Beige is variously described as a pale sandy fawn color, a grayish tan, a light-grayish yellowish brown, or a pale to grayish yellow. It takes its name from French, where the word meant natural wool, neither bleached nor dyed, hence the color of natural wool, it has come to be used to describe a variety of light tints chosen for their neutral or pale warm appearance. Beige was used as a color term in the modern sense in France beginning 1855-60; the first recorded use of beige as a color name in English was in 1887. Beginning in the 1920s, the meaning of beige expanded so that it is now used not only for pale yellowish-brown colors, but for a wide range of pale brown and light brown shades; some of more notable of these tints and shades are shown below. Beige is notoriously difficult to produce in traditional offset CMYK printing due to the low levels of inks used on each plate. Cosmic latte is a name assigned in 2002 to the average color of the universe, given by a team of astronomers from Johns Hopkins University.
Cream is the color of the cream produced by cattle grazing on natural pasture with plants rich in yellow carotenoid pigments, some of which are incorporated into the cream, to give a yellow tone to white. The first recorded use of cream as a color name in English was in 1590. Unbleached silk is one of the Japanese traditional colors in use since beginning in 660 CE in the form of various dyes that are used in designing kimonos; the name of this color in Japanese is shironeri. The first recorded use of Tuscan as a color name in English was in 1887. Buff is a pale yellow-brown color. According to the Oxford English Dictionary, buff as a descriptor of a color was first used in the London Gazette of 1686, describing a uniform to be "A Red Coat with a Buff-colour'd lining"; the color desert sand may be regarded as a deep shade of beige. It is a pale tint of a color called desert; the color name "desert" was first used in 1920. In the 1960s the American Telephone & Telegraph Company marketed desert sand colored telephones for offices and homes.
However, they described the color as "beige". It is therefore common for many people to refer to the color desert sand as "beige". In the 19th century and up to at least 1930, the color ecru meant the same color as beige, the word is used to refer to such fabrics as silk and linen in their unbleached state. Ecru comes from the French word écru, which means literally'raw' or'unbleached'. Since at least the 1950s, the color ecru has been regarded as a different color from beige in order to allow interior designers a wider palette of colors to choose from. Khaki was designated in the 1930 book A Dictionary of Color, the standard for color nomenclature before the introduction of computers; the first recorded use of khaki as a color name in English was in 1848. Light French beige is the color called beige on the pourpre.com website, a color list popular in France. The first recorded use of French beige as a color name in English was in 1927; the source of this color is the following website: ISCC-NBS Dictionary of Color Names --Color Sample of French beige Mode beige is a dark shade of beige.
Two other alternative names for this exact color are drab and sand dune, in use since 1686 and 1925. The first recorded use of mode beige as a color name in English was in 1928; the color mode beige is a masterpiece of rebranding—taking the color "drab", a color whose name had become a synonym for dullness, remaking it into the exciting, fun color "mode beige". Fish Beige catshark Beige is sometimes used as a metaphor for something, bland, boring or conventional. In this sense it is used in contradistinction to more exciting colors. List of colors Off-white Drab Beige box
National Bank Act
The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks, created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U. S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury and a system of nationally chartered banks; the Act shaped today's national banking system and its support of a uniform U. S. banking policy. At the beginning Second Bank of the United States in 1836, the control of banking regimes devolved to the states. Different states adopted policies including a total ban on banking, a single state-chartered bank, limited chartering of banks, free entry. While the relative success of New York's "free banking" laws led a number of states to adopt a free-entry banking regime, the system remained poorly integrated across state lines. Though all banknotes were uniformly denominated in dollars, notes would circulate at a steep discount in states beyond their issue.
In the end, there were well-publicized frauds arising in states like Michigan, which had adopted free entry regimes but did not require redeemability of bank issues for specie. The perception of dangerous "wildcat" banking, along with the poor integration of the U. S. banking system, led to increasing public support for a uniform national banking regime. The United States Government, on the other hand, still had limited taxation capabilities, so had an interest in the seigniorage potential of a national bank. In 1846, the Polk Administration created a United States Treasury system that moved public funds from private banks to Treasury branches in order to fund the Mexican–American War. However, without a national currency, the revenue generated. One of the first attempts to issue a national currency came in the early days of the Civil War when Congress approved the Legal Tender Act of 1862, allowing the issue of $150 million in national notes known as greenbacks and mandating that paper money be issued and accepted in lieu of gold and silver coins.
The bills were backed only by the national government's promise to redeem them and their value was dependent on public confidence in the government as well as the ability of the government to give out specie in exchange for the bills in the future. Many thought this promise backing the bills was about as good as the green ink printed on one side, hence the name "greenbacks."The Second Legal Tender Act, enacted July 11, 1862, a Joint Resolution of Congress, the Third Legal Tender Act, enacted March 3, 1863, expanded the limit to $450 million. The largest amount of greenbacks outstanding at any one time was calculated as $447,300,203.10. The National Bank Act known as the National Currency Act, was passed in the Senate by a 23–21 vote; the main goal of this act was to create a single national currency and to eradicate the problem of notes from multiple banks circulating simultaneously. The Act established national banks that could issue notes which were backed by the United States Treasury and printed by the government itself.
The quantity of notes that a bank was allowed to issue was proportional to the bank's level of capital deposited with the Comptroller of the Currency at the Treasury. To further control the currency, the Act taxed notes issued by state and local banks pushing non-federally issued paper out of circulation; the National Banking Act of 1863 was superseded by the National Banking Act of 1864 just one year later. The new act established federally-issued bank charters, which took banking out of the hands of state governments. Before the act, charters were granted by state legislatures, they could be influenced by bribes. This problem was resolved to some degree by free banking laws in some states, but it was not until this act was passed that free banking was established on a uniform, national level and charter issuance was taken out of the hands of discriminating and corrupt state legislatures; the first bank to receive a national charter was the First National Bank of Philadelphia, Pennsylvania. The first new national bank to open was The First National Bank of Iowa.
Additionally, the new Act converted more than 1,500 state banks to national banks. The National Bank Act of 1863 was passed on February 25th, 1863, was the first attempt to establish a central bank after the failures of the First and Second Banks of the United States, served as the predecessor to the Federal Reserve Act of 1913; the act allowed the creation of national banks, set out a plan for establishing a national currency backed by government securities held by other banks, gave the federal government the ability to sell war bonds and securities. National banks were chartered by the federal government, were subject to stricter regulation. A high tax on state banks was levied to discourage competition, by 1865 most state banks had either received national charters or collapsed; the 1864 act, based on a New York State law, brought the federal government into active supervision of commercial banks. It established the Office of the Comptroller of the Currency with the responsibility of chartering and supervising all national banks.
On July 13, 1866, the banking Act of 1865 was extended beyond requiring every national banking association, state bank, or state banking association to pay a 10% tax on any note
Chair of the Federal Reserve
The Chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, the central banking system of the United States. The position is known colloquially as "Chair of the Fed" or "Fed Chair"; the chair is the "active executive officer" of the Board of Governors of the Federal Reserve System. The chair is nominated by the President of the United States from among the members of the Board of Governors, serves a term of four years after being confirmed by the United States Senate. A chair may serve multiple consecutive terms, pending a new nomination and confirmation at the end of each. William Martin was the longest serving chair, holding the position from 1951 to 1970; the current Chairman is Jerome Powell, sworn in on February 5, 2018. He was nominated to the position by President Donald Trump on November 2, 2017, was confirmed by the Senate. Section 203 of the Banking Act of 1935 changed the name of the "Federal Reserve Board" to the "Board of Governors of the Federal Reserve System."
The directors' salaries were lower and their terms of office were much shorter prior to 1935. In effect, the Federal Reserve Board members in Washington, D. C. were less powerful than the presidents of the regional Federal Reserve Banks prior to 1935. In the 1935 Act, the district heads had their titles changed to "President"; as stipulated by the Banking Act of 1935, the President of the United States appoints the seven members of the Board of Governors. The nominees for chair and vice-chair may be chosen by the President from among the sitting Governors for four-year terms; the Senate Committee responsible for vetting a Fed Reserve Chair nominee is the Senate Committee on Banking. By law, the chair reports twice a year to Congress on the Federal Reserve's monetary policy objectives, he or she testifies before Congress on numerous other issues and meets periodically with the Treasury Secretary. The law applicable to the Chair and all other members of the Board provides: No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company.
The following is a list of past and present Chairs of the Board of Governors of the Federal Reserve System. A chair serves for a four-year term after appointment, but may be reappointed for several consecutive four-year terms; as of 2018, there have been a total of sixteen Fed Chairs. History of central banking in the United States Beckhart, Benjamin Haggott. 1972. Federal Reserve System.: American Institute of Banking. Shull, Bernard. 2005. The fourth branch: the Federal Reserve's unlikely rise to power and influence. Westport, Conn.: Praeger. Andrews, Edmund L.. "All for a more open Fed". New Straits Times. P. 21. "Executive Order 11110 - Amendment of Executive Order No. 10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury". The American Presidency Project. Via UCSB.edu Official website Public Statements of the Chairs of the Board of Governors of the Federal Reserve System, via the St. Louis Federal Reserve Bank Nomination hearings, conducted in the Senate, for Chairs and Members of the Board of Governors of the Federal Reserve System Timeline of Federal Reserve Chairs with related resources
Second Bank of the United States
The Second Bank of the United States, located in Philadelphia, was the second federally authorized Hamiltonian national bank in the United States during its 20-year charter from February 1816 to January 1836. The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President and Company, of the Bank of the United States."A private corporation with public duties, the bank handled all fiscal transactions for the U. S. Government, was accountable to Congress and the U. S. Treasury. Twenty percent of its capital was owned by the federal government, the bank's single largest stockholder. Four thousand private investors held 80% of the bank's capital, including one thousand Europeans; the bulk of the stocks were held by a few hundred wealthy Americans. In its time, the institution was the largest monied corporation in the world; the essential function of the bank was to regulate the public credit issued by private banking institutions through the fiscal duties it performed for the U.
S. Treasury, to establish a sound and stable national currency; the federal deposits endowed the BUS with its regulatory capacity. Modeled on Alexander Hamilton's First Bank of the United States, the Second Bank was chartered by President James Madison in 1816 and began operations at its main branch in Philadelphia on January 7, 1817, managing twenty-five branch offices nationwide by 1832; the efforts to renew the bank's charter put the institution at the center of the general election of 1832, in which the bank's president Nicholas Biddle and pro-bank National Republicans led by Henry Clay clashed with the "hard-money" Andrew Jackson administration and eastern banking interests in the Bank War. Failing to secure recharter, the Second Bank of the United States became a private corporation in 1836, underwent liquidation in 1841; the political support for the revival of a national banking system was rooted in the early 19th century transformation of the country from simple Jeffersonian agrarianism towards one interdependent with industrialization and finance.
In the aftermath of the War of 1812 the federal government suffered from the disarray of an unregulated currency and a lack of fiscal order. A national alliance arose to legislate a central bank to address these needs; the political climate—dubbed the Era of Good Feelings—favored the development of national programs and institutions, including a protective tariff, internal improvements and the revival of a Bank of the United States Southern and western support for the bank, led by Republican nationalists John C. Calhoun of South Carolina and Henry Clay of Kentucky was decisive in the successful chartering effort; the charter was signed into law by James Madison on April 10, 1816. Subsequent efforts by Calhoun and Clay to earmark the bank's $1.5 million establishment "bonus", annual dividends estimated at $650,000, as a fund for internal improvements, was vetoed by President Madison, on strict constructionist grounds. Opposition to the bank's revival emanated from two interests. Old Republicans, represented by John Taylor of Caroline and John Randolph of Roanoke characterized the Second Bank of the United States as both constitutionally illegitimate and a direct threat to Jeffersonian agrarianism, state sovereignty and the institution of slavery, expressed by Taylor's statement that "...if Congress could incorporate a bank, it might emancipate a slave".
Hostile to the regulatory effects of the central bank, private banks—proliferating with or without state charters—had scuttled rechartering of the first BUS in 1811. These interests played significant roles in undermining the institution during the administration of U. S. President Andrew Jackson; the BUS was launched in the midst of a major global market readjustment as Europe recovered from the Napoleonic Wars The central bank was charged with restraining uninhibited private bank note issue—already in progress—that threatened to create a credit bubble and the risks of a financial collapse. Government land sales in the West, fueled by European demand for agricultural products, ensured that a speculative bubble would form; the national bank was engaged in promoting a democratized expansion of credit to accommodate laissez-faire impulses among eastern business entrepreneurs and credit hungry western and southern farmers. Under the management of the first BUS president William Jones, the bank failed to control paper money issued from its branch banks in the West and South, contributing to the post-war speculative land boom.
When the U. S. markets collapsed in the Panic of 1819—a result of global economic adjustments—the central bank came under withering criticism for its belated tight money policies—policies that exacerbated mass unemployment and plunging property values. Further, it transpired that branch directors for the Baltimore office had engaged in fraud and larceny. Resigning in January 1819, Jones was replaced by Langdon Cheves who continued the contraction in credit in an effort to stop inflation and stabilize the bank as the economy began to correct; the central bank's reaction to the crisis—a clumsy expansion a sharp contraction of credit—indicated its weakness, not its strength. The effects were catastrophic, resulting in a protracted recession with mass unemployment and a sharp drop in property values that persisted until 1822; the financial crisis raised doubts among the American public as to the efficacy of paper money, in whose interests a national system of finance operated. Upon this widespread disaffection the anti-bank Jacksonian Democrats would mobilize opposition to the BUS in the 1830s.
The national bank was in general disrepute among most Americans when Nicholas Biddle, the third and last president of the bank, was app
Bank of North America
The Bank of North America was a private bank first adopted on May 26, 1781, by the Confederation Congress, opened in Philadelphia on January 7, 1782. It was based upon a plan presented by US Superintendent of Finance Robert Morris on May 17, 1781 that created the Nation's first de facto central bank; when shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering. It was succeeded in its role as central bank by the First Bank of the United States in 1791. In May 1781 Alexander Hamilton revealed that he had recommended Morris for the position the previous summer when the constitution of the executive was being solidified. Second, he proceeded to lay out a proposal for a national bank. Morris, who had corresponded with Hamilton on the subject of funding the war drafted a legislative proposal based on Hamilton's suggestion and submitted it to the Congress. Morris persuaded Congress to charter the Bank of North America, the first private commercial bank in the United States.
When Robert Morris became superintendent of finance in February 1781, continental currency had ceased to be issued. On April 30, 1781, Alexander Hamilton sent Morris a letter; the original charter called for the disbursement of 1,000 shares priced at $400 each. Benjamin Franklin purchased one share for 0.1% ownership as a sign of good faith to Federalists and the new bank and Hamilton made public endorsement of the establishment under his pseudonym. William Bingham's first daughter, Ann Louisa Baring, was born the day before the bank opened, her father purchased 9.5% of the shares for himself. She was the granddaughter of Thomas Willing, a primary shareholder and the original President of the bank offices at Philadelphia. Using a gift/loan from France, Robert Morris purchased 63.3% of the original shares for the government. Robert Morris deposited large quantities of gold and silver coin and bills of exchange obtained through loans from the Netherlands and France, he issued new paper currency backed by this supply.
By 1783, Congress and several states including Massachusetts enacted legislation, allowing Americans to pay taxes with Bank of North America certificates. Within three years, the Bank was considered a creditworthy institution. After a change of party in Pennsylvania's legislature in 1786 the Bank of North America was re-chartered within the Commonwealth in 1787, but under more restrictive conditions that would hinder it from performing its intended role as a central bank. Thomas Willing was appointed its first president on November 2, 1781 until he was appointed to the First Bank of the United States as one of its original three commissioners on March 19, 1791. John Nixon was the first director of the Bank of Pennsylvania. Morris subscribed £10,000 sterling to fund it, it was not a bank in the ordinary sense but an organization formed for the purpose of financing supplies for the army. In 1782, the Bank of North America superseded the Bank of Pennsylvania. Serving from 1792 to 1808, Nixon succeeded the first president of the Bank of North America, Thomas Willing, who went on to become the first president of the First Bank of the United States.
Nixon was in turn succeeded by John Morton, who served as President until 1822. William Frederick Havemeyer was its president from 1851 to 1861 and brought it through the crisis of 1857. After it had become a National Bank in 1865, a president of the same name presided over its liquidation in 1908; the Bank of Pennsylvania was re-established in 1793, with a charter from the Commonwealth of Pennsylvania, opened branches in Pittsburgh, Lancaster and Easton. The original branch of the Bank of Pennsylvania remained in business in Pennsylvania through the 19th and 20th centuries under a variety of other names including First Pennsylvania Bank and, before its acquisition by Wells Fargo, as Wachovia, First Union Bank and CoreStates. Wachovia operated a branch at the northwest corner of S. 6th and Chestnut Sts. in Philadelphia, diagonally opposite Independence Hall, the original site of the Bank of North America. This branch is the longest continuously operating branch bank in the States, operating in that location since 1781.
Following Wells Fargo's acquisition of Wachovia, Wells Fargo adopted PNB's charter, in part because it was the first national bank charter issued. The Bank of North America along with the First Bank of the United States and the Bank of New York were the first shares traded on the New York Stock Exchange; the Bank of North America opened a Canadian affiliate in Montreal, Lower Canada on March 8, 1837. Congressional charter First Union Corporation The Bank of North America, Philadelphia, a National Bank, Founded 1781: The Story of Its Progress through the Last Quarter of a Century, 1881–1906, by Robert Grier Cooke Incorporated. Debates and Proceedings of the General Assembly of Pennsylvania, on the Memorials Praying a Repeal of Suspension of the Law Annulling the Charter of the Bank. A History of the Bank of North America, the First Bank Chartered in the United States, by Lawrence Lewis, Jr.. Legislative and Documentary History of the Bank of the United States: Including the Original Bank of North America, by Matthew St. Clair Clarke and David A. Hall.
This collection of documents was aimed to include the entire proceedings and resolutions of Congress relating to the Bank of North America, the First Bank of the United States, the Second Bank of the United States. These documents were compiled four years before the closing of the Second Bank. Legislative and Doc
Public Credit Act of 1869
The Public Credit Act of 1869 in the USA states that bondholders who purchased bonds to help finance the Civil War would be paid back in gold. The act was signed on March 18, 1869, was supported by the Republican Party, notably Senator John Sherman; the measure is significant because it was a step to help alleviate the financial struggles faced by the United States after the Civil War. The U. S. was indebted before the war and the issuing of greenbacks to keep currency circulating during the war increased the indebtedness significantly. The country had no central bank or monetary policy at the time and was desperate to improve its position to maintain itself as a global economic leader; the U. S. was undecided as to whether it should operate on gold, or bimetallic standard. The passing of the Public Credit Act of 1869 is an early indicator that the country was moving toward reinstating the gold standard for economic and political reasons. In effect, the intent of the Public Credit Act was never realized.
Prior to the Civil War, the U. S. operated on a gold standard in practice. Bank notes were legal tender issued by state banks which could be exchanged for an amount of gold at any bank. Both gold and bank notes circulated as mediums of exchange. On February 25, 1862, the U. S. passed the First Legal Tender Act to help finance the Civil War. The act changed the economy to a fiduciary standard based on a fiat currency called United States Notes, or more popularly called greenbacks. Unlike bank notes, greenbacks were not backed by any sort of metallic standard and acted like a "loan without interest". Greenbacks were issued as an immediate, short-term relief for the country's growing demand for currency; the issuance of greenbacks and the sale of government bonds to finance the war were led by the Secretary of the Treasury at the time, Salmon P. Chase; until 1879, bank notes, greenbacks were used as mediums of exchange and had free floating exchange rates. After the Civil War, people were torn between whether to keep the greenback standard or to revert to the gold standard.
There are economic and political reasons why and when the U. S. chose to reinstate the gold standard. During the Civil War, the U. S. experienced a strong period of inflation. The price level in the U. S. doubled between 1861 and 1865 and this had harmful implications on the exchange rate. Inflation increased the exchange rate with England, making the price of British pounds more expensive. If the pre-war gold standard was put in place during this inflationary period, people would cash out their U. S. currency for gold to buy British goods. The flow of gold out of the country would lead to unemployment. If the gold standard was to be reinstated, it should be done when the price level and exchange rate dropped to the pre-war level so that the U. S. would not have to pay a premium or experience economic hardship to convert back to the gold standard. Some Republicans pushed for a gold standard early on, they believed that creditors who supported the war should be paid back in gold, the way they were expected to be paid back.
The Republicans believed that the government should not be in charge of managing currency and that the gold standard did not allow government to intervene in the economy. It was thought by all that the gold standard would be a good move from an international perspective – the U. S. would appear stable and its system would be compatible with its major trading partner, who operated on a gold standard. Over time the price level and exchange rate began to fall. Congress decided on a severe monetary contraction to lower the price level so they could reinstate the gold standard during the Contraction Act of 1866 before easing the policy in 1868; the passing of the Public Credit Act of 1869 was the first definitive piece of legislation that indicated that the U. S. was moving toward reinstating a gold standard. However, the act was written in general terms and was considered to be ineffective. No explicit dates, people or actions were announced to pay back the bondholders in gold; the U. S. did not operate on the gold standard until the Resumption Act of 1875.
Contraction Act of 1866 John Sherman Gold Standard Salmon P. Chase Resumption Act Ulysses S. Grant Interpretive Outline by Frank Scaturro of the Grant Monument Association Act To Strengthen The Public Credit– March 18, 1869, HistoryCentral.com, histories home on the web Act to Strengthen The Public Credit – March 18, 1869. History Central, 2000. Http://www.historycentral.com/documents/Publiccredit.html March 13, 2011 Friedman and Anna J. Schwartz. A Monetary History of the United States, 1867 – 1960. National Bureau of Economic Research. Princeton, N. J.: Princeton University Press, 1963. Kindahl, James K. "Economic Factors in Specie Resumption the United States, 1865-79." The Journal of Political Economy Vol. 69, No. 1, pp. 30–48 Smith, Gregor W. and R. Todd Smith. "Greenback-Gold Returns and Expectations of Resumption, 1862-1879." The Journal of Economic History Vol. 57, No. 3, pp. 697–717 Walton, Gary M, Hugh Rockoff. History of the American Economy. 11th ed. Mason, Ohio: Thomson/South-Western, 2010