James Clark McReynolds
James Clark McReynolds was an American lawyer and judge from Tennessee who served as United States Attorney General under President Woodrow Wilson and as an Associate Justice of the United States Supreme Court. He served on the Court from October 1914 to his retirement in January 1941, he was best known for his sustained opposition to the domestic programs of President Franklin D. Roosevelt and his overt anti-semitism. Born in Elkton, Kentucky, McReynolds practiced law in Tennessee after graduating from the University of Virginia School of Law, he served as the Assistant Attorney General during the administration of President Theodore Roosevelt and became well known for his skill in antitrust cases. After President Wilson took office in 1913, he appointed McReynolds as his administration's first Attorney General. Wilson nominated McReynolds to the Supreme Court in 1914 to fill a vacancy caused by the death of Associate Justice Horace Harmon Lurton. In his twenty-six years on the bench, McReynolds wrote more than 506 majority opinions for the court and 157 dissents, 93 of which were against the New Deal.
McReynolds was part of the "Four Horsemen" bloc of conservative justices who voted to strike down New Deal programs. He was succeeded by James F. Byrnes. During his Supreme Court tenure, McReynolds wrote the majority opinion in cases such as Meyer v. Nebraska, United States v. Miller, Pierce v. Society of Sisters. Born in Elkton, the county seat of Todd County, he was the son of John Oliver and Ellen McReynolds, both members of the Disciples of Christ church. John Oliver McReynolds was active in business ventures and served as a surgeon in the Confederate army during the Civil War; the house in which James Clark McReynolds was born still stands. He graduated from the prestigious Green River Academy and matriculated at Vanderbilt University, Tennessee, graduating with status one year as a valedictorian in 1882. At the University of Virginia School of Law, where he studied under John B. Minor, "a man of stern morality and firm conservative convictions," McReynolds completed his studies in fourteen months.
He again graduated at the head of his class. McReynolds received his law degree in 1884, he was secretary to Senator Howell Edmunds Jackson, who became an associate justice in 1893. McReynolds practiced law in Nashville and served for three years as an Adjunct professor of Commercial Law and Corporations at Vanderbilt University Law School, he became active in politics. As head of the Tennessee delegation to the 1896 Democratic Convention, he wrote the party's "sound money" plank. Under Theodore Roosevelt, McReynolds served as Assistant Attorney General from 1903 to 1907, when he resigned to take up private practice with the noted law firm of Guthrie and Henderson in New York City. While in private practice, McReynolds was retained by the government in matters relating to enforcement of antitrust laws in proceedings against the "Tobacco trust" and the combination of the anthracite coal railroads; the case which brought him to the attention of President Wilson was the government's case against the American Tobacco Company, in which McReynolds presented the government's case, while the company was represented by Clarence Darrow and 17 other attorneys.
On March 15, 1913, following the successful conclusion of this case, with Attorney General Wickersham's recommendation, Wilson appointed McReynolds as the 48th United States Attorney General. During his time in private practice, McReynolds earned a reputation as an ardent'trust buster', he continued working against trusts during his time as the US Attorney General. In spite of his negative views of corporate monopolies, McReynolds was supportive of laissez-faire economic policies. Wilson found him difficult to work with. On August 19, 1914, Wilson appointed McReynolds to the Supreme Court, to a seat vacated by the sudden death of Horace H. Lurton. McReynolds was confirmed by the United States Senate and received his commission the same day, starting with the new term on October 12, 1914; when the Supreme Court Building opened in 1935 during the Great Depression, McReynolds, like most of the other justices, refused to move his office into the new building. He continued to work out of the office.
He said that, with the country in economic turmoil, the government should not have spent so much money on a single building. He ignored the fact. In his 27 years on the bench, McReynolds wrote 506 decisions, an average of just under 19 opinions for each term of the Court during his tenure. In addition, he authored 157 dissents, his fierce opposition to Franklin Roosevelt's New Deal legislation designed to provide relief to citizens and put people to work during the Great Depression resulted in McReynolds being classified as one of the "Four Horsemen", along with George Sutherland, Willis Van Devanter and Pierce Butler. McReynolds voted to strike down the Tennessee Valley Authority in Ashwander v. TVA, the National Industrial Recovery Act in Schechter Poultry Corporation v. United States, the Agricultural Adjustment Act of 1933 in United States v. Butler, the Bituminous Coal Conservation Act of 1935 in Carter v. Carter Coal Co. and the Social Security Act 42 U. S. C. A. § 301 et seq. in Steward Machine Co. v. Davis, 301 U.
S. 548, 57 S. Ct. 883, 81 L. Ed. 1279
Richard Milhous Nixon was an American politician who served as the 37th president of the United States from 1969 to 1974. He had served as the 36th vice president of the United States from 1953 to 1961, prior to that as both a U. S. representative and senator from California. Nixon was born in California. After completing his undergraduate studies at Whittier College, he graduated from Duke University School of Law in 1937 and returned to California to practice law, he and his wife Pat moved to Washington in 1942 to work for the federal government. He subsequently served on active duty in the U. S. Navy Reserve during World War II. Nixon was elected to the House of Representatives in 1946 and to the Senate in 1950, his pursuit of the Hiss Case established his reputation as a leading anti-communist and elevated him to national prominence. He was the running mate of Dwight D. Eisenhower, the Republican Party presidential nominee in the 1952 election. Nixon served for eight years as Vice President, becoming the second-youngest vice president in history at age 40.
He waged an unsuccessful presidential campaign in 1960, narrowly losing to John F. Kennedy, lost a race for governor of California to Pat Brown in 1962. In 1968, he ran for the presidency again and was elected, defeating incumbent Vice President Hubert Humphrey. Nixon ended American involvement in the war in Vietnam in 1973 and brought the American POWs home, ended the military draft. Nixon's visit to China in 1972 led to diplomatic relations between the two nations and he initiated détente and the Anti-Ballistic Missile Treaty with the Soviet Union the same year, his administration transferred power from Washington D. C. to the states. He imposed wage and price controls for ninety days, enforced desegregation of Southern schools, established the Environmental Protection Agency and began the War on Cancer. Nixon presided over the Apollo 11 moon landing, which signaled the end of the moon race, he was reelected in one of the largest electoral landslides in U. S. history in 1972 when he defeated George McGovern.
In his second term, Nixon ordered an airlift to resupply Israeli losses in the Yom Kippur War, resulting in the restart of the Middle East peace process and an oil crisis at home. The Nixon administration supported a coup in Chile that ousted the government of Salvador Allende and propelled Augusto Pinochet to power. By late 1973, the Watergate scandal escalated. On August 9, 1974, he resigned in the face of certain impeachment and removal from office—the only time a U. S. president has done so. After his resignation, he was issued a controversial pardon by Gerald Ford. In 20 years of retirement, Nixon wrote nine books and undertook many foreign trips, helping to rehabilitate his image into that of an elder statesman, he suffered a debilitating stroke on April 18, 1994 and died four days at the age of 81. Richard Milhous Nixon was born on January 9, 1913 in Yorba Linda, California, in a house, built by his father, his parents were Francis A. Nixon, his mother was a Quaker, his father converted from Methodism to the Quaker faith.
Nixon was a descendant of the early American settler, Thomas Cornell, an ancestor of Ezra Cornell, the founder of Cornell University, as well as of Jimmy Carter and Bill Gates. Nixon's upbringing was marked by evangelical Quaker observances of the time, such as refraining from alcohol and swearing. Nixon had four brothers: Harold, Donald and Edward. Four of the five Nixon boys were named after kings who had ruled in legendary Britain. Nixon's early life was marked by hardship, he quoted a saying of Eisenhower to describe his boyhood: "We were poor, but the glory of it was we didn't know it"; the Nixon family ranch failed in 1922, the family moved to Whittier, California. In an area with many Quakers, Frank Nixon opened a grocery gas station. Richard's younger brother. At the age of twelve, a spot was found on Richard's lung, with a family history of tuberculosis, he was forbidden to play sports; the spot was found to be scar tissue from an early bout of pneumonia. Young Richard attended East Whittier Elementary School, where he was president of his eighth-grade class.
His parents believed that attending Whittier High School had caused Richard's older brother Harold to live a dissolute lifestyle before he fell ill of tuberculosis, so they sent Richard to the larger Fullerton Union High School. He had to ride a school bus for an hour each way during his freshman year, he received excellent grades, he lived with an aunt in Fullerton during the week. He played junior varsity football, missed a practice though he was used in games, he had greater success as a debater, winning a number of championships and taking his only formal tutelage in public speaking from Fullerton's Head of English, H. Lynn Sheller. Nixon remembered Sheller's words, "Remember, speaking is conversation... don't shout at people. Talk to them. Converse with them." Nixon stated. At the start of his junior year beginning in September 1928, Richard's parents permitted him to transfer to Whittier High School. At Whittier High, Nixon suffered his first electoral defeat, for student body president, he rose at 4 a.m. to drive the family truck into Los Angeles and purchase vegetables at the market.
He drove to the store to wash and display them, befo
George Alexander Sutherland was an English-born U. S. jurist and politician. One of four appointments to the Supreme Court by President Warren G. Harding, he served as an Associate Justice of the U. S. Supreme Court between 1922 and 1938; as a member of the Republican Party, he represented Utah in both houses of Congress. Born in Buckinghamshire, England and his family moved to Utah Territory in the 1860s. After attending the University of Michigan Law School, Sutherland established a legal practice in Provo and won election to the Utah State Senate. Sutherland won election to the United States House of Representatives in 1900 and to the United States Senate in 1905. In Congress, Sutherland supported several progressive policies but aligned with the party's conservative wing, he was defeated in the 1916 election by Democrat William H. King. Harding nominated Sutherland to the Supreme Court in 1922 to fill the vacancy caused by the retirement of Associate Justice John Hessin Clarke. Sutherland made up part of the "Four Horsemen", a group of conservative justices that voted to strike down New Deal legislation.
He retired from the Supreme Court in 1938, was succeeded by Stanley Forman Reed. Sutherland wrote the Court's majority opinion in cases such as Village of Euclid, Ohio v. Ambler Realty Co. Powell v. Alabama, U. S. v. Curtiss-Wright Export Corp.. Sutherland was born in Stony Stratford, England, to a Scottish father, Alexander George Sutherland, an English mother, Frances, née Slater. A recent convert to The Church of Jesus Christ of Latter-day Saints, the latter moved the family to Utah Territory in the summer of 1863 and settled his family in Springville, Utah but moved to Montana and prospected for a few years before moving his family back to Utah Territory in 1869, where he pursued a number of different occupations. In the 1870s, the Sutherland family left the Church, with George remaining unbaptized. At the age of 12, the need to help his family financially forced Sutherland to leave school and take a job, first as a clerk in a clothing store and as an agent of the Wells Fargo Company. However, Sutherland aspired to a higher education, in 1879, he had saved enough to attend Brigham Young Academy.
There, he studied under Karl G. Maeser, who proved an important influence in his intellectual development, most notably by introducing Sutherland to the ideas of Herbert Spencer, which would form an enduring part of Sutherland's philosophy. After graduating in 1881, Sutherland worked for the Rio Grande Western Railroad for a little over a year before moving to Michigan to enroll in the University of Michigan Law School, where he was a student of Thomas M. Cooley. Sutherland left school before earning his law degree. After admission to the Michigan bar, he married Rosamond Lee in 1883. After his marriage, Sutherland moved back to Utah Territory, where he joined his father in a partnership in Provo. In 1886, they dissolved their partnership and Sutherland formed a new one with Samuel Thurman, a future chief justice of the Utah Supreme Court. After running unsuccessfully as the Liberal Party candidate for mayor of Provo, Sutherland moved to Salt Lake City in 1893. There, he joined one of the state's leading law firms, the following year was one of the organizers of the Utah State Bar Association.
In 1896, he was elected as a Republican to the new Utah State Senate, where he served as chairman of the senate's Judiciary Committee and sponsored legislation granting powers of eminent domain to mining and irrigation companies. In 1900, Sutherland received the Republican nomination as the party's candidate for Utah's seat in the United States House of Representatives. In the subsequent election, Sutherland narrowly defeated the Democratic incumbent, William H. King, by 241 votes out of over 90,000 cast, he went on to serve as a Representative in the 57th Congress, where he fought to maintain the tariff on sugar and was active in both Indian affairs and legislation addressing the irrigation of arid lands. Sutherland declined to run for a second term and returned to Utah to campaign for election to the United States Senate. With the state legislature under Republican control, the contest was an intra-party battle with the incumbent, Thomas Kearns. With the backing of Utah's other senator, Reed Smoot, Sutherland secured the unanimous support of the caucus in January 1905.
Sutherland repaid his debt to Smoot in 1907 by speaking on the floor in the Senate in defense of the senior senator during the climax of the Smoot hearings. Sutherland's tenure in the Senate coincided with the Progressive Era in American politics, he voted for much of Theodore Roosevelt's legislative agenda, including the Pure Food and Drug Act, the Hepburn Act, the Federal Employers Liability Act. He was "a longstanding women’s rights advocate, he introduced the Nineteenth Amendment into the Senate... campaigned for the passage of that amendment, helped draft the Equal Rights Amendment, was a friend and adviser of Alice Paul of the National Woman's Party." However, he sided with the "Old Guard" of conservatives who battled with their Progressive counterparts within the party during William Howard Taft's presidency. He was involved with the legal codification of the period and joined Taft in opposing the legislation admitting New Mexico and Arizona into the union because of clauses within their constitutions allowing for the recall of judges.
The election of Woodrow Wilson and the Democratic takeover of Congress in 1912 put Sutherland and the other conservatives on the defensive. By now a national figur
United States Reports
The United States Reports are the official record of the rulings, case tables, in alphabetical order both by the name of the petitioner and by the name of the respondent, other proceedings of the Supreme Court of the United States. United States Reports, once printed and bound, are the final version of court opinions and cannot be changed. Opinions of the court in each case are prepended with a headnote prepared by the Reporter of Decisions, any concurring or dissenting opinions are published sequentially; the Court's Publication Office oversees the binding and publication of the volumes of United States Reports, although the actual printing and publication are performed by private firms under contract with the United States Government Publishing Office. For lawyers, citations to United States Reports are the standard reference for Supreme Court decisions. Following The Bluebook, a accepted citation protocol, the case Brown, et al. v. Board of Education of Topeka, for example, would be cited as: Brown v. Bd. of Educ.
347 U. S. 483. This citation indicates that the decision of the Court in the case entitled Brown v. Board of Education, as abbreviated in Bluebook style, was decided in 1954 and can be found in volume 347 of the United States Reports starting on page 483; the early volumes of the United States Reports were published by the individual Supreme Court Reporters. As was the practice in England, the reports were designated by the names of the reporters who compiled them: Dallas's Reports, Cranch's Reports, etc; the decisions appearing in the entire first volume and most of the second volume of United States Reports are not decisions of the United States Supreme Court. Instead, they are decisions from various Pennsylvania courts, dating from the colonial period and the first decade after Independence. Alexander Dallas, a lawyer and journalist, of Philadelphia, had been in the business of reporting these cases for newspapers and periodicals, he subsequently began compiling his case reports in a bound volume, which he called Reports of cases ruled and adjudged in the courts of Pennsylvania and since the Revolution.
This would come to be known as the first volume of Dallas Reports. When the United States Supreme Court, along with the rest of the new Federal Government moved, in 1791, from New York City to the nation's temporary capital in Philadelphia, Dallas was appointed the Supreme Court's first unofficial, unpaid, Supreme Court Reporter. Dallas continued to publish Pennsylvania decisions in a second volume of his Reports; when the Supreme Court began hearing cases, he added those cases to his reports, starting towards the end of the second volume, 2 Dallas Reports, with West v. Barnes. Dallas went on to publish a total of four volumes of decisions during his tenure as Reporter; when the Supreme Court moved to Washington, D. C. in 1800, Dallas remained in Philadelphia, William Cranch took over as unofficial reporter of decisions. In 1817, Congress made the Reporter of Decisions an official, salaried position, although the publication of the Reports remained a private enterprise for the reporter's personal gain.
The reports themselves were the subject of an early copyright case, Wheaton v. Peters, in which former reporter Henry Wheaton sued current reporter Richard Peters for reprinting cases from Wheaton's Reports in abridged form. In 1874, the U. S. government began creating the United States Reports. The earlier, private reports were retroactively numbered volumes 1–90 of the United States Reports, starting from the first volume of Dallas Reports. Therefore, decisions appearing in these early reports have dual citation forms: one for the volume number of the United States Reports. For example, the complete citation to McCulloch v. Maryland is 17 U. S. 316. Reporter of Decisions of the Supreme Court of the United States Lists of United States Supreme Court cases by volume National Reporter System United States Supreme Court: Information About Opinions United States Supreme Court: Bound Volumes – Lists of PDFs Torrents of United States Reports 502–550
A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a U. S. paper currency and a current meaning as a way to invest in gold. Banks may issue gold certificates for gold, allocated or unallocated. Unallocated gold certificates are a form of fractional-reserve banking and do not guarantee an equal exchange for metal in the event of a run on the issuing bank's gold on deposit. Allocated gold certificates should be correlated with specific numbered bars, although it is difficult to determine whether a bank is improperly allocating a single bar to more than one party; the gold certificate was used from 1863 to 1933 in the United States as a form of paper currency. Each certificate gave its holder title to a corresponding amount of gold coin at the statutory rate of $20.67 per troy ounce established by the Coinage Act of 1834. Therefore, this type of paper currency was intended to represent actual gold coinage.
In 1933 the practice of redeeming these notes for gold coins was ended by the U. S. government and until 1964 it was illegal to possess these notes. After the gold recall in 1933, gold certificates were withdrawn from circulation; as noted above, it was illegal to own them. That fact, public fear that the notes would be devalued and made obsolete, resulted in the majority of circulating notes being retired. In general, the notes are scarce and valuable examples in "new" condition; the early history of United States gold certificates is somewhat hazy. They were authorized under the Act of 3 March 1863, but unlike the United States Notes authorized, they were not printed until 1865, they did not have a series date, were hand-dated upon issue. "Issue" meant that the government took in the equivalent value in gold, the first several series of gold certificates promised to pay the amount only to the depositor, explicitly identified on the certificate itself. The first issue featured a vignette of an eagle uniformly across all denominations.
Several issues featured various portraits of historical figures. The reverse sides featured abstract designs; the only exception was the $20 of 1865. From 1862 to 1879, United States Notes were legal tender and the dominant paper currency but were not convertible at face value into gold and traded at a discount; however some transactions, such as customs duties and interest on the federal debt, were required to be made in gold. Thus the early gold certificates were acceptable in some transactions where United States Notes were not, but were not used in general circulation due to their premium value. After 1879, the government was willing to redeem United States Notes at face value in gold, bringing the United States Notes into parity with gold certificates, making the latter a candidate for general circulation; the Series of 1882 was the first series, payable to the bearer. This was the case with all gold certificate series from that point on, with the exception of 1888, 1900, 1934; the series of 1888 and 1900 were issued to specific depositors, as before.
The series of 1882 had the same portraits as the series of 1875, but a different back design, featuring a series of eagles, as well as complex border work. Gold certificates, along with all other U. S. currency, were made in two sizes—a larger size from 1865 to 1928, a smaller size from 1928 to 1934. The backs of all large-sized notes and the small-sized notes of the Series of 1934 were orange, resulting in the nickname "goldbacks"; the backs of the Series of 1928 bills were green, identical to the corresponding denomination of the more familiar Federal Reserve Notes, including the usual buildings on the $10 through $100 designs and the less-known abstract designs of denominations $500 and up. With the 1934 issue, the promise to pay was amended with the phrase "as authorized by law", as redemption was now restricted to only certain entities; the phrase "in gold coin" was changed to "in gold" as the physical amount of gold represented would vary with changes in the government price. Both large and small size gold certificates feature a gold treasury seal on the obverse, just as U.
S. Notes feature a red seal, silver certificates a blue seal, Federal Reserve Notes a green seal. Another interesting note is the Series of 1900. Along with the $5,000 and $10,000 of the Series of 1888, all 1900 bills have been redeemed, no longer have legal tender status. Most were destroyed, with the exception of a number of 1900 $10,000 bills that were in a box in a post office near the U. S. Treasury in Washington, D. C. There was a fire on 13 December 1935, employees threw burning boxes out into the street; the box of canceled high-denomination currency burst open. Much to everyone's dismay, they were worthless. There are several hundred outstanding, their ownership is technically illegal, as they are stolen property. However, due to their lack of intrinsic value, the government has not prosecuted any owners, citing more important concerns, they carry a collector value in the numismatic market and, as noted in Bowers and Sundermans' The 100 Greatest American Currency Notes, the only United States notes that can be purchased for less than their face value.
This is the only example of "circulating" U. S. cu
The New Deal was a series of programs, public work projects, financial reforms, regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1936, it responded to needs for relief and recovery from the Great Depression. Major federal programs included the Civilian Conservation Corps, the Civil Works Administration, the Farm Security Administration, the National Industrial Recovery Act of 1933 and the Social Security Administration, they provided support for farmers, the unemployed and the elderly. The New Deal included new constraints and safeguards on the banking industry and efforts to re-inflate the economy after prices had fallen sharply. New Deal programs included both laws passed by Congress as well as presidential executive orders during the first term of the presidency of Franklin D. Roosevelt; the programs focused on what historians refer to as the "3 Rs": relief for the unemployed and poor, recovery of the economy back to normal levels and reform of the financial system to prevent a repeat depression.
The New Deal produced a political realignment, making the Democratic Party the majority with its base in liberal ideas, the South, traditional Democrats, big city machines and the newly empowered labor unions and ethnic minorities. The Republicans were split, with conservatives opposing the entire New Deal as hostile to business and economic growth and liberals in support; the realignment crystallized into the New Deal coalition that dominated presidential elections into the 1960s while the opposing conservative coalition controlled Congress in domestic affairs from 1937 to 1964. By 1936, the term "liberal" was used for supporters of the New Deal and "conservative" for its opponents. From 1934 to 1938, Roosevelt was assisted in his endeavors by a "pro-spender" majority in Congress. In the 1938 midterm election and his liberal supporters lost control of Congress to the bipartisan conservative coalition. Many historians distinguish between a First New Deal and a Second New Deal, with the second one more liberal and more controversial.
The First New Deal dealt with the pressing banking crises through the Emergency Banking Act and the 1933 Banking Act. The Federal Emergency Relief Administration provided $500 million for relief operations by states and cities, while the short-lived CWA gave locals money to operate make-work projects in 1933–1934; the Securities Act of 1933 was enacted to prevent a repeated stock market crash. The controversial work of the National Recovery Administration was part of the First New Deal; the Second New Deal in 1935–1938 included the Wagner Act to protect labor organizing, the Works Progress Administration relief program, the Social Security Act and new programs to aid tenant farmers and migrant workers. The final major items of New Deal legislation were the creation of the United States Housing Authority and the FSA, which both occurred in 1937; the FSA was one of the oversight authorities of the Puerto Rico Reconstruction Administration, which administered relief efforts to Puerto Rican citizens affected by the Great Depression.
The economic downturn of 1937–1938 and the bitter split between the American Federation of Labor and Congress of Industrial Organizations labor unions led to major Republican gains in Congress in 1938. Conservative Republicans and Democrats in Congress joined in the informal conservative coalition. By 1942–1943, they shut down relief programs such as the WPA and the CCC and blocked major liberal proposals. Nonetheless, Roosevelt turned his attention to the war effort and won reelection in 1940–1944. Furthermore, the Supreme Court declared the NRA and the first version of the Agricultural Adjustment Act unconstitutional, but the AAA was rewritten and upheld. Republican president Dwight D. Eisenhower left the New Deal intact expanding it in some areas. In the 1960s, Lyndon B. Johnson's Great Society used the New Deal as inspiration for a dramatic expansion of liberal programs, which Republican Richard Nixon retained. However, after 1974 the call for deregulation of the economy gained bipartisan support.
The New Deal regulation of banking lasted. Several New Deal programs remain active and those operating under the original names include the Federal Deposit Insurance Corporation, the Federal Crop Insurance Corporation, the Federal Housing Administration and the Tennessee Valley Authority; the largest programs still in existence today are the Social Security System and the Securities and Exchange Commission. From 1929 to 1933 manufacturing output decreased by one third, which economists call the Great Contraction. Prices fell by 20 %. Unemployment in the United States increased from 4% to 25%. Additionally, one-third of all employed persons were downgraded to working part-time on much smaller paychecks. In the aggregate 50% of the nation's human work-power was going unused. Before the New Deal, there was no insurance on deposits at banks; when thousands of banks closed, depositors lost their savings as at that time there was no national safety net, no public unemployment insurance and no Social Security.
Relief for the poor was the respons
J. P. Morgan Chase Bank, N. A. doing business as Chase Bank, is a national bank headquartered in Manhattan, New York City, that constitutes the consumer and commercial banking subsidiary of the U. S. multinational banking and financial services JPMorgan Chase & Co.. The bank was known as Chase Manhattan Bank until it merged with J. P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and The Manhattan Company in 1955; the bank has been headquartered in Columbus, Ohio since its merger with Bank One Corporation in 2004. The bank acquired most assets of The Washington Mutual. Chase offers 16,000 ATMs nationwide. JPMorgan Chase & Co. operates in more than 100 countries. JPMorgan Chase & Co. had their assets of $2.49 trillion in 2016. JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States. From September 1, 1799, to 1955, it was called The Bank of The Manhattan Company. Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street: After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the Bronx River but in fact designed as a front for the creation of New York's second bank, rivaling Alexander Hamilton's Bank of New York.
In 2006, the modern-day Chase bought the retail banking division of the Bank of New York, which only months merged with Pittsburgh-based Mellon Financial to form the present-day BNY Mellon. Chase National Bank was formed in 1877 by John Thompson, it was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase, although Chase did not have a connection with the bank; the Chase National Bank acquired a number of smaller banks in the 1920s, through its Chase Securities Corporation. In 1926, for instance, it acquired Metals National Bank. However, its most significant acquisition was the Equitable Trust Company of New York in 1930, the largest stockholder of, John D. Rockefeller, Jr; this made Chase the largest bank in America and indeed, in the world. Chase was a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric, which had, through its RCA subsidiary, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930.
The bank is closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil ExxonMobil, which are Rockefeller holdings. In 1955, Chase National Bank and The Manhattan Company merged to create The Chase Manhattan Bank; as Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as a merger by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity; this avoided the need for unanimous consent by shareholders. For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today.
The Chase logo is a stylized representation of the primitive water pipes laid by the Manhattan Company, which were made by nailing together wooden planks. The bank included. Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller, the bank became part of a bank holding company, the Chase Manhattan Corporation. In July 1996, Chemical Bank of New York purchased Chase Manhattan Bank. Chemical's previous acquisitions included Manufacturers Hanover Corporation, in 1991, Texas Commerce Bank, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since it was better known. In December 2000, the combined Chase Manhattan completed the acquisition of J. P. Morgan & Co. in one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the United States.
JPMorgan Chase added Bear Stearns & Co. and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have 5,410 branches in 23 states as of the closing date of the acquisition. According to data from SNL Financial, this places Chase third behind Wells Fargo and Bank of America in terms of total U. S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market; the suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008. The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995: In 2004, JPMorgan Chase merged w