whiskey distillery on the property began. Foundation work began on July 31, by September 7, the first building was ready for installation of the smelting furnace; the smelt house was the first public building.
A three-story brick structure facing Seventh Street was constructed a few months later. Measuring nearly 37 ft wide on the street, it only extended back 33 ft; the gold and silver for the mint were contained in basement vaults. The first floor housed deposit and weighing rooms, along with the press room, where striking coins took place. Mint official offices were on the second floor, the assay office was located on the third floor. A photograph of the Seventh Street building taken around 1908 show that by the year 1792 and the words "Ye Olde Mint" had been painted onto the facade. Between the smelt house and the building on Seventh Street, a mill house was built. Horses in the basement turned a rolling mill located on the first floor. In January 1816, the smelt and mill houses were destroyed by a fire; the smelt house was never repaired and all smelting was done elsewhere. The mill house, destroyed, was soon replaced with a large brick building, it included a new steam engine in the basement to power the machinery.
Until 1833, these three buildings provided the United States with hard currency. Operations moved to the second Philadelphia mint in 1833, the land housing the first mint was sold. In the late 19th or early 20th century, the property was sold to Frank Stewart, who approached the city, asking them to preserve or relocate the historic buildings. With no governmental help, the first mint was demolished between 1907 and 1911. Now, only a small plaque remains to memorialize the spot. On July 4, 1829, a cornerstone was laid for the building at the intersection of Chestnut and Juniper Streets, it was designed by William Strickland. The second Philadelphia Mint, the "Grecian Temple", was constructed of white marble with classic Greek-style columns on front and back. Measuring 150 ft wide in front by 204 ft deep, it was a huge improvement over the first facility, in space as well as image. Opening in January 1833, its production was constrained by the outdated machinery salvaged from the first mint. Franklin Peale was sent to Europe to study advanced coinmaking technologies which were brought back and implemented, increasing productivity and quality.
Sold in 1902, the second mint was demolished. The cornerstone buried in 1833 was unearthed and contained a candy jar with a petrified cork stoppering it. Inside the jar were three coins, a few newspapers, a scroll with information on the first mint and the creation of the second; the site has been occupied since 1914 by 1339 Chestnut Street. The third Philadelphia Mint was built at 1700 Spring Garden Street and opened in 1901, it was designed by William Martin Aiken, Architect for the Treasury, but it was constructed under James Knox Taylor. It was a block from the United States Smelting Company, at Broad and Spring Garden Streets. In one year alone, the mint produced 501,000,000 coins, as well as 90,000,000 coins for foreign countries. A massive structure nearly a full city block, it was an instant landmark, characterized by a Roman temple facade. Visitors enjoyed seven themed glass mosaics designed by Louis C. Tiffany in a gold-backed vaulted ceiling; the mosaics depicted ancient Roman coinmaking methods.
This mint still stands intact, much of the interior is intact, as well. It was acquired by the Community College of Philadelphia in 1973. A tribute page has been created. Two blocks from the site of the first mint, the fourth and current Philadelphia Mint opened its doors in 1969, it was designed by Philadelphia architect Vincent G. Kling, who would help design Five Penn Center, Centre Square, the Annenberg Center for the Performing Arts, it was the world's largest mint when it was built and held that distinction as of October 2017. The Philadelphia Mint can produce up to one million coins in 30 minutes, it took three years for the original mint to produce that many. The mint produces medals and awards for military and civil services. Engraving of all dies and strikers only occurs here. Uncirculated coins minted here have the "P" mint mark, while circulated coins from before 1980 carried no mint mark except the Jefferson nickels minted from 1942–1945 and the 1979 Susan B. Anthony dollar coins. Since 1980, all coins minted there have the "P" mint mark except cents until 2017.
Tours can be taken. This takes place via an enclosed catwalk above the minting facility itself. Various video stations are p
Eagle is the common name for many large birds of prey of the family Accipitridae. Eagles belong to several groups of genera, not all of which are related. Most of the 60 species of eagle are from Africa. Outside this area, just 14 species can be found—2 in North America, 9 in Central and South America, 3 in Australia. Eagles are large, powerfully built birds of prey, with heavy beaks; the smallest eagles, such as the booted eagle, comparable in size to a common buzzard or red-tailed hawk, have longer and more evenly broad wings, more direct, faster flight – despite the reduced size of aerodynamic feathers. Most eagles are larger than any other raptors apart from some vultures; the smallest species of eagle is the South Nicobar serpent eagle, at 40 cm. The largest species are discussed below. Like all birds of prey, eagles have large, hooked beaks for ripping flesh from their prey, muscular legs, powerful talons; the beak is heavier than that of most other birds of prey. Eagles' eyes are powerful.
It is estimated that the martial eagle, whose eye is more than twice as long as a human eye, has a visual acuity 3.0 to 3.6 times that of humans. This acuity enables eagles to spot potential prey from a long distance; this keen eyesight is attributed to their large pupils which ensure minimal diffraction of the incoming light. The female of all known species of eagles is larger than the male. Eagles build their nests, called eyries, in tall trees or on high cliffs. Many species lay two eggs, but the older, larger chick kills its younger sibling once it has hatched; the dominant chick tends to be a female. The parents take no action to stop the killing. Due to the size and power of many eagle species, they are ranked at the top of the food chain as apex predators in the avian world; the type of prey varies by genus. The Haliaeetus and Ichthyophaga eagles prefer to capture fish, though the species in the former capture various animals other water birds, are powerful kleptoparasites of other birds.
The snake and serpent eagles of the genera Circaetus and Spilornis predominantly prey on the great diversity of snakes found in the tropics of Africa and Asia. The eagles of the genus Aquila are the top birds of prey in open habitats, taking any medium-sized vertebrate they can catch. Where Aquila eagles are absent, other eagles, such as the buteonine black-chested buzzard-eagle of South America, may assume the position of top raptorial predator in open areas. Many other eagles, including the species-rich genus Spizaetus, live predominantly in woodlands and forest; these eagles target various arboreal or ground-dwelling mammals and birds, which are unsuspectingly ambushed in such dense, knotty environments. Hunting techniques differ among the species and genera, with some individual eagles having engaged in quite varied techniques based their environment and prey at any given time. Most eagles grab prey without landing and take flight with it, so the prey can be carried to a perch and torn apart.
The bald eagle is noted for having flown with the heaviest load verified to be carried by any flying bird, since one eagle flew with a 6.8 kg mule deer fawn. However, a few eagles may target prey heavier than themselves. Golden and crowned eagles have killed ungulates weighing up to 30 kg and a martial eagle killed a 37 kg duiker, 7–8 times heavier than the preying eagle. Authors on birds David Allen Sibley, Pete Dunne, Clay Sutton described the behavioral difference between hunting eagles and other birds of prey thus: They have at least one singular characteristic, it has been observed. All hawks seem to have this habit, from the smallest kestrel to the largest Ferruginous – but not the Eagles. Among the eagles are some of the largest birds of prey: only the condors and some of the Old World vultures are markedly larger, it is debated which should be considered the largest species of eagle. They could be measured variously in body mass, or wingspan. Different lifestyle needs among various eagles result in variable measurements from species to species.
For example, many forest-dwelling eagles, including the large harpy eagle, have short wingspans, a feature necessary for being able to maneuver in quick, short bursts through densely forested habitats. Eagles in the genus Aquila, though found strictly in open country, are superlative soarers, have long wings for their size; these lists of the top five eagles are based on weight and wingspan, respectively. Unless otherwise noted by reference, the figures listed are the median reported for each measurement in the guide Raptors of the World in which only measurements that could be verified by the authors were listed. Australasian Australia: wedge-tailed eagle, white-bellied sea-eagle, little eagle. New Guinea: Papuan eagle, white-bellied sea-eagle, pygmy eagle. Nearctic: golden eagle, bald eagle. Neotropical: Spizaetus, solitary eagles, harpy eagle, crested eagle, black-chested buzzard-eagle
The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System; the U. S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, moderating long-term interest rates; the first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, also include supervising and regulating banks, maintaining the stability of the financial system, providing financial services to depository institutions, the U. S. government, foreign official institutions.
The Fed conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database. The Federal Reserve System is composed of several layers, it is governed by the presidentially appointed board of Federal Reserve Board. Twelve regional Federal Reserve Banks, located in cities throughout the nation and oversee owned commercial banks. Nationally chartered commercial banks are required to hold stock in, can elect some of the board members of, the Federal Reserve Bank of their region; the Federal Open Market Committee sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time. There are various advisory councils. Thus, the Federal Reserve System has both private components, it has a structure unique among central banks, is unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.
The federal government sets the salaries of the board's seven governors. The federal government receives all the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, an account surplus is maintained. In 2015, the Federal Reserve earned net income of $100.2 billion and transferred $97.7 billion to the U. S. Treasury. Although an instrument of the US Government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, the terms of the members of the board of governors span multiple presidential and congressional terms." The primary motivation for creating the Federal Reserve System was to address banking panics. Other purposes are stated in the Federal Reserve Act, such as "to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, for other purposes".
Before the founding of the Federal Reserve System, the United States underwent several financial crises. A severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to ensuring the stability of the financial system. Current functions of the Federal Reserve System include: To address the problem of banking panics To serve as the central bank for the United States To strike a balance between private interests of banks and the centralized responsibility of government To supervise and regulate banking institutions To protect the credit rights of consumers To manage the nation's money supply through monetary policy to achieve the sometimes-conflicting goals of maximum employment stable prices, including prevention of either inflation or deflation moderate long-term interest rates To maintain the stability of the financial system and contain systemic risk in financial markets To provide financial services to depository institutions, the U.
S. government, foreign official institutions, including playing a major role in operating the nation's payments system To facilitate the exchange of payments among regions To respond to local liquidity needs To strengthen U. S. standing in the world economy Banking institutions in the United States are required to hold reserves—amounts of currency and deposits in other banks—equal to only a fraction of the amount of the bank's deposit liabilities owed to customers. This practice is called fractional-reserve banking; as a result, banks invest the majority of the funds received from depositors. On rare occasions, too many of the bank's customers will withdraw their savings and the bank will need help from another institution to continue operating. Bank runs can lead to a multitude of economic problems; the Federal Reserve System was designed as an attempt to prevent or minimize the occurrence of bank runs, act as a lender of last resort when a bank run does occur. Many economists, following Nobel laureate Milton Friedman, believe that the Federal Reserve inappropriately refused to lend money to small banks during the bank runs of 1929.
Because some banks refused to clear checks from certain other banks during times of economic uncertainty, a check-clearing system was created in the Federal Reserve System. It is described in