1.
United States Note
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A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U. S. Having been current for more than 100 years, they were issued for longer than any form of U. S. paper money. They were known popularly as greenbacks, a name inherited from the earlier greenbacks, the Demand Notes, often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. They were originally issued directly into circulation by the U. S. Treasury to pay expenses incurred by the Union during the American Civil War, during the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury. S. Treasury Seals and serial numbers in place of green ones, existing United States Notes remain valid currency in the United States, however, as no United States Notes have been issued since January 1971, they are increasingly rare in circulation. The Act of July 17,1861 authorized United States Secretary of the Treasury Salmon P. Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field. While issued within the framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size as banknotes. During December 1861, economic conditions deteriorated and a suspension of specie payment caused the government to cease redeeming the Demand Notes as coins, the beginning of 1862 found the Unions expenses increasing, and the government was having trouble funding the escalating war. Demand Notes—which were used, among other things, to pay Union soldiers—were unredeemable, congressman and Buffalo banker Elbridge G. Spaulding prepared a bill, based on the Free Banking Law of New York, that eventually became the National Banking Act of 1863. This caused tremendous controversy in Congress, as hitherto the Constitution had been interpreted as not granting the government the power to issue a paper currency. Spaulding justified the action as a means of carrying into execution the powers granted in the Constitution to raise and support armies. Initially, the emission was limited to $150,000,000 total face value between the new Legal Tender Notes and the existing Demand Notes, the Act also intended for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of $5, $10, and $20, in addition, notes of entirely new design were introduced in denominations of $50, $100, $500 and $1000. The Demand Notes printed promise of payment On Demand was removed, Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserves, and had no interest. The Act did provide that the notes be receivable by the government for short term deposits at 5% interest, the rationale for these terms was that the Union government would preserve its credit-worthiness by supporting the value of its bonds by paying their interest in gold. Lastly, by making the bonds available for purchase at par in United States Notes, the limitations of the legal tender status were quite controversial. This controversy would continue until the removal of the exceptions during 1933, the largest amount of greenbacks outstanding at any one time was calculated as $447,300,203.10
2.
Federal Reserve Note
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Federal Reserve Notes, also United States banknotes or U. S. banknotes, are the banknotes currently used in the United States of America. Denominated in United States dollars, Federal Reserve Notes are printed by the United States Bureau of Engraving and Printing on paper made by Crane & Co. of Dalton, Federal Reserve Notes are the only type of U. S. banknote currently produced. The notes are then put into circulation by the Federal Reserve Banks, at which point they become liabilities of the Federal Reserve Banks, Federal Reserve Notes are legal tender, with the words this note is legal tender for all debts, public and private printed on each note. They have replaced United States Notes, which were issued by the Treasury Department. Federal Reserve Notes are backed by the assets of the Federal Reserve Banks and these assets are generally Treasury securities which have been purchased by the Federal Reserve through its Federal Open Market Committee in a process called debt monetizing. This monetized debt can increase the supply, either with the issuance of new Federal Reserve Notes or with the creation of debt money. This increase in the base leads to a larger increase in the money supply through fractional-reserve banking as deposits are lent. Prior to centralized banking, each bank issued its own notes. The first institution with responsibilities of a bank in the U. S. was the First Bank of the United States. Its charter was not renewed in 1811, in 1816, the Second Bank of the United States was chartered, its charter was not renewed in 1836, after President Andrew Jackson campaigned heavily for its disestablishment. From 1837 to 1862, in the Free Banking Era there was no central bank. From 1862 to 1913, a system of banks was instituted by the 1863 National Banking Act. The first printed notes were Series 1914, in 1928, cost-cutting measures were taken to reduce the note to the size it is today. The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913, legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the signature of the Treasurer of the United States, at the time of the Federal Reserves creation, the law provided for notes to be redeemed to the Treasury in gold or lawful money. The Emergency Banking Act of 1933 removed the gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value, under the Bretton Woods system, although citizens could not possess gold, the federal government continued to maintain a stable international gold price. This system ended with the Nixon Shock of 1971, present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the collateral assets that Federal Reserve Banks post in order to obtain them. Series 1914 FRN were the first of two large-size issues, denominations were $5, $10, $20, $50, and $100 printed first with a red seal and then continued with a blue seal
3.
Green
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Green is the color between blue and yellow on the spectrum of visible light. It is evoked by light with a predominant wavelength of roughly 495–570 nm, the modern English word green comes from the Middle English and Anglo-Saxon word grene, from the same Germanic root as the words grass and grow. It is the color of living grass and leaves and as a result is the color most associated with springtime, growth, by far the largest contributor to green in nature is chlorophyll, the chemical by which plants photosynthesize and convert sunlight into chemical energy. Many creatures have adapted to their environments by taking on a green hue themselves as camouflage. Several minerals have a color, including the emerald, which is colored green by its chromium content. In surveys made in Europe and the United States, green is the color most commonly associated with nature, life, health, youth, spring, hope and envy. In Europe and the U. S. green is associated with death, sickness, or the devil. In the Middle Ages and Renaissance, when the color of clothing showed the social status, green was worn by merchants, bankers. The Mona Lisa by Leonardo da Vinci wears green, showing she is not from a noble family, Green is also the traditional color of safety and permission, a green light means go ahead, a green card permits permanent residence in the United States. It is the most important color in Islam and it was the color of the banner of Muhammad, and is found in the flags of nearly all Islamic countries, and represents the lush vegetation of Paradise. It is also associated with the culture of Gaelic Ireland. Because of its association with nature, it is the color of the environmental movement, political groups advocating environmental protection and social justice describe themselves as part of the Green movement, some naming themselves Green parties. This has led to campaigns in advertising, as companies have sold green, or environmentally friendly. The word green comes from the Middle English and Old English word grene, which, like the German word grün, has the same root as the words grass and grow. It is from a Common Germanic *gronja-, which is reflected in Old Norse grænn, Old High German gruoni, ultimately from a PIE root *ghre- to grow. The first recorded use of the word as a term in Old English dates to ca. Latin with viridis also has a genuine and widely used term for green, related to virere to grow and ver spring, it gave rise to words in several Romance languages, French vert, Italian verde. Likewise the Slavic languages with zelenъ, Ancient Greek also had a term for yellowish, pale green – χλωρός, chloros, cognate with χλοερός verdant and χλόη the green of new growth
4.
Obverse and reverse
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In this usage, obverse means the front face of the object and reverse means the back face. The obverse of a coin is commonly called heads, because it depicts the head of a prominent person. In fields of scholarship outside numismatics, the front is more commonly used than obverse. For prints and drawings with material on both sides the one judged as more significant will be the recto, a convention now exists typically to display the obverse to the left and the reverse to the right in photographs and museum displays, but this is not invariably observed. Following this principle, in the most famous of ancient Greek coins, the tetradrachm of Athens, the obverse is the head of Athena, similar versions of these two images, both symbols of the state, were used on the Athenian coins for more than two centuries. The opposite side may have varied from time to time and this change happened in the coinage of Alexander the Great, which continued to be minted long after his death. The various Hellenistic rulers who were his successors followed his tradition and this script alone style then was used on nearly all Islamic coinage until the modern period. The type of Justinian II was revived after the end of Iconoclasm, without images, therefore, it is not always easy to tell which side will be regarded as the obverse without some knowledge. After 695, Islamic coins avoided all images of persons and usually, the side expressing the Six Kalimas is usually defined as the obverse. The form of currency follows its function, which is to serve as an accepted medium of exchange of value. Traditionally, most states have been monarchies where the person of the monarch, if not provided for on the obverse, the reverse side usually contains information relating to a coins role as medium of exchange. Additional space typically reflects the countrys culture or government, or evokes some aspect of the states territory. Regarding the euro, some regarding the obverse and reverse of the euro coins exists. This rule does not apply to the coins as they dont have a common side. A number of the used for obverse national sides of euro coins were taken from the reverse of the old pre-euro coins of some individual countries. Several countries continue to use portraits of the monarch and the Republic of Ireland continues to use the State Arms. The Chrysanthemum Crest was no longer used after the war, and so, the side on which the date continues to be regarded as the reverse. Following ancient tradition, the obverse of coins of the United Kingdom almost always feature the head of the monarch
5.
Union (American Civil War)
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The Union was opposed by 11 southern slave states that formed the Confederate States, or the Confederacy. All of the Unions states provided soldiers for the U. S. Army, the Border states played a major role as a supply base for the Union invasion of the Confederacy. The Northeast provided the resources for a mechanized war producing large quantities of munitions and supplies. The Midwest provided soldiers, food, horses, financial support, Army hospitals were set up across the Union. Most states had Republican governors who energetically supported the war effort, the Democratic Party strongly supported the war in 1861 but in 1862 was split between the War Democrats and the anti-war element led by the Copperheads. The Democrats made major gains in 1862 in state elections. They lost ground in 1863, especially in Ohio, in 1864 the Republicans campaigned under the National Union Party banner, which attracted many War Democrats and soldiers and scored a landslide victory for Lincoln and his entire ticket. The war years were quite prosperous except where serious fighting and guerrilla warfare took place along the southern border, prosperity was stimulated by heavy government spending and the creation of an entirely new national banking system. The Union states invested a great deal of money and effort in organizing psychological and social support for soldiers wives, widows, orphans, and for the soldiers themselves. Most soldiers were volunteers, although after 1862 many volunteered to escape the draft, Draft resistance was notable in some larger cities, especially New York City with its massive anti-draft riots of 1863 and in some remote districts such as the coal mining areas of Pennsylvania. In the context of the American Civil War, the Union is sometimes referred to as the North, both then and now, as opposed to the Confederacy, which was the South. The Union never recognized the legitimacy of the Confederacys secession and maintained at all times that it remained entirely a part of the United States of America, in foreign affairs the Union was the only side recognized by all other nations, none of which officially recognized the Confederate government. The term Union occurs in the first governing document of the United States, the subsequent Constitution of 1787 was issued and ratified in the name not of the states, but of We the People of the United States, in Order to form a more perfect Union. Union, for the United States of America, is repeated in such clauses as the Admission to the Union clause in Article IV. Even before the war started, the preserve the Union was commonplace. Using the term Union to apply to the non-secessionist side carried a connotation of legitimacy as the continuation of the political entity. In comparison to the Confederacy, the Union had a large industrialized and urbanized area, additionally, the Union states had a manpower advantage of 5 to 2 at the start of the war. Year by year, the Confederacy shrank and lost control of increasing quantities of resources, meanwhile, the Union turned its growing potential advantage into a much stronger military force
6.
American Civil War
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The American Civil War was an internal conflict fought in the United States from 1861 to 1865. The Union faced secessionists in eleven Southern states grouped together as the Confederate States of America, the Union won the war, which remains the bloodiest in U. S. history. Among the 34 U. S. states in February 1861, War broke out in April 1861 when Confederates attacked the U. S. fortress of Fort Sumter. The Confederacy grew to eleven states, it claimed two more states, the Indian Territory, and the southern portions of the western territories of Arizona. The Confederacy was never recognized by the United States government nor by any foreign country. The states that remained loyal, including border states where slavery was legal, were known as the Union or the North, the war ended with the surrender of all the Confederate armies and the dissolution of the Confederate government in the spring of 1865. The war had its origin in the issue of slavery. The Confederacy collapsed and 4 million slaves were freed, but before his inauguration, seven slave states with cotton-based economies formed the Confederacy. The first six to declare secession had the highest proportions of slaves in their populations, the first seven with state legislatures to resolve for secession included split majorities for unionists Douglas and Bell in Georgia with 51% and Louisiana with 55%. Alabama had voted 46% for those unionists, Mississippi with 40%, Florida with 38%, Texas with 25%, of these, only Texas held a referendum on secession. Eight remaining slave states continued to reject calls for secession, outgoing Democratic President James Buchanan and the incoming Republicans rejected secession as illegal. Lincolns March 4,1861 inaugural address declared that his administration would not initiate a civil war, speaking directly to the Southern States, he reaffirmed, I have no purpose, directly or indirectly to interfere with the institution of slavery in the United States where it exists. I believe I have no right to do so, and I have no inclination to do so. After Confederate forces seized numerous federal forts within territory claimed by the Confederacy, efforts at compromise failed, the Confederates assumed that European countries were so dependent on King Cotton that they would intervene, but none did, and none recognized the new Confederate States of America. Hostilities began on April 12,1861, when Confederate forces fired upon Fort Sumter, while in the Western Theater the Union made significant permanent gains, in the Eastern Theater, the battle was inconclusive in 1861–62. The autumn 1862 Confederate campaigns into Maryland and Kentucky failed, dissuading British intervention, Lincoln issued the Emancipation Proclamation, which made ending slavery a war goal. To the west, by summer 1862 the Union destroyed the Confederate river navy, then much of their western armies, the 1863 Union siege of Vicksburg split the Confederacy in two at the Mississippi River. In 1863, Robert E. Lees Confederate incursion north ended at the Battle of Gettysburg, Western successes led to Ulysses S. Grants command of all Union armies in 1864
7.
Demand Note
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A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5,10, and 20 US$. The U. S. government placed the Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel. S. currency today. As a result, most Demand Notes were redeemed, though the few remaining Demand Notes are the oldest valid currency in the United States today, the Demand Notes were a transitional issue connecting these Treasury Notes to modern paper money. The Continental Congress had issued Continental dollars between 1775 and 1779 to help finance the American Revolution, while the constitution did not explicitly grant the power to issue paper currency, it did grant the power to borrow money. Treasury Notes, as a form of debt, were an innovation to help bridge federal financing gaps when the government encountered difficulty selling a sufficient amount of long term bonds, Treasury Notes were first employed during the War of 1812 and were issued irregularly up through the civil war. Characteristically the issues were not extensive and the fiction was always maintained that Treasury Notes did not serve as money when, in fact. These notes usually bore interest, their value varied with market conditions, however, only $3,392,994 were issued, and these were rapidly exchanged for bonds. In witness to the limited circulation achieved by these notes, only two issued uncancelled examples of the Small Treasury Notes are known today vs. almost 1000 examples of the Demand Notes. One response from Congress was the Act of July 17,1861, of this sum, up to $50,000,000 was authorized as non-interest bearing Treasury Notes, payable upon demand, in denominations less than fifty dollars and not less than ten dollars. These were called Demand Notes to distinguish them from the interest-bearing Treasury Notes in existence at the time, the notes were to be redeemable through the assistant treasurers offices at Philadelphia, Boston, and New York. These signature provisions would later be altered several times and this act also stipulated that prior to December 31,1862, an individual Demand Note could be re-issued into circulation after it was presented for redemption. Just before they were to be released, the Act of August 5,1861 and it allowed for Demand Notes to be issued in denominations of not less than $5 and be redeemable through the assistant treasurers office at St. Louis or the bullion depository in Cincinnati. This act also stated that the Treasurer of the United States, under this act, Demand Notes did not need to carry the seal of the U. S. Treasury. Because the Bureau of Engraving and Printing did not exist at the time, both companies were prominent printers of banknotes for private and state-chartered banks throughout the country. Most likely, the American Bank Note Company engraved the plates for $5. All of the Demand Notes were printed by the American Bank Note Company, as designed, they were of the same size, and in appearance closely resembled banknotes. Secretary of the Treasury Chase began distributing the notes to meet Union obligations in August 1861, initially, various merchants, banks and especially the railroad industry accepted the notes at a discounted rate or did not accept them at all. Louis, and at the Depository of Cincinnati and they must be always equivalent to gold, and often and for many purposes more convenient and valuable
8.
Gold
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Gold is a chemical element with symbol Au and atomic number 79. In its purest form, it is a bright, slightly yellow, dense, soft, malleable. Chemically, gold is a metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions, Gold often occurs in free elemental form, as nuggets or grains, in rocks, in veins, and in alluvial deposits. It occurs in a solid solution series with the element silver and also naturally alloyed with copper. Less commonly, it occurs in minerals as gold compounds, often with tellurium, golds atomic number of 79 makes it one of the higher numbered, naturally occurring elements. It is thought to have produced in supernova nucleosynthesis, from the collision of neutron stars. Because the Earth was molten when it was formed, almost all of the present in the early Earth probably sank into the planetary core. Gold is resistant to most acids, though it does dissolve in aqua regia, a mixture of acid and hydrochloric acid. Gold also dissolves in solutions of cyanide, which are used in mining and electroplating. Gold dissolves in mercury, forming amalgam alloys, but this is not a chemical reaction, as a precious metal, gold has been used for coinage, jewelry, and other arts throughout recorded history. A total of 186,700 tonnes of gold is in existence above ground, the world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry. Gold is also used in infrared shielding, colored-glass production, gold leafing, certain gold salts are still used as anti-inflammatories in medicine. As of 2014, the worlds largest gold producer by far was China with 450 tonnes, Gold is cognate with similar words in many Germanic languages, deriving via Proto-Germanic *gulþą from Proto-Indo-European *ǵʰelh₃-. The symbol Au is from the Latin, aurum, the Latin word for gold, the Proto-Indo-European ancestor of aurum was *h₂é-h₂us-o-, meaning glow. This word is derived from the root as *h₂éu̯sōs, the ancestor of the Latin word Aurora. This etymological relationship is presumably behind the frequent claim in scientific publications that aurum meant shining dawn, Gold is the most malleable of all metals, a single gram can be beaten into a sheet of 1 square meter, and an avoirdupois ounce into 300 square feet. Gold leaf can be thin enough to become semi-transparent
9.
Silver
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Silver is a metallic element with symbol Ag and atomic number 47. The symbol Ag stems from Latin argentum, derived from the Greek ὰργὀς, a soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earths crust in the pure, free form, as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, Silver is more abundant than gold, but it is much less abundant as a native metal. Its purity is measured on a per mille basis, a 94%-pure alloy is described as 0.940 fine. As one of the seven metals of antiquity, silver has had a role in most human cultures. Silver has long valued as a precious metal. Silver metal is used in many premodern monetary systems in bullion coins, Silver is used in numerous applications other than currency, such as solar panels, water filtration, jewelry, ornaments, high-value tableware and utensils, and as an investment medium. Silver is used industrially in electrical contacts and conductors, in specialized mirrors, window coatings, Silver compounds are used in photographic film and X-rays. Dilute silver nitrate solutions and other compounds are used as disinfectants and microbiocides, added to bandages and wound-dressings, catheters. Silver is similar in its physical and chemical properties to its two neighbours in group 11 of the periodic table, copper and gold. This distinctive electron configuration, with an electron in the highest occupied s subshell over a filled d subshell. Silver is a soft, ductile and malleable transition metal. Silver crystallizes in a cubic lattice with bulk coordination number 12. Unlike metals with incomplete d-shells, metallic bonds in silver are lacking a covalent character and are relatively weak and this observation explains the low hardness and high ductility of single crystals of silver. Silver has a brilliant white metallic luster that can take a polish. Protected silver has greater optical reflectivity than aluminium at all wavelengths longer than ~450 nm, at wavelengths shorter than 450 nm, silvers reflectivity is inferior to that of aluminium and drops to zero near 310 nm. The electrical conductivity of silver is the greatest of all metals, greater even than copper, during World War II in the US,13540 tons of silver were used in electromagnets for enriching uranium, mainly because of the wartime shortage of copper
10.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
11.
Early American currency
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Early American currency went through several stages of development in colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies became the United States in 1776. Colonial governments sometimes issued paper money to facilitate economic activity, the British Parliament passed Currency Acts in 1751,1764, and 1773 that regulated colonial paper money. During the American Revolution, the colonies became independent states, freed from British monetary regulations, the Continental Congress also issued paper money during the Revolution, known as Continental currency, to fund the war effort. Both state and Continental currency depreciated rapidly, becoming practically worthless by the end of the war and this depreciation was caused by the government having to over-print in order to meet the demands of war. There were three types of money in the colonies of British America, specie, paper money. Commodity money was used when cash was scarce, commodities such as tobacco, beaver skins, and wampum served as money at various times and places. Cash in the colonies was denominated in pounds, shillings, the value varied from colony to colony, a Massachusetts pound, for example, was not equivalent to a Pennsylvania pound. All colonial pounds were of value than the British pound sterling. The coins in circulation in the colonies were most often of Spanish, the prevalence of the Spanish dollar in the colonies led to the money of the United States being denominated in dollars rather than pounds. One by one, colonies began to issue their own money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created the first authorized paper money issued by any government in the Western World and this paper money was issued to pay for a military expedition during King Williams War. Other colonies followed the example of Massachusetts Bay by issuing their own currency in subsequent military conflicts. The paper bills issued by the colonies were known as bills of credit, bills of credit were usually fiat money, they could not be exchanged for a fixed amount of gold or silver coins upon demand. Bills of credit were usually issued by governments to pay debts. The governments would then retire the currency by accepting the bills for payment of taxes, when colonial governments issued too many bills of credit or failed to tax them out of circulation, inflation resulted. This happened especially in New England and the colonies, which. Pennsylvania, however, was responsible in not issuing too much currency, pennsylvanias paper currency, secured by land, was said to have generally maintained its value against gold from 1723 until the Revolution broke out in 1775
12.
American Revolution
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The British responded by imposing punitive laws on Massachusetts in 1774 known as the Coercive Acts, following which Patriots in the other colonies rallied behind Massachusetts. Tensions escalated to the outbreak of fighting between Patriot militia and British regulars at Lexington and Concord in April 1775, the conflict then developed into a global war, during which the Patriots fought the British and Loyalists in what became known as the American Revolutionary War. The Continental Congress determined King George IIIs rule to be tyrannical and infringing the rights as Englishmen. The Patriot leadership professed the political philosophies of liberalism and republicanism to reject monarchy and aristocracy, Congress rejected British proposals requiring allegiance to the monarchy and abandonment of independence. The British were forced out of Boston in 1776, but then captured and they blockaded the ports and captured other cities for brief periods, but failed to defeat Washingtons forces. After a failed Patriot invasion of Canada, a British army was captured at the Battle of Saratoga in late 1777, a combined American–French force captured a second British army at Yorktown in 1781, effectively ending the war in the United States. The Treaty of Paris in 1783 formally ended the conflict, confirming the new nations complete separation from the British Empire. The United States took possession of all the territory east of the Mississippi River and south of the Great Lakes, with the British retaining control of Canada. Among the significant results of the revolution was the creation of a new Constitution of the United States. Historians typically begin their histories of the American Revolution with the British victory in the French and Indian War in 1763, the lands west of Quebec and west of a line running along the crest of the Allegheny mountains became Indian territory, temporarily barred to settlement. For the prior history, see Thirteen Colonies, in 1764, Parliament passed the Currency Act to restrain the use of paper money which British merchants saw as a means to evade debt payments. Parliament also passed the Sugar Act, imposing customs duties on a number of articles, none did and Parliament passed the Stamp Act in March 1765 which imposed direct taxes on the colonies for the first time. All official documents, newspapers, almanacs, and pamphlets—even decks of playing cards—were required to have the stamps, the colonists did not object that the taxes were high, but because they had no representation in the Parliament. Benjamin Franklin testified in Parliament in 1766 that Americans already contributed heavily to the defense of the Empire, stationing a standing army in Great Britain during peacetime was politically unacceptable. London had to deal with 1,500 politically well-connected British officers who became redundant, in 1765, the Sons of Liberty formed. They used public demonstrations, boycott, violence, and threats of violence to ensure that the British tax laws were unenforceable, in Boston, the Sons of Liberty burned the records of the vice admiralty court and looted the home of chief justice Thomas Hutchinson. Several legislatures called for united action, and nine colonies sent delegates to the Stamp Act Congress in New York City in October 1765, moderates led by John Dickinson drew up a Declaration of Rights and Grievances stating that taxes passed without representation violated their rights as Englishmen. Colonists emphasized their determination by boycotting imports of British merchandise, the Parliament at Westminster saw itself as the supreme lawmaking authority throughout all British possessions and thus entitled to levy any tax without colonial approval
13.
Treasury Note (19th century)
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A Treasury Note is a type of short term debt instrument issued by the United States prior to the creation of the Federal Reserve System in 1913. While the Treasury Notes, as issued, were legal tender nor representative money. However the motivation behind their issuance was always funding federal expenditures rather than the provision of a circulating medium. Often they were receivable at face value by the government in payment of taxes and for purchases of publicly owned land, and thus might to some extent be regarded as paper money. On many issues the interest rate was chosen to make interest calculations particularly easy, paying either 1, 1½, today the Treasurys short term debt needs are fulfilled by Treasury bills. The early finances of the government of the United States were precarious. To help finance the American Revolution the Continental Congress had issued Continental Dollars between 1775 and 1779, as part of the Compromise of 1790, the Continental Dollars were redeemed at a loss of over 99% vs. As a result, Americas early creditors had reason to be wary of a paper currency, the Founding Fathers were divided over whether the United States needed a central bank similar to the Bank of England to issue currency and facilitate the governments use of credit. Having thus set the precedent, the Treasury would go on to issue such notes up through the Civil War. Several issues of Treasury Notes were made during the War of 1812 from 1812 to 1815, most of these notes paid 5 2⁄5% interest, matured in one year, and were receivable in payment for public dues. While $37 million were issued, no more than $17 million were outstanding at any one time, only about $6 million of the loan was placed in the form of 6% interest bonds, and thus $5 million of Notes were issued. The Notes were made receivable for all public dues owed the federal government, a further $5 million of similar Notes were authorized on February 25,1813 to supplement additional loans which had not been fully subscribed. Only Notes of $100 denomination and greater were issued under these first two acts, and they sold at close to par. The next two acts, those of March 4,1814 and Dec 26,1814, called for Note issues both to raise revenue as well as to substitute for unsubscribed loans. A total of $18,318,400 were emitted under these acts which included Notes of $20, during 1814 federal finances deteriorated as the war dragged on, and banks outside New England suspended specie payment on August 31,1814. The value of the Treasury Notes fell below that of specie and these developments led to changes in the final Treasury Note act of the era signed on February 24,1815. These last notes were divided into large and small denominations, the large notes paid interest as before, at 5 2⁄5% per annum, but could also be used to purchase 6 percent interest bonds at par as a way of supporting their value. The Act had been drafted during the financial disarray late in the War of 1812, the issued denominations were as low as $3, their size was typical of banknotes and, unlike the previously issued Notes, they were payable to bearer rather than to order
14.
Abraham Lincoln
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Abraham Lincoln was an American politician and lawyer who served as the 16th President of the United States from March 1861 until his assassination in April 1865. Lincoln led the United States through its Civil War—its bloodiest war and perhaps its greatest moral, constitutional, in doing so, he preserved the Union, abolished slavery, strengthened the federal government, and modernized the economy. Born in Hodgenville, Kentucky, Lincoln grew up on the frontier in Kentucky. Largely self-educated, he became a lawyer in Illinois, a Whig Party leader, elected to the United States House of Representatives in 1846, Lincoln promoted rapid modernization of the economy through banks, tariffs, and railroads. Reentering politics in 1854, he became a leader in building the new Republican Party, in 1860, Lincoln secured the Republican Party presidential nomination as a moderate from a swing state. Though he gained little support in the slaveholding states of the South. Subsequently, on April 12,1861, a Confederate attack on Fort Sumter inspired the North to enthusiastically rally behind the Union. Politically, Lincoln fought back by pitting his opponents against each other, by carefully planned political patronage and his Gettysburg Address became an iconic endorsement of the principles of nationalism, republicanism, equal rights, liberty, and democracy. Lincoln initially concentrated on the military and political dimensions of the war and his primary goal was to reunite the nation. He suspended habeas corpus, leading to the ex parte Merryman decision. Lincoln closely supervised the war effort, especially the selection of top generals, including his most successful general, Lincoln tried repeatedly to capture the Confederate capital at Richmond, each time a general failed, Lincoln substituted another, until finally Grant succeeded. As the war progressed, his moves toward ending slavery included the Emancipation Proclamation of 1863. On April 14,1865, five days after the surrender of Confederate commanding general Robert E. Lee, Lincoln was assassinated by John Wilkes Booth, a Confederate sympathizer. Secretary of War Edwin Stanton launched a manhunt for Booth, and 12 days later on April 26, Lincoln has been consistently ranked both by scholars and the public as among the greatest U. S. presidents. Abraham Lincoln was born February 12,1809, the child of Thomas and Nancy Hanks Lincoln, in a one-room log cabin on the Sinking Spring Farm near Hodgenville. He was a descendant of Samuel Lincoln, an Englishman who migrated from Hingham, Norfolk to its namesake of Hingham, samuels grandson and great-grandson began the familys western migration, which passed through New Jersey, Pennsylvania, and Virginia. Lincolns paternal grandfather and namesake, Captain Abraham Lincoln, moved the family from Virginia to Jefferson County, Captain Lincoln was killed in an Indian raid in 1786. His children, including eight-year-old Thomas, the presidents father
15.
Salmon P. Chase
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Salmon Portland Chase was an American politician and jurist who served as the sixth Chief Justice of the United States from 1864 to his death in 1873. Earlier in his career, Chase was the 23rd Governor of Ohio, senator from Ohio prior to service under Abraham Lincoln as the 25th Secretary of the Treasury. As Secretary of the Treasury, Chase strengthened the government, introducing its first paper currency as well as a national bank. He coined the slogan of the Free Soil Party, Free Soil, Free Labor, Chief Justice Chase presided over the Senate trial of Andrew Johnson during the Presidents impeachment proceedings in 1868. Chase was born in Cornish, New Hampshire, on January 13,1808, to Janet Ralston and Ithamar Chase, senator Dudley Chase of Vermont was another uncle. He studied in the schools of Windsor, Vermont, and Worthington, Ohio. He was a member of the Alpha Delta Phi Fraternity and Phi Beta Kappa, while at Dartmouth, he taught at the Royalton Academy in Royalton, Vermont. Chase then moved to the District of Columbia, where he opened a school while studying law under U. S. Attorney General William Wirt. He was admitted to the bar in 1829, Chase moved to a country home near Loveland, Ohio, and practiced law in Cincinnati from 1830. He rose to prominence for his compilation of the states statutes. From the beginning, despite the risk to his livelihood, he defended runaway slaves and he worked initially with the American Sunday School Union. Chase was also a member of the literary Semi-Colon Club, its members included Harriet Beecher Stowe, Chase became the leader of the political reformers, as opposed to the Garrisonian abolitionist movement. For his defense of escaped slaves seized in Ohio under the Fugitive Slave Law of 1793 and his argument in the case of Jones v. Van Zandt on the constitutionality of fugitive slave laws before the U. S. Supreme Court attracted particular attention. In this and similar cases, the court ruled against him, Chase contended that slavery was local, not national, and that it could exist only by virtue of positive state law. Elected as a Whig to the Cincinnati City Council in 1840, for seven years he was the leader of the Liberty Party in Ohio. He helped balance its idealism with his approach and political thought. He was skillful in drafting platforms and addresses, and he prepared the national Liberty platform of 1843, building the Liberty Party was slow going. By 1848 Chase was leader in the effort to combine the Liberty Party with the Barnburners or Van Buren Democrats of New York to form the Free Soil Party
16.
Secretary of the Treasury
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This position in the Federal Government of the United States is analogous to the Minister of Finance in many other countries. The Secretary of the Treasury is a member of the Presidents Cabinet, nominees for The Secretary of the Treasury undergo a confirmation hearing before the United States Senate Committee on Finance before being confirmed by the United States Senate. The Secretary of the Treasury is a member of the U. S. National Security Council. The Secretary along with the Treasurer must sign Federal Reserve notes before they can become legal tender, the Secretary also manages the United States Emergency Economic Stabilization fund. Most of the Departments law enforcement agencies such as the U. S. Customs Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, secret Service were reassigned to other Departments in 2003 in conjunction with the creation of the Department of Homeland Security. The Secretary of the Treasury salary is $205,700 annually,2 Deputy Secretary of the Treasury M. Peter McPherson served as Acting Secretary of the Treasury from August 17,1988, to September 15,1988. 4 Deputy Secretary of the Treasury Kenneth W. Dam served as Acting Secretary of the Treasury from December 31,2002,5 Deputy Secretary of the Treasury Robert M. Kimmitt served as Acting Secretary of the Treasury from June 30,2006, to July 9,2006. 7 Deputy Secretary of the Treasury Neal Wolin served as Acting Secretary of the Treasury from January 25,2013, as of April 2017, there are eleven living former Secretaries of the Treasury, the oldest being George P. Shultz. The most recent Secretary of the Treasury to die was Lloyd M. Bentsen, United States Department of the Treasury
17.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange
18.
Demand Notes
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A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5,10, and 20 US$. The U. S. government placed the Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel. S. currency today. As a result, most Demand Notes were redeemed, though the few remaining Demand Notes are the oldest valid currency in the United States today, the Demand Notes were a transitional issue connecting these Treasury Notes to modern paper money. The Continental Congress had issued Continental dollars between 1775 and 1779 to help finance the American Revolution, while the constitution did not explicitly grant the power to issue paper currency, it did grant the power to borrow money. Treasury Notes, as a form of debt, were an innovation to help bridge federal financing gaps when the government encountered difficulty selling a sufficient amount of long term bonds, Treasury Notes were first employed during the War of 1812 and were issued irregularly up through the civil war. Characteristically the issues were not extensive and the fiction was always maintained that Treasury Notes did not serve as money when, in fact. These notes usually bore interest, their value varied with market conditions, however, only $3,392,994 were issued, and these were rapidly exchanged for bonds. In witness to the limited circulation achieved by these notes, only two issued uncancelled examples of the Small Treasury Notes are known today vs. almost 1000 examples of the Demand Notes. One response from Congress was the Act of July 17,1861, of this sum, up to $50,000,000 was authorized as non-interest bearing Treasury Notes, payable upon demand, in denominations less than fifty dollars and not less than ten dollars. These were called Demand Notes to distinguish them from the interest-bearing Treasury Notes in existence at the time, the notes were to be redeemable through the assistant treasurers offices at Philadelphia, Boston, and New York. These signature provisions would later be altered several times and this act also stipulated that prior to December 31,1862, an individual Demand Note could be re-issued into circulation after it was presented for redemption. Just before they were to be released, the Act of August 5,1861 and it allowed for Demand Notes to be issued in denominations of not less than $5 and be redeemable through the assistant treasurers office at St. Louis or the bullion depository in Cincinnati. This act also stated that the Treasurer of the United States, under this act, Demand Notes did not need to carry the seal of the U. S. Treasury. Because the Bureau of Engraving and Printing did not exist at the time, both companies were prominent printers of banknotes for private and state-chartered banks throughout the country. Most likely, the American Bank Note Company engraved the plates for $5. All of the Demand Notes were printed by the American Bank Note Company, as designed, they were of the same size, and in appearance closely resembled banknotes. Secretary of the Treasury Chase began distributing the notes to meet Union obligations in August 1861, initially, various merchants, banks and especially the railroad industry accepted the notes at a discounted rate or did not accept them at all. Louis, and at the Depository of Cincinnati and they must be always equivalent to gold, and often and for many purposes more convenient and valuable
19.
United States Notes
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A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U. S. Having been current for more than 100 years, they were issued for longer than any form of U. S. paper money. They were known popularly as greenbacks, a name inherited from the earlier greenbacks, the Demand Notes, often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. They were originally issued directly into circulation by the U. S. Treasury to pay expenses incurred by the Union during the American Civil War, during the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury. S. Treasury Seals and serial numbers in place of green ones, existing United States Notes remain valid currency in the United States, however, as no United States Notes have been issued since January 1971, they are increasingly rare in circulation. The Act of July 17,1861 authorized United States Secretary of the Treasury Salmon P. Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field. While issued within the framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size as banknotes. During December 1861, economic conditions deteriorated and a suspension of specie payment caused the government to cease redeeming the Demand Notes as coins, the beginning of 1862 found the Unions expenses increasing, and the government was having trouble funding the escalating war. Demand Notes—which were used, among other things, to pay Union soldiers—were unredeemable, congressman and Buffalo banker Elbridge G. Spaulding prepared a bill, based on the Free Banking Law of New York, that eventually became the National Banking Act of 1863. This caused tremendous controversy in Congress, as hitherto the Constitution had been interpreted as not granting the government the power to issue a paper currency. Spaulding justified the action as a means of carrying into execution the powers granted in the Constitution to raise and support armies. Initially, the emission was limited to $150,000,000 total face value between the new Legal Tender Notes and the existing Demand Notes, the Act also intended for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of $5, $10, and $20, in addition, notes of entirely new design were introduced in denominations of $50, $100, $500 and $1000. The Demand Notes printed promise of payment On Demand was removed, Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserves, and had no interest. The Act did provide that the notes be receivable by the government for short term deposits at 5% interest, the rationale for these terms was that the Union government would preserve its credit-worthiness by supporting the value of its bonds by paying their interest in gold. Lastly, by making the bonds available for purchase at par in United States Notes, the limitations of the legal tender status were quite controversial. This controversy would continue until the removal of the exceptions during 1933, the largest amount of greenbacks outstanding at any one time was calculated as $447,300,203.10
20.
Edmund Dick Taylor
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Colonel Edmund Dick Taylor was an American businessman, politician, and soldier from Illinois. He is remembered as the first person to suggest that the United States should issue paper currency during the American Civil War and he was born Edmund Richard Taylor in Lunenburg County, Virginia, son of Giles Y Taylor and Francine Sina Stokes. In later years, he preferred to use his name rather than his first name. Thus he became known as Dick Taylor, and his middle initial was written D in formal documents, in the fall of 1823, he began general merchandising with Colonel John Taylor in Springfield, Illinois. On 18 September 1829, he married Margaret Taylor, the daughter of Col. John Taylor, in 1830, he was elected to the Illinois State Legislature, representing Sangamon County. In 1832 he was re-elected, defeating several challengers including Abraham Lincoln, Taylor was the only man to defeat Lincoln in a direct election. In 1834 he was elected to the Illinois Senate from Sangamon County, in 1835, he was appointed by President Andrew Jackson as Receiver of Public Moneys in Chicago, where he was in charge of substantial sales of federal land. After holding this position for four years, he returned to the private sector and he continued to play a leading role in Democratic Party politics in Illinois. Taylor was a pioneer of the industry in Illinois. In 1823 he took an interest in coal and opened the West End Shaft, in 1856, he sank a shaft in La Salle County, Illinois, operating as the Northern Illinois Coal and Iron Company. He also owned mines in that area. On 18 February 1863, at a convention in Chicago of the operators in Illinois. Taylor played an important role in Illinois in promoting and bringing about internal improvements, General Usher F. Linder stated If any man deserves more credit than another for the completion of the Illinois and Michigan Canal, it is Col. Edmund D. Taylor. When the Galena and Chicago Union Railroad was incorporated on 16 January 1836, Taylor was appointed commissioner, on 18 January 1837, at Russells Saloon in Chicago, supporters of internal improvements held a mass meeting. William H. Brown was called to the chair and William Stuart appointed Secretary, a committee of five was appointed namely, Edmund D. Taylor, Captain J. B. F. Russell, Francis Payton, John H. Kinzie, and Joseph N. Balestier. The meeting declared in favor of the construction of the Illinois Central Railroad. Pomeroy, Elisha Wadsworth, Walter Loomis Newberry, Hiram Wheeler, Taylor was ruined by the Great Chicago Fire of 1871, which destroyed 14 stores owned by him. He had insurance, but it was with Chicago firms that were overwhelmed by the disaster, during the Civil War, Taylor had spent considerable sums from his own pocket for travel on government business and in raising and equipping Union troops
21.
Illinois
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Illinois is a state in the midwestern region of the United States, achieving statehood in 1818. It is the 6th most populous state and 25th largest state in terms of land area, the word Illinois comes from a French rendering of a native Algonquin word. For decades, OHare International Airport has been ranked as one of the worlds busiest airports, Illinois has long had a reputation as a bellwether both in social and cultural terms and politics. With the War of 1812 Illinois growth slowed as both Native Americans and Canadian forces often raided the American Frontier, mineral finds and timber stands also had spurred immigration—by the 1810s, the Eastern U. S. Railroads arose and matured in the 1840s, and soon carried immigrants to new homes in Illinois, as well as being a resource to ship their commodity crops out to markets. Railroads freed most of the land of Illinois and other states from the tyranny of water transport. By 1900, the growth of jobs in the northern cities and coal mining in the central and southern areas attracted a new group of immigrants. Illinois was an important manufacturing center during both world wars, the Great Migration from the South established a large community of African Americans in Chicago, who created the citys famous jazz and blues cultures. Three U. S. presidents have been elected while living in Illinois, Abraham Lincoln, Ulysses S. Grant, additionally, Ronald Reagan, whose political career was based in California, was the only U. S. president born and raised in Illinois. Today, Illinois honors Lincoln with its official slogan, Land of Lincoln. The Abraham Lincoln Presidential Library and Museum is located in the capital of Springfield. Illinois is the spelling for the early French Catholic missionaries and explorers name for the Illinois Native Americans. American scholars previously thought the name Illinois meant man or men in the Miami-Illinois language and this etymology is not supported by the Illinois language, as the word for man is ireniwa and plural men is ireniwaki. The name Illiniwek has also said to mean tribe of superior men. The name Illinois derives from the Miami-Illinois verb irenwe·wa he speaks the regular way and this was taken into the Ojibwe language, perhaps in the Ottawa dialect, and modified into ilinwe·. The French borrowed these forms, changing the ending to spell it as -ois. The current spelling form, Illinois, began to appear in the early 1670s, the Illinois name for themselves, as attested in all three of the French missionary-period dictionaries of Illinois, was Inoka, of unknown meaning and unrelated to the other terms. American Indians of successive cultures lived along the waterways of the Illinois area for thousands of years before the arrival of Europeans, the Koster Site has been excavated and demonstrates 7,000 years of continuous habitation
22.
Battle of Gettysburg
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The Battle of Gettysburg was fought July 1–3,1863, in and around the town of Gettysburg, Pennsylvania, by Union and Confederate forces during the American Civil War. The battle involved the largest number of casualties of the war and is often described as the wars turning point. Union Maj. Gen. George Meades Army of the Potomac defeated attacks by Confederate Gen. Robert E. Lees Army of Northern Virginia, ending Lees attempt to invade the North. After his success at Chancellorsville in Virginia in May 1863, Lee led his army through the Shenandoah Valley to begin his second invasion of the North—the Gettysburg Campaign. Prodded by President Abraham Lincoln, Maj. Gen. Joseph Hooker moved his army in pursuit, but was relieved of command just three days before the battle and replaced by Meade. Elements of the two armies collided at Gettysburg on July 1,1863, as Lee urgently concentrated his forces there, his objective being to engage the Union army. Low ridges to the northwest of town were defended initially by a Union cavalry division under Brig. Gen. John Buford, on the second day of battle, most of both armies had assembled. The Union line was out in a defensive formation resembling a fishhook. In the late afternoon of July 2, Lee launched an assault on the Union left flank, and fierce fighting raged at Little Round Top, the Wheatfield, Devils Den. On the Union right, Confederate demonstrations escalated into full-scale assaults on Culps Hill, all across the battlefield, despite significant losses, the Union defenders held their lines. The charge was repulsed by Union rifle and artillery fire, at great loss to the Confederate army, Lee led his army on a torturous retreat back to Virginia. Between 46,000 and 51,000 soldiers from both armies were casualties in the battle, the most costly in US history. Shortly after the Army of Northern Virginia won a victory over the Army of the Potomac at the Battle of Chancellorsville. Such a move would upset U. S. plans for the campaigning season. The invasion would allow the Confederates to live off the bounty of the rich Northern farms while giving war-ravaged Virginia a much-needed rest, in addition, Lees 72, 000-man army could threaten Philadelphia, Baltimore, and Washington, and possibly strengthen the growing peace movement in the North. Thus, on June 3, Lees army began to shift northward from Fredericksburg, the Cavalry Division remained under the command of Maj. Gen. J. E. B. The Union Army of the Potomac, under Maj. Gen. Joseph Hooker, consisted of seven corps, a cavalry corps. The first major action of the campaign took place on June 9 between cavalry forces at Brandy Station, near Culpeper, Virginia
23.
Alexander Hamilton
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Alexander Hamilton was an American statesman and one of the Founding Fathers of the United States. As the first Secretary of the Treasury, Hamilton was the author of the economic policies of the George Washington administration. He took the lead in the funding of the debts by the Federal government, as well as the establishment of a national bank, a system of tariffs. His vision included a central government led by a vigorous executive branch. This was challenged by Virginia agrarians Thomas Jefferson and James Madison who formed a rival party and they favored strong states based in rural America and protected by state militias as opposed to a strong national army and navy. They denounced Hamilton as too friendly toward Britain and toward monarchy in general, Hamilton was born out of wedlock in Charlestown, to a married mother of British and French Huguenot ancestry and a Scottish father. His father, James A. Hamilton, was the son of laird Alexander Hamilton of Grange. Orphaned as a child by his mothers death and his fathers abandonment, Hamilton was taken in by an older cousin and he was recognized for his intelligence and talent, and sponsored by a group of wealthy local men to travel to New York City to pursue his education. Hamilton attended Kings College, choosing to stay in the Thirteen Colonies to seek his fortune, discontinuing his studies before graduating when the college closed its doors during British occupation of the city, Hamilton played a major role in the American Revolutionary War. At the start of the war in 1775, he joined a militia company, in early 1776, he raised a provincial artillery company, to which he was appointed captain. He soon became the aide to General Washington, the American forces commander-in-chief. Hamilton was dispatched by Washington on numerous missions to convey plans to his generals, after the war, Hamilton was elected as a representative to the Congress of the Confederation from New York. He resigned to practice law, and founded the Bank of New York, Hamilton was among those dissatisfied with the weak national government. He led the Annapolis Convention, which successfully influenced Congress to issue a call for the Philadelphia Convention in order to create a new constitution, Hamilton became the leading cabinet member in the new government under President Washington. These programs were funded primarily by a tariff on imports, to overcome localism, Hamilton mobilized a nationwide network of friends of the government, especially bankers and businessmen, which became the Federalist Party. A major issue in the emergence of the American two-party system was the Jay Treaty and it established friendly trade relations with Britain, to the chagrin of France and the supporters of the French Revolution. Hamilton played a role in the Federalist party, which dominated national. In 1795, he returned to the practice of law in New York and he tried to control the policies of President Adams
24.
Statue of Freedom
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The Statue of Freedom—also known as Armed Freedom or simply Freedom—is a bronze statue designed by Thomas Crawford that, since 1863, has crowned the dome of the U. S. Capitol in Washington, D. C. Originally named Freedom Triumphant in War and Peace, official U. S. government publications now state that the statue is known as the Statue of Freedom. The statue depicts a figure wearing a military helmet and holding a sheathed sword in her right hand. Freedom is a bronze standing figure 19½ feet tall and weighing approximately 15,000 pounds. Her crest peaks at 288 feet above the east front plaza of the U. S. Capitol. She is an allegorical figure whose right hand holds the hilt of a sheathed sword while a laurel wreath of victory. Her chiton is secured by a brooch inscribed U. S. and is covered by a heavy. She faces east towards the entrance of the building and the rising Sun. She wears a helmet adorned with stars and an eagles head which is itself crowned by an umbrella-like crest of feathers. Although not actually called Columbia, she shares many of her iconic characteristics, Freedom stands atop a cast-iron globe encircled with one of the national mottoes, E pluribus unum. The lower part of the base is decorated with fasces and wreaths, ten bronze points tipped with platinum are attached to her headdress, shoulders, and shield for protection from lightning. A monumental statue for the top of the national Capitol appeared in architect Thomas U, walters original drawing for the new cast-iron dome, which was authorized in 1855. Walters drawing showed the outline of a representing the Goddess of Liberty, Crawford proposed instead an allegorical figure of Freedom Triumphant in War. Crawford was commissioned to design Freedom in 1854 and executed the model for the statue in his studio in Rome. Mississippian senator and U. S. Secretary of War Jefferson Davis was in charge of the Capitol construction, according to David Hackett Fischer in his book Liberty and Freedom, Crawford’s statue was… …very close to Jefferson Davis’s ideas in every way but one…. Above the crown he added a liberty cap, the old Roman symbol of an emancipated slave and it seemed a direct affront to a militant slaveholder, and Jefferson Davis exploded with rage. The northern sculptor and the southern slaveholder had already clashed over a liberty cap in the decoration of the Capitol. Davis sent his aide, Captain Montgomery Meigs, with orders to remove the cap, saying that its history renders it inappropriate to a people who were born free and would not be enslaved
25.
Thomas Crawford (sculptor)
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Thomas Gibson Crawford was an American sculptor who is best known for his numerous artistic contributions to the United States Capitol. He was born in New York City in 1814, of Irish parentage, in his early years, he was at school with Page, the artist. His proficiency in his studies was hindered by the exuberance of his fancy and his love of art led him, at the age of 19, to enter the New York City studios of John Frazee and Robert Eberhard Launitz, artists and artificers in marble. In 1834 he went abroad for the promotion of artistic studies, Launitz had provided Crawford with a letter of introduction to Bertel Thorwaldsen and upon arriving in Rome, Crawford became a pupil of Thorwaldsen. Under his guidance, Crawford devoted himself to the both of the antique and of living models. His first ideal work was a group of Orpheus and Cerberus, executed in 1839, and purchased, some later, for the Boston Athenaeum. This was followed by a succession of groups, single figures, in 1838, he was elected into the National Academy of Design as an Honorary Academician. In 1849, while on a visit to country, he received from the state of Virginia an order for a monument to be erected in Richmond. The work is surmounted by a plinth, on which stands an statue of George Washington. These statues, modeled in Rome, were cast at a Munich foundry, crawfords most important works after these were ordered by the federal government for the United States Capitol at Washington. He was only able to begin the bas-reliefs for the bronze doors, in politics he was a liberal, in religion a Protestant, in character generous and kindly, and adverse to discords, professional or social. In 1844, he married to Louisa Cutler Ward, a sister of Julia Ward Howe, Crawford began experiencing significant deterioration in his vision in 1856, which ended his career. He sought medical treatment in Paris, Rome, and London and he died in London on October 10,1857. His body was returned to the United States, and he was buried in Green-Wood Cemetery in Brooklyn, mexican Girl Dying This article incorporates text from a publication now in the public domain, Chisholm, Hugh, ed. Crawford, Thomas. Gale, Robert L. Thomas Crawford, American Sculptor and this article incorporates text from a publication now in the public domain, Howe, Julia Ward. In Wilson, James Grant, Fiske, John
26.
Albert Gallatin
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Abraham Alfonse Albert Gallatin was a Swiss-American politician, diplomat, ethnologist and linguist. He served as a Representative, Senator, United States Ambassador and was the longest-serving United States Secretary of the Treasury, in 1831, he helped found the University of the City of New York, now New York University. Born in Geneva in present-day Switzerland, Gallatin immigrated to America in the 1780s and was naturalized in Morgantown and he ultimately settled in western Pennsylvania. He was politically active against the Federalist Party program and was elected to the United States Senate in 1793, however, he was removed from office by a 14–12 party-line vote after a protest raised by his opponents suggested he did not meet the required nine years of citizenship. Two years later, he was elected to the House of Representatives and he also helped found the House Committee on Finance and often engineered withholding of finances by the House as a method of overriding executive actions to which he objected. He was secretary from 1801 until February 1814, under both Presidents Thomas Jefferson and James Madison, holding the longest tenure in office in American history. Gallatin never wanted the position and was humiliated when forced to withdraw from the race because he lacked popular support, in 1826 and 1827, he served as Ambassador to Great Britain and negotiated several useful agreements, such as a ten-year extension of the joint occupation of Oregon. Gallatin settled in New York City after his return to the US and it was intended to offer university education to the working and merchant classes as well as the wealthy. He became president of the National Bank in New York City and his last great endeavor was founding the American Ethnological Society in 1842 and serving as its president until 1848. With his studies of the languages of Native Americans, he has called the father of American ethnology. At his death in 1849, Gallatin was the last surviving member of the Jefferson Cabinet, Gallatin was born in Geneva, Switzerland, to wealthy Jean Gallatin and his wife, Sophie Albertine Rollaz. Gallatins family had influence in Switzerland, and many family members held distinguished positions in the magistracy, military. Gallatins father, a merchant, died in 1765, followed by his mother in April 1770. Now orphaned, Gallatin was taken into the care of Mademoiselle Pictet, in January 1773, Gallatin was sent to boarding school. The democratic spirit of the United States attracted him and he decided to emigrate, in April 1780, he secretly left Geneva with his classmate Henri Serre. Carrying letters of recommendation from eminent Colonials that the Gallatin family procured, the men left France in May, sailing on an American ship. They reached Cape Ann on July 14 and arrived in Boston the next day, bored with monotonous Bostonian life, the men set sail with a Swiss female companion, to the settlement of Machias, located on the northeastern tip of the Maine frontier. At Machias, Gallatin operated a bartering venture, in which he dealt with a variety of goods and he enjoyed the simple life and the natural environment surrounding him
27.
Robert Morris (financier)
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From 1781 to 1784, he served as the powerful Superintendent of Finance, managing the economy of the fledgling United States. As the central civilian in the government, Morris was, next to General George Washington and his successful administration led to the sobriquet, Financier of the Revolution. At the same time he was Agent of Marine, a position he took without pay and he was one of Pennsylvanias original pair of US senators, serving from 1789 to 1795. After he left prison in 1801, he lived a quiet, Morris was born to Robert Morris, Sr. and Elizabeth Murphet in Liverpool, Lancashire, England, on January 20,1734. At the age of 13, Morris immigrated to Oxford, Maryland, to live with his father, as a youth, Morris was provided a tutor and was a quick learner. His father sent him to Philadelphia to study where he stayed with Charles Greenway, Greenway arranged for young Robert to become an apprentice at the shipping and banking firm of the Philadelphia merchant Charles Willing. A year later, Roberts father died after being wounded in an accident when hit by the wadding of a gun that was fired in his honor. When Charles Willing died in 1754, his son Thomas Willing made Morris his partner at the age 24 and they established the prominent shipping-banking firm of Willing, Morris & Co. on May 1,1757. The partnership lasted until about 1779, on March 2,1769, at age 35, Morris married 20-year-old Mary White. White was the daughter of a wealthy and prestigious Maryland landholder, together they had five sons and two daughters. White came from a prominent family in Maryland, her brother was the well-known Anglican Bishop William White, Morris worshiped in Philadelphia at St. Peters Church on Pine Street and Christ Church on 2nd Street, both of which were run by his brother-in-law, Bishop William White. Morris remained a constant worshipper and supporter at this Anglican Church for his entire life, both Morris and his brother-in-law William White are buried at Christ Church, Philadelphia in the churchyard located at Second and Market. In 1757 Morris became a partner with Thomas Willing. Their partnership was a merchant firm with interests in shipping, real estate, the partnership was forged just after the Seven Years War began, which hindered attracting the usual supply of new indentured servants to the colony. Potential immigrants were conscripted in England to fight in Europe, indentured servants could legally break their contracts to join the British forces to fight against the French and their Indian allies. At the same time, the British Crown wanted to encourage the trade which was profitable for the Kings political allies in the African Company of Merchants. While Morris was a partner and Willing was pursuing a political career. Willing, Morris & Co funded its own slave-trading voyage, the ship did not carry enough to be profitable and, during a second trip, was captured by French privateers
28.
Promissory note
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If the promissory note is unconditional and readily saleable, it is called a negotiable instrument. A banknote is frequently referred to as a note, a promissory note made by a bank. Mortgage notes are another prominent example, Promissory notes are a common financial instrument in many jurisdictions, employed principally for short time financing of companies. Often, the seller or provider of a service is not paid upfront by the buyer, but within a period of time, the length of which has been agreed upon by both the seller and the buyer. Depending on the jurisdiction, this deferred payment period can be regulated by law, in countries like France, Italy or Spain, it usually ranges between 30 and 90 days after the purchase. In those cases, the company has the option of asking the bank for a term loan. Once the promissory note reaches its maturity date, its current holder can execute it over the emitter of the note, if the maker fails to pay, however, the bank retains the right to go to the company that cashed the promissory note in, and demand payment. In the case of unsecured promissory notes, the lender accepts the promissory note based solely on the ability to repay, if the maker fails to pay. Thus, promissory notes can work as a form of private money, the terms of a note usually include the principal amount, the interest rate if any, the parties, the date, the terms of repayment and the maturity date. Sometimes, provisions are included concerning the rights in the event of a default. Demand promissory notes are notes that do not carry a specific maturity date, usually the lender will only give the borrower a few days notice before the payment is due. For loans between individuals, writing and signing a promissory note are often instrumental for tax and record keeping, a promissory note alone is typically unsecured, but these may be used in combination with security agreements such as mortgage, in which case they are called mortgage notes. Definition and usage of notes are internationally established by the Convention providing a uniform law for bills of exchange and promissory notes. In the United States, a note that meets certain conditions is a negotiable instrument regulated by article 3 of the Uniform Commercial Code. Negotiable promissory notes called mortgage notes are used extensively in combination with mortgages in the financing of real estate transactions, one prominent example is the Fannie Mae model standard form contract Multistate Fixed-Rate Note 3200, which is publicly available. Promissory notes, or commercial papers, are issued to provide capital to businesses. However, Promissory Notes act as a source of Finance to the companys creditors, historically, promissory notes have acted as a form of privately issued currency. Flying cash or feiqian was a promissory note used during the Tang dynasty, flying cash was regularly used by Chinese tea merchants, and could be exchanged for hard currency at provincial capitals
29.
Arthur O'Sullivan (economist)
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Arthur OSullivan is an American economist, Professor of Economics at Lewis & Clark College, and author of college textbooks on economics. Sole author Urban Economics, Irwin / McGraw-Hill Series in Urban Economics,1990 –2008, ISBN 978-0-07-337578-6 With Steven M. Sheffrin Economics, Principles in Action, Pearson Prentice Hall,2003. ISBN 978-0-13-063085-8 Microeconomics, Principles and Tools, Prentice-Hall,2004
30.
International Standard Book Number
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The International Standard Book Number is a unique numeric commercial book identifier. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. The initial ISBN configuration of recognition was generated in 1967 based upon the 9-digit Standard Book Numbering created in 1966, the 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, however, this can be rectified later. Another identifier, the International Standard Serial Number, identifies periodical publications such as magazines, the ISBN configuration of recognition was generated in 1967 in the United Kingdom by David Whitaker and in 1968 in the US by Emery Koltay. The 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108, the United Kingdom continued to use the 9-digit SBN code until 1974. The ISO on-line facility only refers back to 1978, an SBN may be converted to an ISBN by prefixing the digit 0. For example, the edition of Mr. J. G. Reeder Returns, published by Hodder in 1965, has SBN340013818 -340 indicating the publisher,01381 their serial number. This can be converted to ISBN 0-340-01381-8, the check digit does not need to be re-calculated, since 1 January 2007, ISBNs have contained 13 digits, a format that is compatible with Bookland European Article Number EAN-13s. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, a 13-digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces. Separating the parts of a 10-digit ISBN is also done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. ISBN issuance is country-specific, in that ISBNs are issued by the ISBN registration agency that is responsible for country or territory regardless of the publication language. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded. In Canada, ISBNs are issued at no cost with the purpose of encouraging Canadian culture. In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Australia, ISBNs are issued by the library services agency Thorpe-Bowker
31.
Wesley Clair Mitchell
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Wesley Clair Mitchell was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades. Mitchell was born in Rushville, Illinois, the second child, in a family with seven children and a disabled father with an appetite for business ventures verging on rashness a lot of responsibility fell on the oldest son. Despite these challenges, Wesley Clair went to study at the University of Chicago and was awarded a PhD in 1899, in 1916 he was elected as a Fellow of the American Statistical Association. There were interruptions for government service during the First World War and Mitchell served on government committees. In 1923–4 he was president of the American Economic Association, from 1941 he was on the original standing committee of the Foundation for the Study of Cycles. The National Bureau was the institution through which Mitchell had greatest influence, There his important associates included Arthur Burns and Simon Kuznets. In his autobiography Kuznets acknowledges his great debt to Mitchell. Mitchell has also made contributions to the history of economic thought. Mitchell was married to Lucy Sprague Mitchell, a pioneering educator and he assisted his wife with the founding of the school. Mitchell’s teachers included economists Thorstein Veblen and J. L. Laughlin, although Veblen and Dewey did more to shape Mitchell’s outlook, Laughlin supervised his dissertation. Laughlins main interest was in currency questions, he was an opponent of the quantity theory of money. The currency question facing the US in the 1890s was the choice between alternative monetary standards, inconvertible paper, gold monometallism and gold/silver bimetallism. Mitchell’s thesis, published as A History of the Greenbacks, considered the consequences of the inconvertible paper regime established by the Union in the Civil War. Mitchells next project, which would occupy him for the rest of his life, was the study and measurement of the business cycle and his magnum opus, Business Cycles appeared in 1913. The Preface begins This book offers a description of the complicated processes by which seasons of business prosperity, crisis, depression. The materials used consist chiefly of market reports and statistics concerning the business cycles which have run their course since 1890 in the United States, England, Germany, in chapter I Mitchell reviews 13 theories of the business cycle and admits that All are plausible. He then puts them aside, arguing, To observe, analyse, and systematise the phenomena of prosperity, crisis, and depression is the chief task. And there is better prospect of rendering service if we attack this task directly, Mitchells research strategy was thus quite different from that adopted by H. L. Moore or Irving Fisher who started from a hypothesis and went looking for evidence to support it
32.
Elbridge G. Spaulding
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Elbridge Gerry Spaulding was an American lawyer, banker, and Republican Party politician. He opposed slavery and supported the idea for the first U. S. currency not backed by gold or silver, Spaulding was born on February 24,1809 in Summer Hill, New York, the first of nine children of Edward Spaulding and Mehitable Goodridge. In 1829, he began the study of law in the office of Fitch & Dibble at Batavia, during this time he served as recording clerk in the county clerks office to meet his expenses. In 1832, he completed his studies in Attica, New York with Harvey Putnam, later that year he was admitted to the bar in Genesee County, New York. In 1834, he moved to Buffalo, and became a clerk in the office of Potter & Babcock, in addition, the 3rd participated in or was present at the Siege of Boston, the Invasion of Canada, Valley Forge, and Sullivans Expedition. His maternal grandfather was the Rev. Sewall Goodridge, the son of Capt. Benjamin Goodridge, in March 1836, he was appointed City Clerk of Buffalo. In 1841, Spaulding was elected Alderman of the Third Ward and he became the Mayor of Buffalo in 1847 and was a member of the New York State Assembly in 1848. While in the Assembly, he secured passage of a law authorizing the formation of gas light corporations in the State, the Buffalo Gas Light Company was the first such created, and he became a director and stockholder of it. Spaulding served for one term in the U. S. House of Representatives, in 1854, he became the New York State Treasurer, serving until 1855. He was elected again to the House of Representatives as a Republican, in 1860, Spaulding delivered a speech denouncing the Democratic Party and its pro-slavery views, and urging Republicans to support Abraham Lincoln for the U. S. presidency. It was said that Spaulding was the one who figured out that the American government needed to print money to pay for the Civil War, at the time, it was regarded as economic heresy, but today many believe that the country would not have survived without it. Such an idea was dismissed by some as “fiat money, ” money that is money not because it is backed by gold or silver. He was Chairman of a House Ways and Means Subcommittee when the government was in danger of running out of money to pay for the war and he wrote a law that allowed the government to print money and declare it had to be accepted as legal tender. Stiles continued, “If Wall Street had saints, then the college of financial cardinals would surely canonize Elbridge G. Spaulding. ”In 1862, he drafted the Legal Tender Act, at the time, the only circulating paper money was notes issued by banks. Those notes were supposed to be convertible into gold, although the banks had been forced to suspend such conversions at the end of 1861, the bill passed Congress not because it was thought to be good policy absent a crisis, but because it was necessary. On September 5,1837, he married Antoinette Rich, daughter of Gaius Basset Rich, Antoinette died in 1841 without bearing any children. On September 5,1842, he married Nancy Selden Strong, together with Nancy, he had three children before her death in 1852. Spauldings marriage with Delia lasted over 40 years until her death in 1895, however, Spaulding died on May 5,1897 in Buffalo, New York and is buried at Forest Lawn Cemetery, Buffalo
