The quarter eagle was a gold coin issued by the United States with a denomination of two hundred and fifty cents, or two dollars and fifty cents. It was given its name as a derivation from the US ten-dollar eagle coin, its purchasing power in 1800 would be equivalent to $71.12 in 2015 dollars. Designed by Robert Scot, the quarter eagle denomination was struck at the main mint at Philadelphia, branch mints in Charlotte, New Orleans, Denver; the first issues weighed 67.5 grains, fineness.9167, until the weight was modified to 64.5 grains and the fineness changed to.8992 by the Act of June 28, 1834. The Act of January 18, 1837 established a fineness of.900. This means that 1837 and quarter eagles contain 0.121 Troy Oz. of gold content. As fewer coins were struck prior to 1834, combined with their higher gold content, all of the early issues range from scarce to rare; the first issues were struck in 1796. Any proof date prior to 1856 is rare, will command a premium in any condition; the quarter eagle denomination was discontinued in 1933 with the removal of the United States from the Gold Standard, although the last date of issue was 1929.
Known as the "Turban Head", this interpretation of Liberty wearing a turban-like cap was designed by Robert Scot and was minted from 1796 to 1807. There were three varieties of this design. First came the Capped Bust facing right variety. There were two variations of this design, no stars on the obverse, stars on the obverse. The'no stars' variety was produced only in 1796, replaced with the stars. In 1808, Liberty was redesigned by John Reich, to be wearing more of a traditional cap rather than a turban; this design was minted for 1808 only, but in 1821 the mint reinstated the quarter eagle and it was produced again until 1827 scaled down to 18.5 millimeters from the original 20. In 1829, the quarter eagle was reduced in size again to 18.2 mm, featured smaller letters and stars. This version of the design was produced until 1834; the "Classic Head" variety was designed by William Kneass, which featured a traditional maiden with a ribbon binding her long, curly hair. This variety omitted. In 1840, a coronet and smaller head were designed to conform with the appearance of the larger gold coins, therefore making the Classic Head design obsolete.
The Classic Head design was produced from 1834 to 1839. Known as the "Coronet Head", the Liberty head was designed to match the styles of the other gold Eagles the government was producing; the Liberty Head design was created by Christian Gobrecht and was produced from 1840 to 1907, the most popular of all of the models. Like its predecessor, this variety omitted E Pluribus Unum from the reverse. One notable date is 1848, when 230 ounces of gold were sent to the Secretary of War Marcy by Colonel R. B. Mason, the military governor of California; the gold was promptly made into quarter eagles. The distinguishing mark CAL. was punched above the heraldic eagle on the reverse side of the coin. Only 1,389 of these coins were minted and are sought after by collectors. There are several specimens with proof-like surfaces and the coins are sought after by collectors fetching prices from $30,000 to $100,000 if in good enough condition; the "Indian Head" design and the similar Half Eagle piece were created by Boston sculptor Bela Lyon Pratt.
The coin was a departure from other examples of American coinage because it had no raised edges, instead featuring a design sunk into the planchet. The public had much distaste for the experimental and unusual design. Many feared that the recessed surfaces would collect germs, others thought it was ugly. Numismatists took little interest in the coin; this resulted in few examples in uncirculated condition and the coin slipped into obscurity for many years. Today, collectors adore the exotic design and the coin is recognized as part of the creative renaissance of American coinage; the Indian Head design was produced from 1908 to 1929. Two of the Early United States commemorative coins are Quarter eagles; the 1915-S was produced for the Panama-Pacific Exposition in San Francisco. The obverse depicts Liberty riding a Hippocampus. With only 6,749 sold it is quite valuable. More common is the 1926 issue struck to commemorate the Sesquicentennial Exposition in Philadelphia. A total of 46,019 pieces were sold.
The obverse shows Liberty standing on a globe and holding a torch and the Declaration of Independence, while the reverse pictures Independence Hall. Since the resumption of commemorative gold coin mintage in 1984 none have been struck in this denomination. US Quarter Eagle by year and type. Histories and more. 1915-S PANAMA-PACIFIC COMMEMORATIVE QUARTER EAGLE 1926 SESQUICENTENNIAL QUARTER EAGLE
Liberty Head double eagle
The Liberty Head double eagle or Coronet double eagle is an American twenty-dollar gold piece struck as a pattern coin in 1849, for commerce from 1850 to 1907. It was designed by Mint of the United States Chief Engraver James B. Longacre; the largest denomination of United States coin authorized by the Mint Act of 1792 was the eagle, or ten-dollar piece. The large amount of bullion being brought east after the discovery of gold in California in the 1840s caused Congress to consider new denominations of gold coinage; the gold dollar and double eagle were the result. After considerable infighting at the Philadelphia Mint, Chief Engraver James B. Longacre designed the double eagle, it began to be issued for commerce in 1850. Only one 1849 double eagle is known to survive and it rests in the National Numismatic Collection at the Smithsonian; the coin was successful. It was struck until replaced by the Saint-Gaudens double eagle in 1907, many were melted when President Franklin D. Roosevelt recalled gold coins from the public in 1933.
Millions of double eagles were sent overseas in international transactions throughout its run to be melted or placed in bank vaults. Many of the latter have now been repatriated to feed the demand from collectors and those who desire to hold gold. Under the Mint Act of 1792, the largest-denomination coin was ten-dollar piece. Struck were a half eagle and quarter eagle. Bullion flowed out of the United States for economic reasons for much of the late 18th and early 19th centuries; the eagle's size made it convenient for use in international transactions, faced with the likelihood that most being struck were exported, the Director of the Mint Elias Boudinot ended its production in 1804. In 1838, coinage resumed; the new eagle was struck to a design by Christian Gobrecht, one of the Mint's engravers. In 1836, the Public Ledger, a Philadelphia newspaper, proposed the issuance of both a gold dollar and a twenty-dollar piece. Along with the eagle, which has the size of the half dollar, we would recommend the double eagle, which of the size of our silver dollar, would contain the value of twenty."
Others perceived a need for a large U. S. gold coin to be used in international transactions—American merchants sometimes used high-denomination Latin American gold coins for that purpose. No proposal for a gold twenty-dollar piece was considered until after the California Gold Rush, beginning in 1848 increased the amount of the metal available in the United States; the increase in the supply of gold caused silver coins to be worth more than their face value, they were exported, generating new support for a gold dollar to take their place in commerce. The quantity of gold made a larger denomination desirable as well, to more efficiently convert gold to coins. In January 1849, North Carolina Congressman James Iver McKay amended his introduced legislation for a gold dollar to provide for a double eagle as well, he wrote to Mint Director Robert M. Patterson, who responded, "there can be no other objection to the Double eagle except that it is not needed, it will be a handsome coin, between the half dollar and dollar in size."Concerned about Whig opposition to the coinage bill, McKay got his fellow Democrat, New Hampshire Senator Charles Atherton, to introduce the bill in the Senate on February 1, 1849—Atherton was chairman of the Senate Finance Committee.
McKay introduced a version of the bill into the House on February 20. The dollar was attacked on the ground. McKay did not respond substantively, but stated that if no one wanted these denominations, they would be unasked-for at the Mint, would not be coined. Pennsylvania Representative Joseph Ingersoll, a Whig, spoke against the bill, noting that Patterson opposed the new denominations. Ingersoll stated that a twenty-dollar piece would be "doubled into a ponderous and unparalleled size"; the bill providing for the issuance of the gold dollar and double eagle passed both houses by large margins, was signed into law by President James K. Polk on March 3, 1849. According to numismatist David Lange, "the double eagle was a banker's coin intended to simplify transfers of large sums between financial institutions and between nations"; the act authorizing the gold dollar and double eagle precipitated conflict at the Philadelphia Mint. There the officers, including Chief Coiner Franklin Peale, were the friends and relations of Director Patterson.
The outsider in their midst was Chief Engraver James B. Longacre, successor to Gobrecht. A former copper-plate engraver, Longacre had been appointed through the political influence of South Carolina Senator John C. Calhoun. Patterson despised Calhoun, Longacre became a loner at the mint. Most of Peale's formal duties were performed by his predecessor, Adam Eckfeldt, who continued to do the work of chief coiner despite his retirement. Peale spent the resulting free time running a private medal business taking commissions from the public and using the government's facilities, including its Contamin portrait lathe; this machine, used in Peale's medal work, was needed to reduce models of new designs to coin-sized reductions from which working dies could be made. So long as no new coin designs were needed, dies could be reproduced mechanically, without using the Contamin device. Although it belonged t
Charles E. Barber
Charles Edward Barber was the sixth Chief Engraver of the United States Mint from 1879 until his death in 1917. He had a long and fruitful career in coinage, designing most of the coins produced at the mint during his time as Chief Engraver, he did full coin designs, he designed about 30 medals in his lifetime. The Barber coinage were named after him. In addition, Barber designed a number of commemorative coins, some in partnership with Assistant Engraver George T. Morgan. For the popular Colombian half dollar, the Panama-Pacific half dollar and quarter eagle, Barber designed the obverse and Morgan the reverse. Barber designed the 1883 coins for the Kingdom of Hawaii, Cuban coinage of 1915. Barber's design on the Cuba 5 centavo coin remained in use until 1961. While much has been written about Barber being disagreeable and hostile to Morgan, this has been conclusively disproved, with concrete evidence that the two had a warm personal relationship; this of course, makes perfect sense, as the two worked together for over 40 years.
Again, contrary to what many people believe, Barber had a warm personal relationship with President Theodore Roosevelt. While it is true that Roosevelt wanted U. S. coinage in the new century to have a more modern look, solicited designs from artists outside the U. S. Mint, this does not mean; the descendants of Charles Barber possess artifacts. At the request of President Roosevelt and Mint Director George E. Roberts, Barber made a trip to Europe to visit a number of foreign mints on an information-sharing mission, his goal was to observe and discuss the practices at the foreign mints to look for ways to improve operations and efficiency at the U. S. Mint, he combined this trip with a family vacation with his second wife Caroline and his 19-year old daughter Edith. Barber carried with him memos from various departments within the mint with questions to ask their counterparts overseas; these memos, some of which today have Barber's hand-written notes, correspond to the various reports he submitted to Mint Director Roberts after his return.
Edith's diary from the trip provide details on their itinerary and personal reflections on her father. Barber was known to be a meticulous professional. While different people have varying opinions about the artistic merits of his designs, it is indisputable that his coin designs hold up to years of heavy use and wear; this is one reason that so many Barber coins exist in such low grades—they were real workhorses in the U. S. economy and were found in circulation until the 1950s. In the end, Charles Barber was well liked and respected within the Treasury Department and the U. S. Mint; as evidence of this fact, the flags at the Philadelphia Mint were lowered to half staff on the day of his funeral. Roger Burdette provided a scan from the National Archives of the letter from Mint Director F. H. von Engelken requesting permission to half-mast the flags. Charles E. Barber is the last mint official of any rank to have had this high honor bestowed upon him. Barber was born in London on the son of engraver William Barber.
In 1869, he was appointed the assistant engraver at the United States Mint in Philadelphia. On January 20, 1880, he was appointed by President Rutherford B. Hayes to succeed his father in the position as chief engraver, he was criticized for unimaginative designs, but R. W. Julian suggests that he "was capable of superb work when given a free hand." Barber's best known designs are the Liberty Head coins -- Barber dime, Barber quarter, Barber half dollar, as well as the so-called "V" Liberty Head nickel. Some lesser known pattern coin designs include the trial copper-nickel cent, trial three-cent piece, the $4 Stella "Flowing Hair" pieces, he was critical of Augustus St. Gaudens' proposed high relief pattern for a new double eagle in 1908 and tried hard to stop them from being produced, citing the impracticality of the design. In reality, for a circulating coin, Saint-Gaudens' high-relief double eagle was impractical as each coin required three to five blows of the dies to produce. Barber had to lower the relief of the design to make a production-worthy coin.
From 1907 to 1933, over 70 million "Saints" would be struck, impossible with Saint-Gaudens' original design. Charles Barber was married to Martha, who passed away in 1899. In 1902, he married Caroline Gaston, his wife until his death in 1917. Charles and Martha had a daughter in Anna May, named for Charles' mother; the baby died in 1876. Ten years Charles and Martha had a daughter named Edith. Charles E. Barber died on February 18, 1917, was buried 3 days with Martha and infant daughter Anna May in Mount Peace Cemetery in Philadelphia. Barber was succeeded as Chief Engraver by George T. Morgan. Barber half dollar Barber quarter Barber dime Liberty Head nickel The obverse of the Columbian Exposition half dollar Isabella Quarter Silver Lafayette Dollar Louisiana Purchase Exposition gold dollar Lewis and Clark Exposition gold dollar The obverse of the Panama-Pacific Exposition half dollar The obverse of the Panama-Pacific Exposition quarter eagle William McKinley Memorial gold dollar Pikes Peak "Southwest Expedition" medal Kingdom of Hawaii 1883 dime, quarter and dollar Szechuan Province of China, 1897 Cuba 1915-1961 1, 2, 5, 10, 20 & 40 Centavos Flowing Hair Stella 1879-1880 "Washlady" silver pattern quarter Famous 1891 Liberty Head patterns 1896 experimental pieces - cent and five cents Evans, George Greenlief.
Federal Reserve Bank of St. Louis
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D. C. make up the United States' central bank. Missouri is the only state to have two main branches of Federal Reserve Banks.. Located in downtown St. Louis, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois, Kentucky, the eastern half of Missouri and West Tennessee, it has branches in Little Rock and Memphis. Its building, at 411 Locust Street, was designed by St. Louis firm Mauran, Russell & Crowell in 1924; the Eighth District serves as a center for local and global economic research, provides the following services: supervisory and regulatory services to state-member banks and bank holding companies. The following people serve on the board of directors as of April 12, 2018. James Bullard took office as president and chief executive officer of the Federal Reserve Bank of St. Louis in April 2008.
He directs the activities of the bank's head office in St. Louis as well as its three branches in Little Rock and Memphis. In addition, he participates in the Federal Open Market Committee, the Federal Reserve's principal monetary policymaking body. Bullard is an accomplished economic theorist, whose fundamental contributions to monetary economics and policy analysis are regarded in the profession. Bullard joined the research division of the Federal Reserve Bank of St. Louis in 1990 and attained positions of increasing responsibility. Prior to being appointed president, he was deputy director of research for monetary analysis. Congress gave the Federal Reserve responsibility for setting monetary policy under the Federal Reserve Act of 1913 so that actions taken by the central bank would be free from political concerns. Along with the other 11 regional Feds, the St. Louis Fed helps guide the nation's economy by participating on the Federal Open Market Committee. Advised by the research division staff, President James Bullard contributes informed opinions about national and district conditions, participates in FOMC decisions concerning monetary policy, including setting the federal funds rate.
The St. Louis Fed supervises state-member banks and bank holding companies, since the passage of the Dodd-Frank Act and loan holding companies; the Banking Supervision and Regulation division, led by executive vice president Julie Stackhouse, is tasked with assessing the safety and soundness of financial institutions' assets and operations, the effectiveness of their risk management practices, their compliance with laws and regulations governing activities and consumer protection. Examiners collect and verify data from financial institutions to ensure an accurate accounting of financial institutions' conditions, as well as data on the money and reserves in the banking system; the Federal Reserve is considered the "lender of last resort" for financial institutions, the St. Louis Fed is tasked with ensuring adequate liquidity in financial markets by making loans to depository institutions through the "discount window" and allowing the prudent use of intraday credit; the St. Louis Fed processes bank applications for new activities.
Twelve senior executives of banks, thrift institutions and credit unions in the Eighth District serve on the St. Louis Fed's Community Depository Institutions Advisory Council, which meets twice a year to advise the St. Louis Fed president on the credit and economic conditions facing the members' institutions and communities; the chairman of the St. Louis Fed's CDIAC represents the Eighth District at the Board of Governors' CDIAC meetings, held twice annually. Banking-related publications include quarterly banking performance data, tailored to bank executives in the Eighth District; the publication Central Banker was discontinued in 2014. As part of Banking Supervision and Regulation, the St. Louis Fed's Community Development department provides financial institutions and others with information on the Community Reinvestment Act and economic development, issues related to credit access; the department facilitates partnerships between lenders and their communities and seeks to generate economic development and affordable housing throughout the Eighth District.
Executives from organizations throughout the district serve on the St. Louis Fed's Community Development Advisory Council, created to keep the St. Louis Fed's president and community development staff informed about development issues and to suggest ways the bank might support local development efforts; the executives are all experts in community and economic development and represent nonprofit organizations, financial institutions, local governments and foundations. Community Development holds many events throughout the year, covering such topics as the impact and possible solutions to foreclosures and vacancies, neighborhood revitalization, rebuilding household balance sheets, reaching the unbanked and underbanked. Publications include a quarterly publication for community organizations and leaders; the St. Louis Fed's research division, led by executive vice president Christopher J. Waller, produces economic research for a wide range of national and international audiences. In the 1960s, the St. Louis Fed garnered a reputation as a maverick in the Federal Reserve System because of its espousal of monetarism.
Spurred by bank president Darryl Francis and research director Homer Jones, the bank's economists published research showing a direct relationship between
Gold as an investment
Of all the precious metals, gold is the most popular as an investment. Investors buy gold as a way of diversifying risk through the use of futures contracts and derivatives; the gold market is subject to volatility as are other markets. Compared to other precious metals used for investment, gold has the most effective safe haven and hedging properties across a number of countries. Gold has been used throughout history as money and has been a relative standard for currency equivalents specific to economic regions or countries, until recent times. Many European countries implemented gold standards in the latter part of the 19th century until these were temporarily suspended in the financial crises involving World War I. After World War II, the Bretton Woods system pegged the United States dollar to gold at a rate of US$35 per troy ounce; the system existed until the 1971 Nixon Shock, when the US unilaterally suspended the direct convertibility of the United States dollar to gold and made the transition to a fiat currency system.
The last major currency to be divorced from gold was the Swiss Franc in 2000. Since 1919 the most common benchmark for the price of gold has been the London gold fixing, a twice-daily telephone meeting of representatives from five bullion-trading firms of the London bullion market. Furthermore, gold is traded continuously throughout the world based on the intra-day spot price, derived from over-the-counter gold-trading markets around the world; the following table sets out the gold price versus various assets and key statistics at five-year intervals. Like most commodities, the price of gold is driven by supply and demand, including speculative demand. However, unlike most other commodities and disposal play larger roles in affecting its price than its consumption. Most of the gold mined still exists in accessible form, such as bullion and mass-produced jewelry, with little value over its fine weight — so it is nearly as liquid as bullion, can come back onto the gold market. At the end of 2006, it was estimated that all the gold mined totalled 158,000 tonnes.
The investor Warren Buffett has said that the total amount of gold in the world, above ground could fit into a cube with sides of just 20 metres. However, estimates for the amount of gold that exists today vary and some have suggested the cube could be a lot smaller or larger. Given the huge quantity of gold stored above ground compared to the annual production, the price of gold is affected by changes in sentiment, which affects market supply and demand rather than on changes in annual production. According to the World Gold Council, annual mine production of gold over the last few years has been close to 2,500 tonnes. About 2,000 tonnes goes into jewelry and dental production, around 500 tonnes goes to retail investors and exchange-traded gold funds. Central banks and the International Monetary Fund play an important role in the gold price. At the end of 2004, central banks and official organizations held 19% of all above-ground gold as official gold reserves; the ten-year Washington Agreement on Gold, which dates from September 1999, limited gold sales by its members to less than 500 tonnes a year.
In 2009, this agreement was extended for a further five years, but with a smaller annual sales limit of 400 tonnes. European central banks, such as the Bank of England and the Swiss National Bank, have been key sellers of gold over this period. Although central banks do not announce gold purchases in advance, such as Russia, have expressed interest in growing their gold reserves again as of late 2005. In early 2006, which only holds 1.3% of its reserves in gold, announced that it was looking for ways to improve the returns on its official reserves. Some bulls hope that this signals that China might reposition more of its holdings into gold, in line with other central banks. Chinese investors began pursuing investment in gold as an alternative to investment in the Euro after the beginning of the Eurozone crisis in 2011. China has since become the world's top gold consumer as of 2013, it is accepted that the price of gold is related to interest rates. As interest rates rise, the general tendency is for the gold price, which earns no interest, to fall, vice versa.
As a result, the gold price can be correlated to central banks via their monetary policy decisions on interest rates. For example, if market signals indicate the possibility of prolonged inflation, central banks may decide to raise interest rates, which could reduce the price of gold, but this does not always happen: after the European Central Bank raised its interest rate on April 7, 2011, for the first time since 2008, the price of gold drove higher, hit a new high one day later. In August 2011 when interest rates in India were at their highest in two years, the gold prices peaked as well; the price of gold can be influenced by a number of macroeconomic variables. Such variables include the price of oil, the use of quantitative easing, currency exchange rate movements and returns on equity markets. Gold, like all precious metals, may be used as a hedge against inflation, deflation or currency devaluation, though its efficacy as such has been questioned. A unique feature of gold is; as Joe Foster, portfolio manager of the New York-based Van Eck International Gold Fund, explained in September 2010: The curren
James B. Longacre
James Barton Longacre was an American portraitist and engraver, the fourth Chief Engraver of the United States Mint from 1844 until his death. Longacre is best known for designing the Indian Head cent, which entered commerce in 1859, for the designs of the Shield nickel, Flying Eagle cent and other coins of the mid-19th century. Longacre was born in Delaware County, Pennsylvania, in 1794, he ran away to Philadelphia at age 12. His artistic talent developed and he was released to apprentice in an engraving firm, he struck out on his own in 1819, making a name providing illustrations for popular biographical books. He portrayed the leading men of his day. Calhoun, led to his appointment as chief engraver after the death of Christian Gobrecht in 1844. In Longacre's first years as a chief engraver, the Philadelphia Mint was dominated by Mint Director Robert M. Patterson and Chief Coiner Franklin Peale. Conflict between Longacre and the two men developed after Congress ordered a new gold dollar and double eagle, with both to be designed by Longacre.
Peale and Patterson nearly had Longacre fired, but the chief engraver was able to convince Treasury Secretary William M. Meredith that he should be retained. Both Patterson and Peale left the Mint in the early 1850s. In 1856, Longacre designed the Flying Eagle cent; when that design proved difficult to strike, Longacre was responsible for the replacement, the Indian Head cent, issued beginning in 1859. Other coins designed by Longacre include the silver and nickel three-cent pieces, the Shield nickel, the pattern Washington nickel, the two-cent piece. In 1866–1867, he redesigned the coins of Chile. Longacre died on New Year's Day 1869. Longacre's coins are well-regarded today, although they have been criticized for lack of artistic advancement. James Barton Longacre was born on a farm in Delaware County, Pennsylvania, on August 11, 1794, his mother Sarah Longacre died early in his life. When Peter Longacre remarried, his son found the home life intolerable, James Longacre left home at the age of 12, seeking work in the nearby city of Philadelphia.
He apprenticed himself at a bookstore. Over the following years, Longacre worked in the bookstore, but Watson realized that the boy's skill was in portraiture. Watson granted Longacre a release from his apprenticeship in 1813 so that he could follow an artistic muse, but the two remained close, Watson would sell Longacre's works. Longacre became apprenticed to George Murray, principal in the engraving firm Murray, Fairman & Co. at 47 Sansom Street in Philadelphia. This business derived from the firm established by the Philadelphia Mint's first chief engraver, Robert Scot. Longacre remained at the Murray firm until 1819. Employed at the Murray firm from 1816 was the man who would be Longacre's predecessor as chief engraver, Christian Gobrecht. Longacre's work at the company gave him a good reputation as an engraver skilled in rendering other artists' paintings as a printed engraving, in 1819, he set up his own business at 230 Pine Street in Philadelphia. Longacre's first important commission were plates for S.
F. Bradford's Encyclopedia in 1820. Longacre agreed to engrave illustrations for Joseph and John Sanderson's Biographies of the Signers of the Declaration of Independence, published in nine volumes between 1820 and 1827. Although the venture was marked by criticism of the writing, sales were good enough that the project was completed. Numismatic writer Richard Snow suggests that the books sold on the strength of the quality of Longacre's illustrations. Longacre completed a series of studies of actors in their roles in 1826 for The American Theatre. With lessons learned from the Sanderson series, Longacre proposed to issue his own set of biographies illustrated with plates of the subjects, he was on the point of launching this project, having invested $1,000 of his own money in preparation, when he learned that James Herring of New York City was planning a similar series. In October 1831, he wrote to Herring, the two men agreed to work together on The American Portrait Gallery, published in four volumes between 1834 and 1839.
Herring was an artist, but much of the work of illustrating fell to Longacre, who traveled in the United States to sketch subjects from life. He again sketched Jackson, by now president, as well as former president James Madison, both in July 1833, he met many of the political leaders of the day. Among these advocates was the former vice president, South Carolina Senator John C. Calhoun. In July 1832, Niles' Register described a Longacre engraving, "one of the finest specimens of American advancement in the art". Longacre had married Eliza Stiles in 1827. Sales of the Gallery lagged due to the Panic of 1837.