United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the United States Mint, respectively. S. government debt instruments. The Department is administered by the Secretary of the Treasury, a member of the Cabinet. Senior advisor to the Secretary is the Treasurer of the United States. Signatures of both officials appear on all Federal Reserve notes; the first Secretary of the Treasury was Alexander Hamilton, sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris, Washington's first choice for the position, who had declined the appointment. Hamilton established—almost singlehandedly—the nation's early financial system and for several years was a major presence in Washington's administration.
His portrait appears on the obverse of the ten-dollar bill, while the Treasury Department building is depicted on the reverse. The current Secretary of the Treasury is Steven Mnuchin, confirmed by the United States Senate on February 13, 2017. Jovita Carranza, appointed on April 28, 2017, is the incumbent treasurer; the history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments; the delegates resolved to issue paper money in the form of bills of credit, promising redemption in coin on faith in the revolutionary cause. On June 22, 1775—only a few days after the Battle of Bunker Hill—Congress issued $2 million in bills. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas.
The Congress stipulated. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the Treasury, settle accounts, report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an Auditor General and clerks, was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas was first called Treasurer of the United States on May 14, 1777; the Treasury Office was reorganized three times between 1778 and 1781. The $241.5 million in paper Continental bills devalued rapidly.
By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency. Protests against the worthless money swept the colonies, giving rise to the expression "not worth a Continental". Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nation's finances. Morris, a wealthy colonial merchant, was nicknamed "the Financier" because of his reputation for procuring funds or goods on a moment's notice, his staff included a comptroller, a treasurer, a register, auditors, who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee the finances of the confederation of former colonies until September 1789; the First Congress of the United States was called to convene in New York on March 4, 1789, marking the beginning of government under the Constitution. On September 2, 1789, Congress created a permanent institution for the management of government finances:Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department.
Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11, 1789. Hamilton had served as George Washington's aide-de-camp during the Revolution and was of great importance in the ratification of the Constitution; because of his financial and managerial acumen, Hamilton was a logical choice for solving the problem of the new nation's heavy war debt. Hamilton's first official act was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of the country's $75 million debt in order to revitalize the public credit: "he debt of the United States was the price of liberty; the faith of America has been pledged for it, with solemnities that give peculiar force to the obligation." Hami
Treasury Note (19th century)
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. Without the alternatives offered by a federal paper money or a central bank, the U. S. government relied on these instruments for funding during periods of financial stress such as the War of 1812, the Panic of 1837, the American Civil War. While the Treasury Notes, as issued, were neither legal tender nor representative money, some issues were used as money in lieu of an official federal paper money; however the motivation behind their issuance was always funding federal expenditures rather than the provision of a circulating medium. These notes were hand-signed, of large denomination, of large dimension, bore interest, were payable to the order of the owner, matured in no more than three years - though some issues lacked one or more of these properties, they were receivable at face value by the government in payment of taxes and for purchases of publicly owned land, thus "might to some extent be regarded as paper money."
On many issues the interest rate was chosen to make interest calculations easy, paying either 1, 1½, or 2 cents per day on a $100 note. Characteristically, the issues were not extensive and, as it has been observed, "the polite fiction was always maintained that Treasury Notes did not serve as money when, in fact, to a limited extent they did." The value of these notes varied, being worth more or less than par as market conditions fluctuated, they disappeared from the financial system after the crisis associated with their issuance had ended. The ante-bellum Treasury Notes did not have legal tender status, but financial innovation during the Civil War caused the term Treasury Note to become associated with legal tender instruments such as the United States Notes introduced in 1862 and the Compound Interest Treasury Notes introduced in 1863; the appearance of these new obligations, together with the changes brought about by the National Banking Act eliminated most of the uses of the old Treasury Notes as money and the term Certificate of Indebtedness was introduced to apply to new notes which possessed the debt-like aspects of the pre-war Notes.
Today the Treasury's short term debt needs are fulfilled by Treasury bills. The early finances of the central government of the United States were precarious. To help finance the American Revolution the Continental Congress had issued Continental Dollars between 1775 and 1779; the paper Continental Dollars nominally entitled the bearer to an equivalent amount of silver Spanish Milled Dollars but were devalued and were never redeemed in silver despite the American victory. With the fate of the Continentals in mind, the Founding Fathers embedded in the Constitution no provision for a paper currency and they forbid the states to make anything but gold or silver a legal tender; as part of the Compromise of 1790, the Continental Dollars were redeemed at a loss of over 99% vs. their face value, but the United States did choose to perform on revolutionary war bond obligations in full by pledging the publicly owned land and the credit of the new federal government against the bonds. As a result, America's early creditors had reason to be wary of a paper currency, but reason to respect its debt.
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 government's use of credit. An early American attempt at central banking along these lines was the Bank of North America which played a meaningful role in helping the Congress of the Confederation to arrange its finances during the 1780s, but its rechartering in 1786 prevented it from continuing to act as a central bank. Subsequently, the 1st United States Congress chartered the First Bank of the United States in 1791 to facilitate its financial operations, but in 1811 its charter was not renewed due to opposition from the Madison administration. Thus, when the declaration of the War of 1812 impaired the government's ability to raise money via the sale of long-term bonds, the United States had no paper currency nor a central bank with which to obtain emergency short-term financing, it used its borrowing authority to issue short-term debt in the form of Treasury Notes receivable for public dues or bond purchases.
Having thus set the precedent, the Treasury would go on to irregularly 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 52⁄5% interest, matured in one year, were receivable in payment for public dues. While $37 million were issued, no more than $17 million were outstanding at any one time. Five acts authorized these Notes; the first, on June 20, 1812, authorized 1-year Treasury Notes at 52⁄5% interest to fill out the unsubscribed portion of an $11 million loan in support of the war with Britain which had just been declared on the 18th. Only about $6 million of the loan was placed in the form of 6% interest bonds, thus $5 million of Notes were issued; the Notes were made receivable for all public dues owed the federal government and payable to the order of the owner by endorsement. A further $5 million of similar Notes were authorized on February 25, 1813 to supplement additional loans which had not been subscribed.
Only Notes of $100 denomination and greater were issued under these first two acts, they sold at prices close to par. The next two acts, those of March 4, 1814 and Dec 26, 1814, called for Note issues both to independently raise revenue as well as to substitute for unsubscribed l
University of Chicago Press
The University of Chicago Press is the largest and one of the oldest university presses in the United States. It is operated by the University of Chicago and publishes a wide variety of academic titles, including The Chicago Manual of Style, numerous academic journals, advanced monographs in the academic fields. One of its quasi-independent projects is a digital repository for scholarly books; the Press building is located just south of the Midway Plaisance on the University of Chicago campus. The University of Chicago Press was founded in 1891, making it one of the oldest continuously operating university presses in the United States, its first published book was Robert F. Harper's Assyrian and Babylonian Letters Belonging to the Kouyunjik Collections of the British Museum; the book sold five copies during its first two years, but by 1900 the University of Chicago Press had published 127 books and pamphlets and 11 scholarly journals, including the current Journal of Political Economy, Journal of Near Eastern Studies, American Journal of Sociology.
For its first three years, the Press was an entity discrete from the university. Heath in conjunction with the Chicago printer R. R. Donnelley; this arrangement proved unworkable, in 1894 the university assumed responsibility for the Press. In 1902, as part of the university, the Press started working on the Decennial Publications. Composed of articles and monographs by scholars and administrators on the state of the university and its faculty's research, the Decennial Publications was a radical reorganization of the Press; this allowed the Press, by 1905, to begin publishing books by scholars not of the University of Chicago. A manuscript editing and proofreading department was added to the existing staff of printers and typesetters, leading, in 1906, to the first edition of The Chicago Manual of Style. By 1931, the Press was an leading academic publisher. Leading books of that era include Dr. Edgar J. Goodspeed's The New Testament: An American Translation and its successor, Goodspeed and J. M. Povis Smith's The Complete Bible: An American Translation.
In 1956, the Press first published paperback-bound books under its imprint. Of the Press's best-known books, most date from the 1950s, including translations of the Complete Greek Tragedies and Richmond Lattimore's The Iliad of Homer; that decade saw the first edition of A Greek-English Lexicon of the New Testament and Other Early Christian Literature, which has since been used by students of Biblical Greek worldwide. In 1966, Morris Philipson began his thirty-four-year tenure as director of the University of Chicago Press, he committed time and resources to lengthening the backlist, becoming known for assuming ambitious scholarly projects, among the largest of, The Lisle Letters — a vast collection of 16th-century correspondence by Arthur Plantagenet, 1st Viscount Lisle, a wealth of information about every aspect of sixteenth-century life. As the Press's scholarly volume expanded, the Press advanced as a trade publisher. In 1992, Norman Maclean's books A River Runs Through It and Young Men and Fire were national best sellers, A River Runs Through It was made into a film directed by and starring Robert Redford.
In 1982, Philipson was the first director of an academic press to win the Publisher Citation, one of PEN's most prestigious awards. Shortly before he retired in June 2000, Philipson received the Association of American Publishers' Curtis Benjamin Award for Creative Publishing, awarded to the person whose "creativity and leadership have left a lasting mark on American publishing." Paula Barker Duffy served as director of the Press from 2000 to 2007. Under her administration, the Press expanded its distribution operations and created the Chicago Digital Distribution Center and BiblioVault. Editorial depth in reference and regional books increased with titles such as The Encyclopedia of Chicago, Timothy J. Gilfoyle's Millennium Park, new editions of The Chicago Manual of Style, the Turabian Manual, The University of Chicago Spanish Dictionary; the Press launched an electronic reference work, The Chicago Manual of Style Online. In 2014, the Press received The International Academic and Professional Publisher Award for excellence at the London Book Fair.
Garrett P. Kiely became the 15th director of the University of Chicago Press on September 1, 2007, he heads one of academic publishing's largest operations, employing more than 300 people across three divisions—books and distribution—and publishing 72 journal titles and 280 new books and 70 paperback reprints each year. The Press publishes across many subject areas, it publishes regional titles, such as The Encyclopedia of Chicago, edited by James R. Grossman, Ann Durkin Keating, Janice Reiff; the Press has expanded its digital offerings to include most newly published books as well as key backlist titles. In 2013, Chicago Journals began offering e-book editions of each new issue of each journal, for use on e-reader devices s
In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a recession, a slowdown in economic activity over the course of a normal business cycle. A depression is an extreme form of recession. Depressions are characterized by their length, by abnormally large increases in unemployment, falls in the availability of credit, shrinking output as buyers dry up and suppliers cut back on production and investment, large number of bankruptcies including sovereign debt defaults reduced amounts of trade and commerce, as well as volatile relative currency value fluctuations. Price deflation, financial crises and bank failures are common elements of a depression that do not occur during a recession. In the United States the National Bureau of Economic Research determines contractions and expansions in the business cycle, but does not declare depressions. Periods labeled depressions are marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced using current resources and technology.
Another proposed definition of depression includes two general rules: a decline in real GDP exceeding 10%, or a recession lasting 2 or more years. There are differences in the duration of depression across definitions; some economists refer only to the period. The more common use, however encompasses the time until economic activity has returned close to normal levels. A recession is defined as a period of declining economic activity spread across the economy. Under the first definition, each depression will always coincide with a recession, since the difference between a depression and a recession is the severity of the fall in economic activity. In other words, each depression is always a recession, sharing the same starting and ending dates and having the same duration. Under the second definition and recessions will always be distinct events however, having the same starting dates; this definition of depression implies that a recession and a depression will have different ending dates and thus distinct durations.
Under this definition, the length of a depression will always be longer than that of the recession starting the same date. A useful example is the difference in the chronology of the Great Depression in the U. S. under the view of alternative definitions. Using the second definition of depression, most economists refer to the Great Depression, as the period between 1929 and 1941. On the other hand, using the first definition, the depression that started in August 1929 lasted until March 1933. Note that NBER, which publishes the recession dates for the U. S. economy, has identified two recessions during that period. The first between August 1929 and March 1933 and the second starting in May 1937 and ending in June 1938. Today the term "depression" is most associated with the Great Depression of the 1930s, but the term had been in use long before then. Indeed, an early major American economic crisis, the Panic of 1819, was described by then-president James Monroe as "a depression", the economic crisis preceding the 1930s depression, the Depression of 1920–21, was referred to as a "depression" by president Calvin Coolidge.
However, in the 19th and early 20th centuries, financial crises were traditionally referred to as "panics", e.g. the'major' Panic of 1907, the'minor' Panic of 1910–1911, though the 1929 crisis was more called "The Crash", the term "panic" has since fallen out of use. At the time of the Great Depression, the phrase "The Great Depression" had been used to refer to the period 1873–96, or more narrowly 1873–79, which has since been renamed the Long Depression. Common use of the phrase "The Great Depression" for the 1930s crisis is most attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with'formalizing' the phrase, though US president Herbert Hoover is credited with having'popularized' the term/phrase, informally referring to the downturn as a "depression", with such uses as "Economic depression cannot be cured by legislative action or executive pronouncement", "I need not recount to you that the world is passing through a great depression". Give any country's households one-million dollars each, sixty years you will find gross inequality - consistently.
This is how successful capitalism is designed to work and monetary systems require governance or rebalancing as they mature (see Mature Capitalism, to ensure cost-of-living and incomes stay in balance as is needed to support a minimum Social Contract. In history, these cycles, their associated debt corrections, are recorded thirty-times; the Torah and Bible document them in circa 760 BCE, as does the Code of Hammurabi in 1763 BCE. Due to the lack of an agreed definition and the strong negative associations, the characterization of any period as a "depression" is contentious; the term was used for regional crises from the early 19th century until the 1930s, for the more widespread crises of the 1870s and 1930s, but economic crises since 1945 have been referred to as "recessions", with the 1970s global crisis referred to as "stagflation", but not a depression. The only two eras referred to at the current time as "depressions" are the 1870s and 1930s. To some degree this
James K. Polk
James Knox Polk was the 11th president of the United States from 1845 to 1849. He was speaker of the House of Representatives and governor of Tennessee. A protégé of Andrew Jackson, he was a member of the Democratic Party and an advocate of Jacksonian democracy. Polk is chiefly known for extending the territory of the United States during the Mexican–American War. After building a successful law practice in Tennessee, Polk was elected to the state legislature and to the United States House of Representatives in 1825, becoming a strong supporter of Andrew Jackson. After serving as chairman of the Ways and Means Committee, he became Speaker in 1835, the only president to have been Speaker. Polk left Congress to run for governor, he was a dark horse candidate for the Democratic nomination for president in 1844. In the general election, Polk defeated Henry Clay of the rival Whig Party. Polk is considered by many the most effective president of the pre–Civil War era, having met during his four-year term every major domestic and foreign policy goal he had set.
After a negotiation fraught with risk of war, he reached a settlement with the United Kingdom over the disputed Oregon Country, the territory for the most part being divided along the 49th parallel. Polk achieved a sweeping victory in the Mexican–American War, which resulted in the cession by Mexico of nearly all the American Southwest, he secured a substantial reduction of tariff rates with the Walker tariff of 1846. The same year, he achieved his other major goal, re-establishment of the Independent Treasury system. True to his campaign pledge to serve only one term, Polk left office in 1849 and returned to Tennessee. Scholars have ranked Polk favorably for his ability to promote and achieve the major items on his presidential agenda, but he has been criticized for leading the country into war against Mexico and for exacerbating sectional divides. A slaveholder for most of his adult life, he owned a plantation in Mississippi and bought slaves while President. A major legacy of Polk's presidency is territorial expansion, as the United States reached the Pacific coast and became poised to be a world power.
James Knox Polk was born on November 1795 in a log cabin in Pineville, North Carolina. He was the first of 10 children born into a family of farmers, his mother Jane named him after James Knox. His father Samuel Polk was a farmer and surveyor of Scots-Irish descent; the Polks had immigrated to America in the late 1600s, settling on the Eastern Shore of Maryland but moving to south-central Pennsylvania and to the Carolina hill country. The Knox and Polk families were Presbyterian. While Polk's mother remained a devout Presbyterian, his father, whose own father Ezekiel Polk was a deist, rejected dogmatic Presbyterianism, he refused to declare his belief in Christianity at his son's baptism, the minister refused to baptize young James. James' mother "stamped her rigid orthodoxy on James, instilling lifelong Calvinistic traits of self-discipline, hard work, individualism, a belief in the imperfection of human nature," according to James A. Rawley's American National Biography article. In 1803, Ezekiel Polk led four of his adult children and their families to the Duck River area in what is now Maury County, Tennessee.
The Polk clan dominated politics in the new town of Columbia. Samuel became a county judge, the guests at his home included Andrew Jackson, who had served as a judge and in Congress. James learned from the political talk around the dinner table. Polk suffered from frail health as a particular disadvantage in a frontier society, his father took him to see prominent Philadelphia physician Dr. Philip Syng Physick for urinary stones; the journey was broken off by James's severe pain, Dr. Ephraim McDowell of Danville, operated to remove them. No anesthetic was available except brandy; the operation was successful, but it might have left James impotent or sterile, as he had no children. He recovered and became more robust, his father offered to bring him into one of his businesses, but he wanted an education and enrolled at a Presbyterian academy in 1813. He became a member of the Zion Church near his home in 1813, enrolled in the Zion Church Academy, he entered Bradley Academy in Murfreesboro, where he proved a promising student.
In January 1816, Polk was admitted into the University of North Carolina at Chapel Hill as a second-semester sophomore. The Polk family had connections with the university a small school of about 80 students. Polk's roommate was William Dunn Moseley. Polk joined the Dialectic Society where he took part in debates, became its president, learned the art of oratory. In one address, he warned that some American leaders were flirting with monarchical ideals, singling out Alexander Hamilton, a foe of Jefferson. Polk graduated with honors in