1.
United States Department of the Treasury
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The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue, the Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. On February 13,2017, the Senate confirmed Steven Mnuchin as Secretary of the Treasury, the first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11,1789. Hamilton was asked by President George Washington to serve after first having asked Robert Morris, Hamilton almost single-handedly worked out the nations early financial system, and for several years was a major presence in Washingtons administration as well. His portrait is on the obverse of the U. S. ten-dollar bill while the Treasury Department building is shown on the reverse. Besides the Secretary, one of the best-known Treasury officials is the Treasurer of the United States whose signature, along with the Treasury Secretarys, the Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, 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, the Congress stipulated that each of the colonies contribute to the Continental governments funds. With the signing of the Declaration of Independence on July 4,1776, despite the infusion of foreign and domestic loans to pay for a war of independence, 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 of paper Continental Dollars 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 and angry Americans coined the expression not worth a Continental, Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nations finances. Morris, a colonial merchant, was nicknamed the Financier because of his reputation for procuring funds or goods on a moments notice. His staff included a Comptroller, a Treasurer, a Register, and auditors, who managed the finances through 1784. The Treasury Board 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. Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11,1789, Hamilton had served as George Washingtons 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 choice for solving the problem of the new nations heavy war debt. Hamiltons first official act was to submit a report to Congress in which he laid the foundation for the financial health
2.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
3.
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
4.
Denomination (currency)
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Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used other means of payment like gift cards. For example, five euros is the denomination of a five euro note, in a currency, there is usually a main unit, and a subunit that is a fraction of the main unit. In some countries, there are levels of subunits. In the former Ottoman Empire,1 lira =100 kuruş =4000 para =12000 akçe, today, only a few places have more than one subunit, notably Chinese speaking regions, the mainland China, the Hong Kong, and Republic of Chinas. In addition, the Jordanian dinar is divided into 10 dirham,100 qirsh/piastres, many countries where Western European languages are spoken currently have their main units divided into 100 subunits. Some currencies that previously had no longer do, because inflation has rendered the subunit useless. A prominent example is the Japanese yen, which was divided into 100 sen or 1000 rin. Both subunits were demonetized at the end of 1953, occasionally, a super unit is used as a multiple of the main unit. Examples include Korean won =5 yang in 1893, Iranian toman 10 rials, in the Ottoman Empire, lira and kuruş were super units at some point before becoming the main unit. A decimal currency is a currency where the ratio between the unit and the subunit is an integral power of 10. Non-decimal currencies are now rare but had advantages in daily life transactions. For example,1 South German Gulden =60 Kreuzer,60 can be divided into 2,3,4,5,6,10,12,15,20 or 30 parts that are still integers, making pricing easy. This advantage and the lack of widespread accurate weighing apparatus coupled with tradition were the reasons why non-decimal currencies were used, in theory, two countries currently use non-decimal currency, Mauritania and Madagascar. In practice, however, the value of the unit in each case is so low that the sub-unit is not of any practical use and is rarely seen in circulation. The last major countries to use non-decimal currencies in practice were the United Kingdom, Ireland, Malta, the average number of coins needed to make change. It is common to name a unit with a unit of weight, such as pound, lira, in most cases, these currencies were originally defined as that amount of some precious metal. Another choice of name is some form of derivative of the political entity, the Afghan afghani and European euro fall into this category
5.
United States one-dollar bill
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The United States one-dollar bill is a denomination of United States currency. The first U. S. President, George Washington, painted by Gilbert Stuart, is featured on the obverse. The one-dollar bill has the oldest design of all U. S. currency currently being produced, the design seen today debuted in 1963 when it was first issued as a Federal Reserve Note. The inclusion of the motto, In God We Trust, on all currency was required by law in 1955, an individual dollar bill is also less formally known as a one, a single, a buck, a bone, and a bill. The Federal Reserve says the life of a $1 bill in circulation is 5.8 years before it is replaced because of wear. Approximately 42% of all U. S. currency produced in 2009 were one-dollar bills,1862, The first one-dollar bill was issued as a Legal Tender Note with a portrait of Salmon P. Chase, the Secretary of the Treasury under President Abraham Lincoln. 1869, The $1 United States Note was redesigned with a portrait of George Washington in the center, the obverse of the note also featured green and blue tinting. Although this note is technically a United States Note, TREASURY NOTE appeared on it instead of UNITED STATES NOTE,1874, The Series of 1869 United States Note was revised. Changes on the obverse included removing the green and blue tinting, adding a red floral design around the word WASHINGTON D. C. and this note was also issued as Series of 1875 and 1878. 1880, The red floral design around the words ONE DOLLAR, later versions also had blue serial numbers and a small seal moved to the left side of the note. 1886, The first woman to appear on U. S. currency, the reverse of the note featured an ornate design that occupied the entire note, excluding the borders. 1890, One-dollar Treasury or Coin Notes were issued for government purchases of silver bullion from the mining industry. The reverse featured the large word ONE in the center surrounded by a design that occupied almost the entire note. 1891, The reverse of the Series of 1890 Treasury Note was redesigned because the treasury felt that it was too busy, more open space was incorporated into the new design. 1896, The famous Educational Series Silver Certificate was issued, the entire obverse was covered with artwork of allegorical figures representing history instructing youth in front of Washington D. C. The reverse featured portraits of George and Martha Washington surrounded by a design that occupied almost the entire note. 1899, The $1 Silver Certificate was again redesigned, the obverse featured a vignette of the United States Capitol behind a bald eagle perched on an American flag. Below that were small portraits of Abraham Lincoln to the left,1917, The obverse of the $1 United States Note was changed slightly with the removal of ornamental frames that surrounded the serial numbers
6.
United States two-dollar bill
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The United States two-dollar bill is a current denomination of U. S. currency. The third U. S. President, Thomas Jefferson, is featured on the obverse of the note, the reverse features the painting The Declaration of Independence by John Trumbull. Throughout the $2 bills pre-1929 life as a note, it was issued as a United States Note, National Bank Note, silver certificate. When U. S. currency was changed to its current size, production went on until 1966, when the series was discontinued. Ten years went by before the $2 bill was reissued as a Federal Reserve Note with a new reverse design, $2 bills are seldom seen in circulation as a result of banking policies with businesses which has resulted in low production numbers due to lack of demand. The denomination of two dollars was authorized under an act, and first used in March 1862. The denomination was continuously used until the 1960s, by time the United States Note was the only remaining class of U. S. currency the two dollar bill was assigned to. In 1966 it was decided to discontinue all two dollar United States Notes from production and it has remained a current denomination since then. However, due to its use, two-dollar bills are not frequently reissued in a new series like other denominations which are printed according to demand. Though some cash registers accommodate it, its slot is used for things like checks. Some bill acceptors found in vending machines, self checkout lanes, although they usually are not handed out arbitrarily, two-dollar bills are usually available at banks. Many banks stocking $2 bills will not use them except upon specific request by the customer, the seeming rarity of a $2 bill can be attributed to its low printing numbers as a Federal Reserve Note. Hoarding of the due to lack of public knowledge of the $2 bill has resulted in very few bills seen in circulation. After its initial release, supplies of the Series 1976 $2 bill were allowed to dwindle until August 1996 when a new series dated 1995 began to be printed and this series was only printed for the Federal Reserve Bank of Atlanta. Today, there is a misconception by the general public that the $2 bill is no longer in production. According to the Treasury, it receives many letters asking why the $2 bill is no longer in circulation, in response, the Treasury stated, The $2 bill remains one of our circulating currency denominations. As of April 30,2007 there were $1,549,052,714 worth of $2 bills in circulation worldwide. Another popular misconception is that the average $2 bill is more than its face value
7.
United States five-dollar bill
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The United States five-dollar bill is a denomination of United States currency. The current $5 bill features the 16th U. S. President, Abraham Lincolns portrait on the front, all $5 bills issued today are Federal Reserve Notes. The $5 bill is sometimes nicknamed a fin, the term has German/Yiddish roots and is remotely related to the English five, but it is far less common today than it was in the late 19th and early 20th centuries. The Bureau of Engraving and Printing says the life of a $5 bill in circulation is 5.5 years before it is replaced due to wear. Approximately 6% of all paper currency produced by the U. S. Treasurys Bureau of Engraving and Printing in 2009 were $5 bills. The redesigned $5 bill was unveiled on September 20,2007, new and enhanced security features make it easier to check the new $5 bill and more difficult for potential counterfeiters to reproduce. The redesigned $5 bill has, Watermarks, There are now two watermarks, a large numeral 5 watermark is located in a blank space to the right of the portrait, replacing the watermark portrait of President Lincoln found on previous bills. A second watermark — a new column of three smaller 5s — has been added and is positioned to the left of the portrait, security thread, The embedded security thread runs vertically and is now located to the right of the portrait. The letters USA followed by the number 5 in an alternating pattern are visible along the thread from both sides of the bill, the thread glows blue when held under ultraviolet light. On the back of the bill the words USA FIVE appear along one edge of the large purple 5, because they are so small, these microprinted words are hard to replicate. Infrared Ink, The back of the bill features sections of the bill that are blanked out when viewed in the infrared spectrum. This is consistent with other high-value US bills, which all feature patterns of infrared-visible stripes unique to the given denomination, bills of other world currencies, such as the Euro, also feature unique patterns visible only when viewed in this spectrum. Anti-Photocopy Circle Pattern, Small yellow 05s are printed to the left of the portrait on the front of the bill, the zeros in the 05s form a EURion constellation to prevent photocopying of the bill. Photocopy machines detect the particular pattern of circles and refuse to make a copy. Some machines make a record of the illegal photocopy attempt, which a technician may report to law enforcement. The five dollar bill lacks the Optically variable ink of higher denomination US bills, the new $5 bills remain the same size and use the same—but enhanced—portraits and historical images. The most noticeable difference is the coloring of the center of the bill. When the Lincoln Memorial was constructed the names of 48 states were engraved on it, the picture of the Lincoln Memorial on the $5 bill only contains the names of 26 states
8.
United States ten-dollar bill
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The United States ten-dollar bill is a current denomination of U. S. currency. The obverse of the features the portrait of Alexander Hamilton. The reverse features the U. S. Treasury Building, all $10 bills issued today are Federal Reserve Notes. As of December 2013, the life of a $10 bill is 4.5 years, or about 54 months. Ten-dollar bills are delivered by Federal Reserve Banks in yellow straps, the source of the portrait on the $10 bill is John Trumbull’s 1805 painting of Hamilton that belongs to the portrait collection of New York City Hall. The $10 bill is unique in that it is the denomination in circulation in which the portrait faces to the left. It also features one of two non-presidents on currently issued U. S. bills, the other being Benjamin Franklin on the $100 bill. Hamilton is one of four people featured on U. S. paper currency who were not born in the continental United States or British America. The others were Albert Gallatin, Switzerland, George Meade, Spain, in 2015, the Treasury Secretary announced that the obverse portrait of Hamilton would be replaced by the portrait of an as yet undecided woman, starting in 2020. However, due to the popularity of Hamilton, a hit Broadway musical based on Hamiltons life, in 2016 this decision was reversed. 1861, The first $10 bill was issued as a Demand Note with a portrait of Abraham Lincoln on the left side of the obverse. 1862, The first $10 United States Note was issued with a design similar to the 1861 Demand Note. The Roman numeral X may represent the origin of the slang term sawbuck to mean a $10 bill. 1863, Interest Bearing Notes, featuring a portrait of Salmon P. Chase, the notes could also be spent for exactly $10. 1864, Compound Interest Treasury Notes, with a design similar to the 1863 Interest Bearing Note, were issued that grew in face value 6% compounded semi-annually. It is unknown if the note could actually be spent for $10 plus interest and this note is nicknamed a jackass note because the eagle on the front looks like a donkey when the note is turned upside down. The back of the featured a vignette of U. S. gold coins. 1875, The 1869 United States Note was revised, the blue and green tinting that was present on the obverse was removed and the design on the reverse was completely changed
9.
United States twenty-dollar bill
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The United States twenty-dollar bill is a denomination of U. S. currency. The seventh U. S. President, Andrew Jackson has been featured on the front side of the bill since 1928, while the White House is featured on the reverse side. On April 20,2016, it was announced that a new design, expected to be unveiled in 2020, as of December 2013, the average circulation life of a $20 bill is 7.9 years before it is replaced due to wear. Approximately 11% of all printed in 2009 were $20 bills. Twenty-dollar bills are delivered by Federal Reserve Banks in violet straps,1861, A demand note with Lady Liberty holding a sword and shield on the front, and an abstract design on the back. 1862, A note that is similar, the first $20 United States note. The back is different, with small variations extant. 1863, A gold certificate $20 note with an Eagle vignette on the face, the reverse has a $20 gold coin and various abstract elements. 1865, A national bank note with The Battle of Lexington and of Pocahontas in black,1869, A new United States note design with Alexander Hamilton on the left side of the front and Victory holding a shield and sword. 1875, As above, except with a different reverse,1878, A silver certificate $20 note with a portrait of Stephen Decatur on the right side of the face. 1882, A new gold certificate with a portrait of James Garfield on the right of the face, the back is orange and features an eagle. 1882, A new national bank note, the front is similar, but the back is different and printed in brown. 1886, A new silver certificate $20 note with Daniel Manning on the center of the face,1890, A treasury note with John Marshall on the left of the face. Two different backs exist, both with abstract designs,1902, A new national bank note. The front design features Hugh McCulloch, and the back has a vignette of an allegorical America,1905, A new gold certificate $20 note with George Washington on the center of the face. Andrew Jackson first appeared on the $20 bill in 1928, although 1928 coincides with the 100th anniversary of Jacksons election as president, it is not clear why the portrait on the bill was switched from Grover Cleveland to Jackson. In his farewell address to the nation, he cautioned the public about paper money,1918, A federal reserve bank note with Grover Cleveland on the front, and a back design similar to the 1914 Federal Reserve Note. 1928, Switched to a note with a portrait of Andrew Jackson on the face
10.
United States fifty-dollar bill
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The United States fifty-dollar bill is a denomination of United States currency. The 18th U. S. President, Ulysses S. Grant, is featured on the obverse, all current-issue $50 bills are Federal Reserve Notes. As of December 2013, the life of a $50 bill in circulation is 8.5 years, or approximately 102 months. Approximately 6% of all printed in 2009 were $50 bills. They are delivered by Federal Reserve Banks in brown straps,1861, Three-year $50 Interest Bearing Notes were issued that paid a cent of interest per day, and thus 7. 3% annually — the so-called seven-thirties. These notes were not primarily designed to circulate, and were payable to the purchaser of the dollar bill. The obverse of the featured a bald eagle. 1862, The first circulating $50 bill was issued,1863, Both one and two year Interest Bearing Notes were issued that paid 5% interest. The one-year Interest Bearing Notes featured a vignette of Alexander Hamilton to the left, the two-year notes featured allegorical figures of loyalty, and justice. 1864, Compound Interest Treasury Notes were issued, intended to circulate for three years and paying 6% interest compounded semi-annually, the obverse is similar to the Series of 1863 one-year Interest Bearing Note. 1865, Three-year Interest Bearing Notes were issued again with a slightly different bald eagle,1869, A new $50 United States Note was issued with a portrait of Henry Clay on the right and an allegorical figure holding a laurel branch on the left of the obverse. 1870, $50 National Gold Bank Notes were issued specifically for payment in gold coin by 2 national gold banks, the obverse featured vignettes of George Washington crossing the Delaware River and at Valley Forge, the reverse featured a vignette of U. S. gold coins. 1874, Another new $50 United States Note was issued with a portrait of Benjamin Franklin on the left,1878, The first $50 silver certificate was issued with a portrait of Edward Everett. The reverse was printed in black ink,1880, The Series of 1878 Silver Certificate was slightly revised. 1882, The first $50 Gold Certificate with a portrait of Silas Wright was issued, the reverse was printed in orange ink and featured a bald eagle perched atop an American flag. 1891, The obverse of the $50 Silver Certificate was slightly revised,1891, The $50 Treasury or Coin Note was issued and given for government purchases of silver bullion from the silver mining industry. The note featured a portrait of William H. Seward,1913, A new $50 Gold Certificate with a portrait of Ulysses Grant was issued. The style of the area below Grants portrait was used on small-sized notes
11.
United States one hundred-dollar bill
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The United States one hundred-dollar bill is a denomination of United States currency featuring statesman, inventor, diplomat and American founding father Benjamin Franklin on the obverse of the bill. On the reverse of the banknote is an image of Independence Hall, the $100 bill is the largest denomination that has been printed since July 13,1969, when the denominations of $500, $1,000, $5,000, and $10,000 were retired. The Bureau of Engraving and Printing says the life of a $100 bill in circulation is 90 months before it is replaced due to wear and tear. The bills are also referred to as Bens, Benjamins or Franklins, in reference to the use of Benjamin Franklins portrait on the denomination, or as C-Notes. The bill is one of two denominations printed today that does not feature a President of the United States, the other is the $10 bill, featuring Alexander Hamilton. It is also the denomination today to feature a building not located in Washington. One hundred hundred-dollar bills are delivered by Federal Reserve Banks in mustard-colored straps, the Series 2009 $100 bill redesign was unveiled on April 21,2010, and was issued to the public on October 8,2013. The new bill costs 12.6 cents to produce and has a blue ribbon woven into the center of the currency with 100 and Liberty Bells, alternating,1861, Three-year 100 dollar Interest Bearing Notes were issued that paid 7. 3% interest per year. These notes were not primarily designed to circulate, and were payable to the purchaser of the dollar bill. The obverse of the featured a portrait of General Winfield Scott. 1862, The first $100 United States Note was issued, variations of this note were issued that resulted in slightly different wording on the reverse, the note was issued again in Series of 1863. 1863, Both one and two and one half year Interest Bearing Notes were issued that paid 5% interest, the one-year Interest Bearing Notes featured a vignette of George Washington in the center, and allegorical figures representing The Guardian to the right and Justice to the left. The two-year notes featured a vignette of the U. S. treasury building in the center, a farmer and mechanic to the left, and sailors firing a cannon to the right. 1863, The first $100 Gold Certificates were issued with an eagle to the left. The reverse was printed in orange instead of green like all other U. S. federal government issued notes of the time. 1864, Compound Interest Treasury Notes were issued that were intended to circulate for three years and paid 6% interest compounded semi-annually, the obverse is similar to the 1863 one-year Interest Bearing Note. 1869, A new $100 United States Note was issued with a portrait of Abraham Lincoln on the left of the obverse, although this note is technically a United States Note, TREASURY NOTE appeared on it instead of UNITED STATES NOTE. 1870, A new $100 Gold Certificate with a portrait of Thomas Hart Benton on the side of the obverse was issued
12.
Province of North Carolina
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The Province of North Carolina was originally part of the Province of Carolina, which was chartered by eight Lords Proprietor. The province later became the U. S. states of North Carolina and Tennessee, and parts of the province combined with other territory to form the states of Georgia, Alabama, for history prior to 1729, see Province of Carolina. King Charles II of England granted the Carolina charter in 1663 for land south of Virginia Colony, Charles II granted the land to eight Lords Proprietors in return for their financial and political assistance in restoring him to the throne in 1660. The first Governor of the separate North Carolina Province was Edward Hyde, in 1729, after nearly a decade-long attempt by the British government to locate and buy out seven of the eight Lords Proprietors, both Carolinas became royal colonies. The remaining one-eighth share of the Province was retained by members of the Carteret family until 1776 and this included several North Carolina rivers, including the French Broad and Watauga. Settlers continued to flow westwards in smaller numbers, despite the prohibition against doing so, most prominently, the Watauga Association formed in 1772 as an ostensibly-independent territory within the bounds of North Carolina, which adopted its own written constitution. Two important maps of the province were reproduced, one by Edward Moseley in 1733, and another by John Collet in 1770. Other maps exist dating to the period of the Age of Discovery that depict portions of the province, or, more specifically. The Court Act of 1746 established a court, initially known as the General Court. List of Chief Justices for 1818 onwards see List of Justices of the North Carolina Supreme Court History of North Carolina A Complete map of North-Carolina from an actual survey, John Collets 1770 map of the colony of North Carolina
13.
Virginia
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Virginia is a state located in the Mid-Atlantic region of the United States, as well as in the historic Southeast. The geography and climate of the Commonwealth are shaped by the Blue Ridge Mountains and the Chesapeake Bay, the capital of the Commonwealth is Richmond, Virginia Beach is the most populous city, and Fairfax County is the most populous political subdivision. The Commonwealths estimated population as of 2014 is over 8.3 million, the areas history begins with several indigenous groups, including the Powhatan. In 1607 the London Company established the Colony of Virginia as the first permanent New World English colony, slave labor and the land acquired from displaced Native American tribes each played a significant role in the colonys early politics and plantation economy. Although the Commonwealth was under one-party rule for nearly a century following Reconstruction, the Virginia General Assembly is the oldest continuous law-making body in the New World. The state government was ranked most effective by the Pew Center on the States in both 2005 and 2008 and it is unique in how it treats cities and counties equally, manages local roads, and prohibits its governors from serving consecutive terms. Virginias economy changed from agricultural to industrial during the 1960s and 1970s. Virginia has an area of 42,774.2 square miles, including 3,180.13 square miles of water. Virginias boundary with Maryland and Washington, D. C. extends to the mark of the south shore of the Potomac River. The southern border is defined as the 36° 30′ parallel north, the border with Tennessee was not settled until 1893, when their dispute was brought to the U. S. Supreme Court. The Chesapeake Bay separates the portion of the Commonwealth from the two-county peninsula of Virginias Eastern Shore. The bay was formed from the river valleys of the Susquehanna River. Many of Virginias rivers flow into the Chesapeake Bay, including the Potomac, Rappahannock, York, and James, the Tidewater is a coastal plain between the Atlantic coast and the fall line. It includes the Eastern Shore and major estuaries of Chesapeake Bay, the Piedmont is a series of sedimentary and igneous rock-based foothills east of the mountains which were formed in the Mesozoic era. The region, known for its clay soil, includes the Southwest Mountains around Charlottesville. The Blue Ridge Mountains are a province of the Appalachian Mountains with the highest points in the state. The Ridge and Valley region is west of the mountains and includes the Great Appalachian Valley, the region is carbonate rock based and includes Massanutten Mountain. The Cumberland Plateau and the Cumberland Mountains are in the southwest corner of Virginia, in this region, rivers flow northwest, with a dendritic drainage system, into the Ohio River basin
14.
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
15.
War of 1812
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Historians in the United States and Canada see it as a war in its own right, but the British often see it as a minor theatre of the Napoleonic Wars. By the wars end in early 1815, the key issues had been resolved, the view was shared in much of New England and for that reason the war was widely referred to there as Mr. Madison’s War. As a result, the primary British war goal was to defend their North American colonies, the war was fought in three theatres. Second, land and naval battles were fought on the U. S. –Canadian frontier, Third, large-scale battles were fought in the Southern United States and Gulf Coast. With the majority of its land and naval forces tied down in Europe fighting the Napoleonic Wars, early victories over poorly-led U. S. armies demonstrated that the conquest of the Canadas would prove more difficult than anticipated. Despite this, the U. S. was able to inflict serious defeats on Britains Native American allies, both governments were eager for a return to normality and peace negotiations began in Ghent in August 1814. This brought an Era of Good Feelings in which partisan animosity nearly vanished in the face of strengthened American nationalism, the war was also a major turning point in the development of the U. S. military, with militia being increasingly replaced by a more professional force. The U. S. also acquired permanent ownership of Spains Mobile District, the government of Canada declared a three-year commemoration of the War of 1812 in 2012, intended to offer historical lessons and celebrate 200 years of peace across the border. At the conclusion of the commemorations in 2014, a new national War of 1812 Monument was unveiled in Ottawa. The war is remembered in Britain primarily as a footnote in the much larger Napoleonic Wars occurring in Europe, historians have long debated the relative weight of the multiple reasons underlying the origins of the War of 1812. This section summarizes several contributing factors which resulted in the declaration of war by the United States, as Risjord notes, a powerful motivation for the Americans was the desire to uphold national honour in the face of what they considered to be British insults such as the Chesapeake–Leopard Affair. The approaching conflict was about violations of American rights, but it was also vindication of American identity. Americans at the time and historians since often called it the United States Second War of Independence, in 1807, Britain introduced a series of trade restrictions via a series of Orders in Council to impede neutral trade with France, with which Britain was at war. The United States contested these restrictions as illegal under international law, the American merchant marine had come close to doubling between 1802 and 1810, making it by far the largest neutral fleet. Britain was the largest trading partner, receiving 80% of U. S. cotton, the British public and press were resentful of the growing mercantile and commercial competition. The United States view was that Britains restrictions violated its right to trade with others, during the Napoleonic Wars, the Royal Navy expanded to 176 ships of the line and 600 ships overall, requiring 140,000 sailors to man. The United States believed that British deserters had a right to become U. S. citizens and this meant that in addition to recovering naval deserters, it considered any United States citizens who were born British liable for impressment. Aggravating the situation was the reluctance of the United States to issue formal naturalization papers and it was estimated by the Admiralty that there were 11,000 naturalized sailors on United States ships in 1805
16.
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
17.
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
18.
Allegory
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As a literary device, an allegory is a metaphor whose vehicle may be a character, place or event, representing real-world issues and occurrences. Many ancient religions are based on astrological allegories, that is, allegories of the movement of the sun, in classical literature two of the best-known allegories are the Cave in Platos Republic and the story of the stomach and its members in the speech of Menenius Agrippa. One of the examples of allegory, Platos Allegory of the Cave. In this allegory, Plato describes a group of people who have lived chained in an all of their lives. The people watch shadows projected on the wall by things passing in front of a fire behind them and begin to ascribe forms to these shadows, using language to identify their world. He tries to tell the people in the cave of his discovery, also allegorical is Ezekiel 16 and 17, wherein the capture of that same vine by the mighty Eagle represents Israels exile to Rome. Allegory has an ability to freeze the temporality of a story, Mediaeval thinking accepted allegory as having a reality underlying any rhetorical or fictional uses. The allegory was as true as the facts of surface appearances, if, then, the Greeks or others say that they were not committed to the care of Peter and his successors, they necessarily confess that they are not of the sheep of Christ. This text also demonstrates the frequent use of allegory in religious texts during the Mediaeval Period, following the tradition, since meaningful stories are nearly always applicable to larger issues, allegories may be read into many stories which the author may not have recognised. This is allegoresis, or the act of reading a story as an allegory. S, lewis and A Kingdom Far and Clear, The Complete Swan Lake Trilogy by Mark Helprin. The story of the apple falling onto Isaac Newtons head is another famous allegory and it simplified the idea of gravity by depicting a simple way it was supposedly discovered. It also made the scientific revelation well known by condensing the theory into a short tale. According to Henry Littlefields 1964 article, L. Yet, George MacDonald emphasised in 1893 that, A fairy tale is not an allegory, I much prefer history – true or feigned– with its varied applicability to the thought and experience of readers. I think that many confuse applicability with allegory, but the one resides in the freedom of the reader, and this further reinforces the idea of forced allegoresis, as allegory is often a matter of interpretation and only sometimes of original artistic intention. Like allegorical stories, allegorical poetry has two meanings – a literal meaning and a symbolic meaning, some unique specimens of allegory can be found in the following works, Edmund Spenser – The Faerie Queene, The several knights in the poem actually stand for several virtues. Nathaniel Hawthorne – Young Goodman Brown, The Devils Staff symbolises defiance of God, the characters names, such as Goodman and Faith, ironically serve as paradox in the conclusion of the story. Nathaniel Hawthorne – The Scarlet Letter, The scarlet letter symbolises many things, the characters, while developed with interiority, are allegorical in that they represent ways of seeing the world. George Orwell – Animal Farm, The pigs stand for political figures of the Russian Revolution, lászló Krasznahorkai - The Melancholy of Resistance and the film Werckmeister Harmonies, It uses a circus to describe an occupying dysfunctional government
19.
Gold certificate
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A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a U. S. paper currency and a current meaning as a way to invest in gold, Banks may issue gold certificates for gold that is allocated or unallocated. Unallocated gold certificates are a form of banking and do not guarantee an equal exchange for metal in the event of a run on the issuing banks gold on deposit. Allocated gold certificates should be correlated with specific numbered bars, although it is difficult to determine whether a bank is improperly allocating a single bar to more than one party, the gold certificate was used from 1863 to 1933 in the United States as a form of paper currency. Each certificate gave its title to a corresponding amount of gold coin at the statutory rate of $20.67 per troy ounce established by the Coinage Act of 1834. Therefore, this type of currency was intended to represent actual gold coinage. In 1933 the practice of redeeming these notes for coins was ended by the U. S. government. After the gold recall in 1933, gold certificates were withdrawn from circulation, as noted above, it was illegal to own them. That fact, and public fear that the notes would be devalued and made obsolete, in general, the notes are scarce and valuable, especially examples in new condition. The early history of United States gold certificates is somewhat hazy and they were authorized under the Act of 3 March 1863, but unlike the United States Notes also authorized, they apparently were not printed until 1865. They did not have a date, and were hand-dated upon issue. The first issue featured a vignette of an eagle uniformly across all denominations, several later issues featured various portraits of historical figures. The reverse sides were either blank or featured abstract designs, the only exception was the $20 of 1865, which had a picture of a $20 gold coin. From 1862 to 1879, United States Notes were legal tender, however some transactions, such as customs duties and interest on the federal debt, were required to be made in gold. Thus the early gold certificates were acceptable in some transactions where United States Notes were not, the Series of 1882 was the first series that was payable to the bearer, it was transferable and anyone could redeem it for the equivalent in gold. This was the case with all gold certificate series from that point on, with the exception of 1888,1900, the series of 1888 and 1900 were issued to specific depositors, as before. The series of 1882 had the portraits as the series of 1875. Gold certificates, along all other U. S. currency, were made in two sizes—a larger size from 1865 to 1928, and a smaller size from 1928 to 1934
20.
Gold standard
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A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished, specie, bullion, and exchange, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency. The gold exchange standard usually does not involve the circulation of gold coins. This creates a de facto standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Most nations abandoned the standard as the basis of their monetary systems at some point in the 20th century. An estimated total of 174,100 tonnes of gold have been mined in human history and this is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres, or a cube 21 metres on a side. There are varying estimates of the volume of gold mined. One reason for the variance is that gold has been mined for thousands of years, another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the output in illegal mining activities. World production for 2011 was at 2,700 tonnes, since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x, although far less than world economic growth of some 8x, or some 4x since 1980. The gold specie standard arose from the acceptance of gold as currency. Various commodities have been used as money, typically, the one that loses the least value over time becomes the accepted form, the use of gold as money began thousands of years ago in Asia Minor. During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe, however, as the Byzantine Empires economic influence declined, so too did the use of the bezant. In its place, European territories chose silver as its currency over gold, Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa CE 757–796. Similar coins, including Italian denari, French deniers, and Spanish dineros circulated in Europe, Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545. International trade came to depend on such as the Spanish dollar, the Maria Theresa thaler, and later. In modern times, the British West Indies was one of the first regions to adopt a gold specie standard, following Queen Annes proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the sovereign by the new Royal Mint at Tower Hill in 1816
21.
Franklin D. Roosevelt
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Franklin Delano Roosevelt, commonly known as FDR, was an American statesman and political leader who served as the 32nd President of the United States from 1933 until his death in 1945. A Democrat, he won a record four presidential elections and emerged as a figure in world events during the mid-20th century. He directed the United States government during most of the Great Depression and he is often rated by scholars as one of the three greatest U. S. Presidents, along with George Washington and Abraham Lincoln. Roosevelt was born in 1882 to an old, prominent Dutch family from Dutchess County and he attended the elite educational institutions of Groton School, Harvard College, and Columbia Law School. At age 23 in 1905, he married Eleanor Roosevelt, and he entered politics in 1910, serving in the New York State Senate, and then as Assistant Secretary of the Navy under President Woodrow Wilson. In 1920, Roosevelt was presidential candidate James M. Coxs running mate and he was in office from 1929 to 1933 and served as a reform governor, promoting the enactment of programs to combat the depression besetting the United States at the time. In the 1932 presidential election, Roosevelt defeated incumbent Republican president Herbert Hoover in a landslide to win the presidency, Roosevelt took office while in the United States was in the midst of the worst economic crisis in its history. Energized by his victory over polio, FDR relied on his persistent optimism and activism to renew the national spirit. He created numerous programs to support the unemployed and farmers, and to labor union growth while more closely regulating business. His support for the repeal of Prohibition in 1933 added to his popularity, the economy improved rapidly from 1933–37, but then relapsed into a deep recession in 1937–38. The bipartisan Conservative Coalition that formed in 1937 prevented his packing the Supreme Court, when the war began and unemployment ended, conservatives in Congress repealed the two major relief programs, the WPA and CCC. However, they kept most of the regulations on business, along with several smaller programs, major surviving programs include the Securities and Exchange Commission, the Wagner Act, the Federal Deposit Insurance Corporation and Social Security. His goal was to make America the Arsenal of Democracy, which would supply munitions to the Allies, in March 1941, Roosevelt, with Congressional approval, provided Lend-Lease aid to Britain and China. He supervised the mobilization of the U. S. economy to support the war effort, as an active military leader, Roosevelt implemented a war strategy on two fronts that ended in the defeat of the Axis Powers and initiate the development of the worlds first atomic bomb. His work also influenced the creation of the United Nations. Roosevelts physical health declined during the war years, and he died 11 weeks into his fourth term. One of the oldest Dutch families in New York State, the Roosevelts distinguished themselves in other than politics. One ancestor, Isaac Roosevelt, had served with the New York militia during the American Revolution, Roosevelt attended events of the New York society Sons of the American Revolution, and joined the organization while he was president
22.
Executive Order 6102
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The effect of the order, in conjunction with the statute under which it was issued, was to criminalize the possession of monetary gold by any individual, partnership, association or corporation. The stated reason for the order was that hard times had caused hoarding of gold, stalling economic growth, by the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. If gold could not be owned, then it could not be legally redeemed. If it could not be redeemed, then it could not constrain the central bank.67 per troy ounce. Order 6102 specifically exempted customary use in industry, profession or art—a provision that covered artists, jewelers, dentists, the order further permitted any person to own up to $100 in gold coins. The same paragraph also exempted gold coins having recognized special value to collectors of rare and this protected recognized gold coin collections from legal seizure and likely melting. The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce, the resulting profit that the government realized funded the Exchange Stabilization Fund established by the Gold Reserve Act in 1934. Executive Order 6102 also led to the ultra-rarity of the 1933 Double Eagle gold coin, the order caused all gold coin production to cease and all 1933 minted coins to be destroyed. About 20 illegal coins were stolen, leading to a standing United States Secret Service warrant for arrest, a legalized surviving coin sold for over $7.5 million in 2002, making it one of the most valuable coins in the world. Numerous individuals and companies were prosecuted related to President Roosevelts Executive Order 6102, the prosecutions took place under subsequent Executive Orders 6111,6260,6261 and the Gold Reserve Act of 1934. The circumstances of the case were that a New York attorney named Frederick Barber Campbell had one deposit at Chase National Bank of over 5,000 troy ounces of gold, when Campbell attempted to withdraw the gold, Chase refused, and Campbell sued Chase. A federal prosecutor then indicted Campbell on the day for failing to surrender his gold. Ultimately, the prosecution of Campbell failed, but the authority of the government to seize gold was upheld. The case was cause for the Roosevelt administration to issue a new order under the signature of the Secretary of the Treasury, Henry Morgenthau, Executive Orders 6260,6261, related to the seizure of gold and the prosecution of gold hoarders. A few months later, Congress passed the Gold Reserve Act of 1934 which ratified President Roosevelts orders, a new set of Treasury regulations was issued providing civil penalties of confiscation of all gold and imposition of fines equal to double the value of the gold seized. Secret Service agents discovered the sale with the help of the buyer, farber, his father, and 12 others were arrested in four American cities after a sting operation conducted by the United States Secret Service. The arrests took place simultaneously in New York and three California cities, San Francisco, San Jose, and Oakland, morris Anolik was arrested in New York with $5,000 in U. S. In all, $24,000 in gold was seized by Secret Service Agents during the operation, david Baraban and his son Jacob Baraban owned a refining company
23.
Federal Reserve Bank
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A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. C, alexander Hamilton, the first Secretary of Treasury, started a movement in 1780 advocating for the creation of a central bank. The Bank Bill created by Hamilton was a proposal to institute a national bank in order to improve the stability of the nation after its independence from Britain. Although the national bank was to be used as a tool for the government, in response to this, the First Bank of the United States was established in 1791, its charter signed by George Washington. The First Bank of the United States was headquartered in Philadelphia, the Bank performed the basic banking functions of accepting deposits, issuing bank notes, making loans and purchasing securities. When its charter expired 20 years later, the United States was without a bank for a few years. In 1816, James Madison signed the Second Bank of the United States into existence. Then, in 1833, before that banks charter expired, President Jackson removed the government funds as part of the Bank War, and the United States went without a central bank for 40 years. A financial crisis known as the Panic of 1907 was headed off by a private conglomerate and this effort succeeded in stopping the panic, and led to calls for a Federal agency to do the same thing. Congress approved the Act, and President Wilson signed it into law on December 23,1913, the legislation provided for a system that included a number of regional Federal Reserve Banks and a seven-member governing board. All national banks were required to join the system and other banks could join, on April 2,1914, the Reserve Bank Organization Committee announced its decision, and twelve Federal Reserve banks were established to cover various districts throughout the country. Those opposed to the establishment of an overwhelmingly powerful New York Fed prevailed in their desire that its scope, initially, this banks influence was restricted to New York State. Nonetheless, with over $20,000,000 in capital stock, as a result, it was impossible to prevent the New York Fed from being the largest and most dominant bank in the system. The Federal Reserve Banks opened for business in November 1914, the New York Fed opened for business under the leadership of Benjamin Strong, Jr. previously president of the Bankers Trust Company, on November 16,1914. The initial staff consisted of seven officers and 85 clerks, many on loan from local banks. Mr. Strong recalled the days at the Bank in a speech. During its first day of operation, the Bank took in $100 million from 211 member banks, Congress created Federal Reserve notes to provide the nation with a flexible supply of currency. The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public
24.
History of the United States dollar
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The history of the United States Dollar refers to more than 240 years since the Continental Congress of the United States authorized the issuance of Continental Currency in 1775. On April 2,1792, the United States Congress created the United States dollar as the standard unit of money. The term dollar had already been in usage since the colonial period when it referred to eight-real coin used by the Spanish throughout New Spain. By the end of 1778, Continental Currency retained only between 1⁄5 to 1⁄7 of its face value. By 1780, Continental bills – or Continentals – were worth just 1⁄40 of their face value, Congress tried to reform the currency by removing the old bills from circulation and issuing new ones, but this met with little or no success. By May 1781, Continentals had become so worthless they ceased to circulate as money, Benjamin Franklin noted that the depreciation of the currency had, in effect, acted as a tax to pay for the war. In the 1790s, after the ratification of the United States Constitution, Congress appointed Robert Morris to be Superintendent of Finance of the United States following the collapse of Continental currency. In 1782, Morris advocated the creation of the first financial institution chartered by the United States, the Bank of North America was funded in part by specie loaned to the United States by France. Morris helped finance the final stages of the war by issuing notes in his name, the Bank of North America also issued notes convertible into specie. On July 6,1785, the Continental Congress of the United States authorized the issuance of a new currency, article One states they were prohibited to make any Thing but gold and silver Coin a Tender in Payment of Debts. The United States Mint was created by Congress following the passing of the Coinage Act of 1792 and it was primarily tasked with producing and circulating coinage. The first Mint building was in Philadelphia, then the capital of the United States, the Mint was originally placed within the Department of State, until the Coinage Act of 1873 when it became part of the Department of the Treasury. The Mint had the authority to convert any precious metals into standard coinage for anyones account with no seigniorage charge beyond refining costs, Congress acted on Hamiltons recommendations in the Coinage Act of 1792, which established the dollar as the basic unit of account for the United States. The word dollar is derived from Low Saxon cognate of the High German Thaler, in the early 19th century, gold rose in relation to silver, resulting in the removal from commerce of nearly all gold coins, and their subsequent melting. Therefore, in the Coinage Act of 1834, the 15,1 ratio of silver to gold was changed to a 16,1 ratio by reducing the weight of the gold coinage. This created a new U. S. dollar that was backed by 1.50 g of gold, however, the previous dollar had been represented by 1.60 g of gold. The result of this revaluation, which was the first devaluation of the U. S. dollar, was that the value in gold of the dollar was reduced by 6%, moreover, for a time, both gold and silver coins were useful in commerce. In 1853, the weights of U. S. silver coins were reduced and this had the effect of placing the nation effectively on the gold standard
25.
Federal Reserve System
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The Federal Reserve System is the central banking system of the United States. Over the years, events such as the Great Depression in the 1930s, the U. S. Congress established three key objectives for monetary policy in the Federal Reserve Act, maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserves dual mandate. S, the Fed conducts research into the economy and releases numerous publications, such as the Beige Book. S. member banks, and various advisory councils. The federal government sets the salaries of the seven governors. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region, thus, the Federal Reserve System has both private and public components to serve the interests of the public and private banks. The structure is considered unique among central banks and it is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used. The U. S. Government receives all the annual profits, after a statutory dividend of 6% on member banks capital investment is paid. In 2015, the Federal Reserve made a profit of $100.2 billion, the primary motivation for creating the Federal Reserve System was to address banking panics. Before the founding of the Federal Reserve System, the United States underwent several financial crises, a particularly severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to ensuring the stability of the financial system. S. S and this practice is called fractional-reserve banking. As a result, banks usually invest the majority of the funds received from depositors, on rare occasions, too many of the banks customers will withdraw their savings and the bank will need help from another institution to continue operating, this is called a bank run. Bank runs can lead to a multitude of social and economic problems, the Federal Reserve System was designed as an attempt to prevent or minimize the occurrence of bank runs, and possibly act as a lender of last resort when a bank run does occur. Many economists, following Milton Friedman, believe that the Federal Reserve inappropriately refused to lend money to banks during the bank runs of 1929. Because some banks refused to clear checks from certain others during times of economic uncertainty, to address these problems, Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. It took over this role from the private sector clearing houses which operated during the Free Banking Era, whether public or private, through its discount window and credit operations, Reserve Banks provide liquidity to banks to meet short-term needs stemming from seasonal fluctuations in deposits or unexpected withdrawals. Longer term liquidity may also be provided in exceptional circumstances, the rate the Fed charges banks for these loans is called the discount rate. By making these loans, the Fed serves as a buffer against unexpected day-to-day fluctuations in reserve demand and this contributes to the effective functioning of the banking system, alleviates pressure in the reserves market and reduces the extent of unexpected movements in the interest rates. For example, on September 16,2008, the Federal Reserve Board authorized an $85 billion loan to stave off the bankruptcy of international insurance giant American International Group
26.
Counterfeit money
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Counterfeit money is imitation currency produced without the legal sanction of the state or government. Producing or using counterfeit money is a form of fraud or forgery, counterfeiting is almost as old as money itself. Plated copies have found of Lydian coins which are thought to be among the first western coins. Before the introduction of money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions, during World War II, the Nazis forged British pounds and American dollars. Today some of the finest counterfeit banknotes are called Superdollars because of their high quality, there has been significant counterfeiting of Euro banknotes and coins since the launch of the currency in 2002, but considerably less than for the US dollar. Traditionally, anti-counterfeiting measures involved including fine detail with raised intaglio printing on bills which allows non-experts to easily spot forgeries, on coins, milled or reeded edges are used to show that none of the valuable metal has been scraped off. Counterfeiting is as old as money itself, and is prevalent throughout history that it has been called the worlds second oldest profession. Coinage of money began in the Greek city of Lydia around 600 B. C, before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A common practice was to shave the edges of a coin, precious metals collected in this way could be used to produce counterfeit coinage. A fourrée is an ancient type of coin, in which a base metal core has been plated with a precious metal to resemble its solid metal counterpart. When paper money was introduced in China in the 13th century, to control access to the paper, guards were stationed around mulberry forests, while counterfeiters were punished by death. In the 13th century Mastro Adamo was mentioned by Dante Alighieri as a counterfeiter of the Florentine fiorino, the English couple Thomas and Anne Rogers were convicted on 15 October 1690 for Clipping 40 pieces of Silver. Thomas Rogers was hanged, drawn and quartered while Anne Rogers was burnt alive, evidence supplied by an informant led to the arrest of the last of the English Coiners King David Hartley, who was executed by hanging in 1770. The extreme forms of punishment were meted out for acts of treason against state or Crown and these include producing the false money and selling it wholesale. Similarly, in America, Colonial paper currency printed by Benjamin Franklin, the theory behind such harsh punishments was that one who had the skills to counterfeit currency was considered a threat to the safety of the State, and had to be eliminated. Far more fortunate was a practitioner of the same art. Rather than executing Alexander the Barber, the Emperor chose to employ his talents in the governments own service, nations have used counterfeiting as a means of warfare
27.
Illegal drug trade
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The illegal drug trade is a global black market dedicated to the cultivation, manufacture, distribution and sale of drugs that are subject to drug prohibition laws. Most jurisdictions prohibit trade, except under license, of types of drugs through the use of drug prohibition laws. A UN report has stated that the drug trade generated an estimated US$321.6 billion in 2003. With a world GDP of US$36 trillion in the same year, consumption of illegal drugs is widespread globally. Chinese edicts against opium smoking were made in 1729,1796 and 1800, addictive drugs were prohibited in the west in the late 19th and early 20th centuries. In the early 19th century, a drug trade in China emerged and as a result. The Chinese government responded by enforcing a ban on the import of opium that led to the First Opium War between the United Kingdom and Qing dynasty China, the United Kingdom won and forced China to allow British merchants to trade opium. Trading in opium was lucrative, and smoking opium had become common in the 19th century, the Second Opium War broke out in 1856, with the British joined this time by the French. In 1868, as a result of the use of opium. Between 1920 and 1933, by the Eighteenth Amendment to the United States Constitution, the beginning of the 21st century saw a drug use increase in North America and Europe, with a particularly increased demand for marijuana and cocaine. As a result, international organized crime such as the Sinaloa Cartel. Another illicit drug with increased demand in Europe is hashish, Drug trafficking is widely regarded by lawmakers as a serious offense around the world. Penalties often depend on the type of drug, the quantity trafficked, if the drugs are sold to underage people, then the penalties for trafficking may be harsher than in other circumstances. Drug smuggling carries severe penalties in many countries, sentencing may include lengthy periods of incarceration, flogging and even the death penalty. In December 2005, Van Tuong Nguyen, a 25-year-old Australian drug smuggler, was hanged in Singapore after being convicted in March 2004, in 2010, two people were sentenced to death in Malaysia for trafficking 1 kilogram of cannabis into the country. The countries of production and transit are some of the most affected by the drug trade. For example, Ecuador has absorbed up to 300,000 refugees from Colombia who are running from guerrillas, paramilitaries, while some applied for asylum, others are still illegal immigrants. The drugs that pass from Colombia through Ecuador to other parts of South America create economic, Honduras, through which an estimated 79% of cocaine passes on its way to the United States, has the highest murder rate in the world
28.
Money laundering
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Money laundering is the process of transforming the profits of crime and corruption into ostensibly legitimate assets. Most anti-money laundering laws openly conflate money laundering with terrorism financing when regulating the financial system, some countries define money laundering as obfuscating sources of money, either intentionally or by merely using financial systems or services that do not identify or track sources or destinations. Other countries define money laundering to include money from activity that would have been a crime in that country, the concept of money laundering regulations goes back to ancient times and is intertwined with the development of money and banking. Money laundering is first seen with individuals hiding wealth from the state to avoid taxation or confiscation or a combination of both, in China, merchants around 2000 BCE would hide their wealth from rulers who would simply take it from them and banish them. In addition to hiding it, they would move it and invest it in businesses in remote provinces or even outside China, over the millennia many rulers and states imposed rules that would take wealth from their citizens and this led to the development of offshore banking and tax evasion. One of the methods has been the use of parallel banking or Informal value transfer systems such as hawala that allowed people to move money out of the country avoiding state scrutiny. In the 20th century, the seizing of wealth again became popular when it was seen as a crime prevention tool. The first time was during the period of Prohibition in the United States during the 1930s and this saw a new emphasis by the state and law enforcement agencies to track and confiscate money. Organized crime received a major boost from Prohibition and a source of new funds that were obtained from illegal sales of alcohol. In the 1980s, the war on drugs led governments again to turn to money-laundering rules to try and seize proceeds of crime to catch the organizers. It also had the benefit from a law enforcement point of view of turning rules of evidence upside down, Law enforcers normally have to prove an individual is guilty to get a conviction. But with money laundering laws, money can be confiscated and it is up to the individual to prove that the source of funds is legitimate if they want the funds back and this makes it much easier for law enforcement agencies and provides for much lower burdens of proof. The September 11 attacks in 2001, which led to the Patriot Act in the US and similar legislation worldwide, starting in 2002, governments around the world upgraded money laundering laws and surveillance and monitoring systems of financial transactions. Anti money laundering regulations have become a larger burden for financial institutions. During 2011–2015 a number of major banks faced ever-increasing fines for breaches of money laundering regulations and this included HSBC, which was fined $1.9 billion in December 2012, and BNP Paribas, which was fined $8.9 billion in July 2014 by the US government. For example, in 2006, Australia set up the AUSTRAC system, Money obtained from certain crimes, such as extortion, insider trading, drug trafficking, and illegal gambling is dirty. It needs to be cleaned to appear to have derived from legal activities so that banks. Money can be laundered by many methods, which vary in complexity, some of these steps may be omitted, depending on the circumstances
29.
Inflation
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In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
30.
Real versus nominal value (economics)
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In economics, a real value of a good or other entity has been adjusted for inflation, enabling comparison of quantities as if prices had not changed. Changes in real terms therefore exclude the effect of inflation, in contrast with a real value, a nominal value has not been adjusted for inflation, and so changes in nominal value reflect at least in part the effect of inflation. A representative collection of goods, or commodity bundle, is used for comparison purposes, to measure inflation. The nominal value of the commodity bundle in a year depends on prices current at the time, whereas the real value of the commodity bundle, if it is truly representative. A price index is calculated relative to a base year, indices are typically normalized at 100 in the base year. Starting from a year, a price index Pt represents the price of the commodity bundle over time t. In base year zero, P0 is set to 100, if for example the base year is 1992, real values are expressed in constant 1992 dollars, based at 100 for 1992. Also imagine for example, that the price of the commodity bundle has increased in the first year by 1%, the real value is the value expressed in terms of purchasing power in the base year. The index price divided by its base-year value P t / P0 gives the growth factor of the price index, Real values can be found by dividing the nominal value by the growth factor of a price index. The real growth rate r t is the change from one period to the next of a nominal quantity Q t in real terms and it measures by how much the buying power of the quantity has changed. So 1 + r t = =1 + g t − i t − g t i t + i t 2 + higher order terms. Hence as an approximation, r t = g t − i t The bundle of goods used to measure the Consumer Price Index is applicable to consumers. So for wage earners as consumers, a way to measure real wages is to divide the nominal wage by the growth factor in the CPI. Gross domestic product is a measure of aggregate output, nominal GDP in a particular period reflects prices which were current at the time, whereas real GDP compensates for inflation. Price indices and the U. S. National Income and Product Accounts are constructed from bundles of commodities, in the case of GDP, a suitable price index is the GDP price index. In the U. S. National Income and Product Accounts, nominal GDP is called GDP in current dollars, looking back into the past, the ex post real interest rate is approximately the historical nominal interest rate minus inflation. Looking forward into the future, the real interest rate is approximately the nominal interest rate minus the expected inflation rate. Not only time-series data, as above, but also data which depends on prices which may vary geographically for example
31.
Monty Hall
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Monte Halparin, OC OM, better known by the stage name Monty Hall, is a Canadian-American emcee, producer, singer and sportscaster, best known as host of the television game show Lets Make a Deal. Hall was born Monte Halparin in Winnipeg to Orthodox Jewish parents, Rose and Maurice Harvey Halparin and he was raised in Winnipegs north end, where he attended Lord Selkirk School, and, later St. Johns High School. Hall graduated with a Bachelor of Science degree from the University of Manitoba, Hall started his career in Winnipeg in radio, moving to Toronto in 1946. Early in his career, Hall hosted game shows such as Bingo at Home on WABD-TV and guest-hosted more established game shows such as Strike It Rich on CBS and Twenty-One on NBC. He was the host/performer of two local New York City TV film shows for children, Cowboy Theater for WRCA in 1956 and Fun In the Morning for WNEW in the early 1960s. From 1956–60, along with NBC Radio newsman Morgan Beatty, Hall co-hosted the Saturday night segment of the NBC Radio Network weekend program Monitor from 8 p. m. until midnight, at least two recordings of Hall on Monitor are known to exist. Hall was a radio analyst for the New York Rangers of the National Hockey League during the 1959–60 season and he succeeded Jack Narz as host of a game show called Video Village, which ran from 1960 to 1962 on CBS. From 1961-62, Hall hosted its spinoff, Video Village Junior, after moving to Southern California, Hall became the host of the game show Lets Make a Deal, which he developed and produced with partner Stefan Hatos. Lets Make a Deal aired on NBC daytime from December 30,1963, to December 27,1968 and it aired in syndication from 1971–77, from 1980–81, from 1984–86, and again on NBC briefly from 1990–91, replacing Bob Hilton, who had been dismissed. He was producer or executive producer of the show through most of its runs, during the shows initial run, Hall appeared alongside model Carol Merrill and announcer Jay Stewart. Hall filled in as guest host on daytime game shows while Lets Make a Deal was on NBC, most notably Whats This Song. In 1979, Hall hosted the game show since Video Village which he did not produce. He appeared as himself on The Promise Ring episode of That 70s Show in 2001 and he played the host of a beauty pageant who schemed to become the worlds most powerful game show host in the Disney animated series American Dragon, Jake Long. He appeared on GSN Live on March 14,2008, and hosted a game of Lets Make a Deal for Good Morning America on August 18,2008, in summer 2009, CBS announced that it was reviving Lets Make a Deal on its daytime schedule. The show premiered on October 5,2009, with Wayne Brady as host, Hall is credited as Creative Consultant, and as co-creator of the format. Hatos/Hall Productions is credited as co-production company, Hall is one of only three game show hosts on both Hollywoods and Canadas Walks of Fame, the others being Alex Trebek and Howie Mandel. In May 1988, the Government of Canada bestowed on him the prestigious Order of Canada for his work in Canada. He was the recipient of the 2005 Ralph Edwards Service Award from Game Show Congress, on October 13,2007, Hall was one of the first inductees into the American TV Game Show Hall of Fame in Las Vegas, Nevada
32.
Let's Make a Deal
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Lets Make a Deal is a television game show that originated in the United States in 1963 and has since been produced in many countries throughout the world. The program was created and produced by Stefan Hatos and Monty Hall, the format of Lets Make a Deal involves selected members of the studio audience, referred to as traders, making deals with the host. In most cases, a trader will be offered something of value, the programs defining game mechanism is that the other item is hidden from the trader until that choice is made. The trader thus does not know if he or she is getting something of value or a prize that is referred to as a zonk. Lets Make a Deal is also known for audience members who dress up in outrageous or crazy costumes in order to increase their chances of being selected as a trader. Wayne Brady is the host of the current series, with Jonathan Mangum as his announcer/assistant, tiffany Coyne joined the series as Fioris replacement in 2010 and musician Cat Gray joined the program in 2011. Danielle Demski filled in for Coyne while the latter was on maternity leave for part of the 2013–14 season, Lets Make a Deal first aired on NBC in 1963 as part of its daytime schedule. The show moved to ABC in 1968, where it remained until 1976, the first syndicated edition of Lets Make a Deal premiered in 1971. Distributed by ABC Films, and then by its successor Worldvision Enterprises once the rules were enacted. A revival of the based in Halls native Canada was launched in 1980. This series was produced by Catalena Productions and distributed in America by Rhodes Productions, in the fall of 1984, the series returned for a third run in syndication as The All-New Lets Make a Deal. Running for two seasons until 1986, this series was distributed by Telepictures, NBC revived Lets Make a Deal twice in a thirteen-year span. The first was a series in 1990 that was the first to not be produced or hosted by Monty Hall. Instead, the show was a production of Ron Greenberg and Dick Clark, a primetime edition was launched in 2003 but drew poor ratings and was cancelled after three of its intended five episodes had aired. A partial remake called Big Deal, hosted by Mark DeCarlo, was broadcast on Fox in 1996, in 1998 and 1999, Buena Vista Television was in talks with Stone-Stanley to create a revival hosted by Gordon Elliott, but it was never picked up. The show was one of several used as part of the summer series Gameshow Marathon on CBS in 2006, as noted above, CBS revived Lets Make a Deal in 2009. The revival premiered on October 5,2009, and CBS airs the show daily at 10,00 am and 3,00 pm Eastern time. From September 20 to October 15,2010, Lets Make a Deal, CBS did this to fill a gap between the final episode of As the World Turns, which ended a fifty-four year run on September 17,2010, and the debut of The Talk
33.
Grover Cleveland
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Stephen Grover Cleveland was an American politician and lawyer who was the 22nd and 24th President of the United States. He was also the first and to date only President in American history to serve two terms in office. Cleveland was the leader of the pro-business Bourbon Democrats who opposed high tariffs, Free Silver, inflation, imperialism and his crusade for political reform and fiscal conservatism made him an icon for American conservatives of the era. Cleveland won praise for his honesty, self-reliance, integrity, and he fought political corruption, patronage, and bossism. As a reformer Cleveland had such prestige that the wing of the Republican Party, called Mugwumps, largely bolted the GOP presidential ticket. As his second administration began, disaster hit the nation when the Panic of 1893 produced a national depression. It ruined his Democratic Party, opening the way for a Republican landslide in 1894 and for the agrarian, the result was a political realignment that ended the Third Party System and launched the Fourth Party System and the Progressive Era. Cleveland was a formidable policymaker, and he also drew corresponding criticism, critics complained that Cleveland had little imagination and seemed overwhelmed by the nations economic disasters—depressions and strikes—in his second term. Even so, his reputation for probity and good character survived the troubles of his second term, biographer Allan Nevins wrote, n Grover Cleveland, the greatness lies in typical rather than unusual qualities. He had no endowments that thousands of men do not have and he possessed honesty, courage, firmness, independence, and common sense. But he possessed them to a degree other men do not, today, Cleveland is considered by most historians to have been a successful leader, generally ranked among the second tier of American presidents. Stephen Grover Cleveland was born on March 18,1837, in Caldwell, New Jersey to Richard Falley Cleveland, Clevelands father was a Presbyterian minister who was originally from Connecticut. His mother was from Baltimore and was the daughter of a bookseller, on his fathers side, Cleveland was descended from English ancestors, the first of the family having emigrated to Massachusetts from Cleveland, England in 1635. On his mothers side, he was descended from Anglo-Irish Protestants and he was distantly related to General Moses Cleaveland, after whom the city of Cleveland, Ohio, was named. Cleveland, the fifth of nine children, was named Stephen Grover in honor of the first pastor of the First Presbyterian Church of Caldwell and he became known as Grover in his adult life. In 1841, the Cleveland family moved to Fayetteville, New York, neighbors later described him as full of fun and inclined to play pranks, and fond of outdoor sports. In 1850, Clevelands father took a pastorate in Clinton, Oneida County, New York, despite his fathers dedication to his missionary work, the income was insufficient for the large family. Financial conditions forced him to remove Grover from school into a mercantile apprenticeship in Fayetteville
34.
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
35.
Compound interest treasury note
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Compound interest treasury notes were emissions of the United States Treasury Department authorized in 1863 and 1864 with aspects of both paper money and debt. They were issued in denominations of $10, $20, $50, while they were legal tender at face value, they were redeemable after three years with six percent annual interest compounded semi-annually. Thus, in theory, the notes did not contribute to monetary inflation as did the greenbacks, at the time of their issue, investors were accustomed to receiving interest via semi-annual coupons. Each note presents a table on the reverse containing details of the interest calculation
36.
Interest bearing note
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Interest bearing notes refers to a grouping of Civil War era paper money-related emissions of the US Treasury.3 percent—though both of these latter issues lacked legal tender status. Reference texts used by currency collectors will sometimes include compound interest treasury notes. Images are courtesy of the National Numismatic Collection at the National Museum of American History, Friedberg, Arthur L. Friedberg, Ira S. Paper Money of the United States, A Complete Illustrated Guide With Valuations, the Engraver’s Line – An Encyclopedia of Paper Money & Postage Stamp Art. U. S. Essay, Proof and Specimen Notes
37.
Silver certificate (United States)
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Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, the certificates were initially redeemable for their face value of silver dollar coins and later in raw silver bullion. Since 1968 they have been only in Federal Reserve Notes and are thus obsolete. Large-size silver certificates were issued initially in denominations from $10 to $1,000 and in 1886 the $1, $2, in 1928, all United States bank notes were re-designed and the size reduced. The small-size silver certificate was issued in denominations of $1, $5. The complete type set below is part of the National Numismatic Collection at the Smithsonians National Museum of American History, the Coinage Act of 1873 intentionally omitted language authorizing the coinage of “standard” silver dollars and ended the bimetallic standard that had been created by Alexander Hamilton. By 1875 business interests invested in silver wanted the bimetallic standard restored, people began to refer to the passage of the Act as the Crime of 73. Further public agitation for silver use was driven by fear that there was not enough money in the community. Members of Congress claimed ignorance that the 1873 law would lead to the demonetization of silver, some blamed the passage of the Act on a number of external factors including a conspiracy involving foreign investors and government conspirators. In response, the Bland–Allison Act, as it came to be known, was passed by Congress on 28 February 1878, the first silver certificates were issued in denominations of $10 through $1,000. Reception by financial institutions was cautious, while more convenient and less bulky than dollar coins, the silver certificate was not accepted for all transactions. Congress used the National Banking Act of 12 July 1882 to clarify the legal status of silver certificates by clearly authorizing them to be included in the lawful reserves of national banks. A general appropriations act of 4 August 1886 authorized the issue of $1, $2, the introduction of low-denomination currency greatly increased circulation. Over the 12-year lifespan of the Bland–Allison Act, the United States government would receive a seigniorage amounting to roughly $68 million, Treasury Secretary Franklin MacVeagh appointed a committee to investigate possible advantages to issuing smaller sized United States banknotes. Due in part to the outbreak of World War I and the end of his appointed term, any recommendations may have stalled. On 20 August 1925, Treasury Secretary Andrew W. Mellon appointed a committee and in May 1927 accepted their recommendations for the size reduction. On 10 July 1929 the new currency was issued. This required that the Treasury maintain stocks of dollars to back
38.
National Bank Note
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National Bank Notes were United States currency banknotes issued by National banks chartered by the United States Government. The notes were backed by United States bonds the bank deposited with the United States Treasury. In addition, banks were required to maintain a redemption fund amounting to five percent of any outstanding note balance, prior to the American Civil War, state banks issued their own banknotes and chartered private banks to issue banknotes as well. During the Civil War, in 1863, the National Banking Act established a system of National Banks which were empowered to issue National Bank Notes subject to federal oversight. The chartering of banks and administrative control over the issuance of National Bank Notes were the responsibility of the Office of the Comptroller of the Currency. A2 percent tax on bank notes was authorized in 1864 to speed conversion to the new system, only to be increased the next year to 10 percent. From 1863 to 1935, National Bank Notes were issued by banks throughout the country, Banks with a federal charter would deposit bonds in the US Treasury. The banks then could issue banknotes worth up to 90 percent of the value of the bonds, the federal government would back the value of the notes—the issuance of which created a demand for the government bonds needed to back them. The program was a form of monetization of the Federal debt, bonds eligible as collateral for posting to the Treasury were said to have the circulation privilege and the interest they bore provided seigniorage to the National Banks. Each National Bank Note bore the issuing banks charter number as well as the serial number assigned to the note by that bank. Low serial-numbered notes were withdrawn as souvenirs by the bank officers who signed them. Except for the last few years of issue, all of the National Bank Notes were large-sized, through much of their earlier history of issue, national banknotes used designs in which the issuing banks name was prominently displayed, rather than The United States Of America. One design used for years featured a portrait on the obverse, near the left edge. The historical figures seen on these notes usually were different from those on the same denominations of paper currency today, large-size notes bore two serial numbers. The Treasury serial number indicated the number of notes of that series. The bank serial number indicated the number of notes of that series, large size notes also bore four signatures. Two signatures were those of the Register of the Treasury and Treasurer of the United States and were printed as part of the notes design, the other two signatures were those of the banks cashier and president, and were individually signed by those officers prior to issuing the note. Notes were sent to the bank by the Treasury and typically signed as uncut sheets, Notes were often cut apart with scissors, so that the top and bottom edges of notes can be uneven and cut into the borders of the design
39.
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
40.
National gold bank note
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National gold bank notes, issued by nine national gold banks in California in the 1870s and 1880s, were national bank notes redeemable in gold. Printed on a paper, six NGBN denominations circulated, $5, $10, $20, $50, $100. A $1,000 NGBN was designed and printed, but never issued, during the issuing period of national gold banks, the U. S. Treasury issued 200,558 notes totaling $3,465,240. Today, national bank notes are very rare in the higher denominations with condition generally falling in the good to fine range. Approximately 630 NGBNs are known to exist, and roughly 20 grade above very fine, the national gold bank notes were authorized under the provisions of the Currency Act of July 12,1870. The series was a result of the California Gold Rush where gold coins were preferered in commerce, ten national gold banks were charted, nine of them in California and one in Boston, Massachusetts. The Kiddler Bank was the bank to have $1,000 notes among others prepared however. Friedberg, Arthur L. Friedberg, Ira S, Paper Money of the United States, A Complete Illustrated Guide With Valuations. Huntoon, Peter W. United States Large Size National Bank Notes, society of Paper Money Collectors, Inc. Annual Report of the Comptroller of the Currency, office of the Comptroller of the Currency. About Paper Money - Large-size paper money - Early federal issues Coin World Pictures of National Gold Bank Notes The Federal Reserve Bank of San Francisco
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National Numismatic Collection
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The National Numismatic Collection is the national coin cabinet of the United States. The collection is part of the Smithsonian Institutions National Museum of American History, the National Numismatic Collection is one of the worlds largest collections of coins, paper currency, exonumia and related items. In total the collection contains over 1.6 million objects, including 450,000 coins, medals, as of 2004, the exhibit housing the Collection was the last surviving exhibit from the Smithsonian Museum of American Historys original 1964 arrangement. In late 2004, the exhibit was closed, and the Collection returned to the Smithsonians vaults, only a few dozen of the Collections most notable specimens remain on display today. S
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Smithsonian Institution
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The Smithsonian Institution, established in 1846 for the increase and diffusion of knowledge, is a group of museums and research centers administered by the Government of the United States. Originally organized as the United States National Museum, that ceased to exist as an administrative entity in 1967. Additional facilities are located in Arizona, Maryland, Massachusetts, New York City, Texas, Virginia, more than 200 institutions and museums in 45 states, Puerto Rico, and Panama are Smithsonian Affiliates. The Institutions thirty million annual visitors are admitted without charge and its annual budget is around $1.2 billion with 2/3 coming from annual federal appropriations. Other funding comes from the Institutions endowment, private and corporate contributions, membership dues, and earned retail, concession, Institution publications include Smithsonian and Air & Space magazines. The British scientist James Smithson left most of his wealth to his nephew Henry James Hungerford, Congress officially accepted the legacy bequeathed to the nation, and pledged the faith of the United States to the charitable trust on July 1,1836. The American diplomat Richard Rush was dispatched to England by President Andrew Jackson to collect the bequest, Rush returned in August 1838 with 105 sacks containing 104,960 gold sovereigns. Once the money was in hand, eight years of Congressional haggling ensued over how to interpret Smithsons rather vague mandate for the increase, unfortunately, the money was invested by the US Treasury in bonds issued by the state of Arkansas which soon defaulted. The United States Exploring Expedition by the U. S. Navy circumnavigated the globe between 1838 and 1842, in 1846, the regents developed a plan for weather observation, in 1847, money was appropriated for meteorological research. The Institution became a magnet for young scientists from 1857 to 1866, the Smithsonian played a critical role as the U. S. partner institution in early bilateral scientific exchanges with the Academy of Sciences of Cuba. The Smithsonian Institution Building began construction in 1849, designed by architect James Renwick Jr. its interiors were completed by general contract Gilbert Cameron and the building opened in 1855. The Smithsonians first expansion came with construction of the Arts and Industries Building in 1881, Congress had promised to build a new structure for the museum if the 1876 Philadelphia Centennial Exposition generated enough income. It did, and the building was designed by architects Adolf Cluss and Paul Schulze, meigs of the United States Army Corps of Engineers. The National Zoological Park opened in 1889 to accommodate the Smithsonians Department of Living Animals and this structure was designed by the D. C. architectural firm of Hornblower & Marshall. More than 40 years would pass before the museum, the Museum of History. It was designed by the firm of McKim, Mead & White. That same year, the Smithsonian signed an agreement to take over the Cooper Union Museum for the Arts of Decoration, the National Portrait Gallery and the Smithsonian American Art Museum opened in the Old Patent Office Building on October 7,1968. The first new building to open since the National Museum of Natural History was the Hirshhorn Museum and Sculpture Garden
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Bureau of Engraving and Printing
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The BEP does not produce coins, all coinage is produced by the United States Mint. With production facilities in Washington, DC, and Fort Worth, Texas, the Bureau of Engraving and Printing has its origins in legislation enacted to help fund the Civil War. In July 1861, Congress authorized the Secretary of the Treasury to issue currency in lieu of coins due to the lack of funds needed to support the conflict. The paper notes were essentially government IOUs and were called Demand Notes because they were payable on demand in coin at certain Treasury facilities, at this time the government had no facility for the production of paper money so a private firm produced the Demand Notes in sheets of four. These sheets were then sent to the Treasury Department where dozens of clerks signed the notes and scores of workers cut the sheets, initially, the currency processing operations in the Treasury were not formally organized. For years, however, the operations were known by various semi-official labels, such as the Printing Bureau, Small Note Bureau, Currency Department. It was not until 1874 that the Bureau of Engraving and Printing was officially recognized in legislation with a specific allocation of operating funds for fiscal year 1875. From almost the beginning of its operations, the Bureau of Engraving and Printing designed and printed a variety of products in addition to currency. As early as 1864, the offices which would become the BEP made passports for the State Department. Passports are now produced by the Government Publishing Office, other early items produced by the BEP included various government debt instruments, such as interest-bearing notes, refunding certificates, compound interest Treasury notes, and bonds. The production of stamps began in 1894, and for almost the next century the BEP was the sole producer of postage stamps in the country. The Bureau of Engraving and Printing officially took over production of stamps for the United States government in July 1894. Paper currency was produced on hand presses around 1918, utilizing plates capable of printing four notes per sheet. The Bureau of Engraving and Printing officially took over production of stamps for the United States government in July 1894. The first of the works printed by the BEP was placed on sale on July 18,1894, and by the end of the first year of stamp production, the BEP had printed and delivered more than 2.1 billion stamps. The United States Postal Service switched purely to private postage stamp printers in 2005, starting in 2011 the United States Postal Service in housed all postage stamp printing services. Plate capacity on power presses increased from four to eight notes per sheet in 1918 in order to greatly expanded production requirements related to World War I. Due to this reduction in size, the Bureau was able to convert from eight-note printing plates to twelve-note plates, the redesign effort came about for several reasons, chief among them a reduction in paper costs and improved counterfeit deterrence through better public recognition of currency features
44.
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
45.
John Quincy Adams
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John Quincy Adams was an American statesman who served as a diplomat, United States Senator, member of the House of Representatives, and was the sixth President of the United States from 1825 to 1829. He was a member of the Federalist, Democratic-Republican, National Republican and he was the son of President John Adams and Abigail Adams and thus contributed to the formation of the Adams political family. Adams shaped U. S. foreign policy using his ardently nationalist commitment to U. S. republican values, as a diplomat, Adams played an important role in negotiating key treaties, most notably the Treaty of Ghent, which ended the War of 1812. As Secretary of State, he negotiated with Britain over the United States northern border with Canada, negotiated with Spain the annexation of Florida, historians generally concur that he was one of the greatest diplomats and secretaries of state in American history. Adams was elected president in a close and controversial four-way contest in 1824, as president he sought to modernize the American economy and promote education. Adams enacted a part of his agenda and paid off much of the national debt, however he was stymied time and again by a Congress controlled by opponents, and his lack of patronage networks helped politicians sabotage him. He lost his 1828 bid for re-election to Andrew Jackson, after leaving office, he was elected as U. S. Representative from Massachusetts in 1830, serving for the last 17 years of his life with greater acclaim than he had achieved as president, animated by his growing revulsion against slavery, Adams became a leading opponent of the Slave Power. Adams predicted the Unions dissolution over slavery, and in such a case, historians have in the aggregate ranked Adams as the 21st most successful president. John Quincy Adams was born on July 11,1767, to John Adams and he was named for his mothers maternal grandfather, Colonel John Quincy, after whom Quincy, Massachusetts, is named. Young Adams was educated by private tutors – his cousin James Thaxter and his fathers law clerk and he soon began to exhibit his literary skills in 1779, when he initiated a diary which he kept until just before he died in 1848. The diary comprised an unprecedented fifty volumes, representing one of the most extensive, much of Adams youth was spent accompanying his father overseas. He accompanied his father on diplomatic missions to France from 1778 until 1779, Adams acquired an education at institutions such as Leiden University. He matriculated in Leiden on January 10,1781, for nearly three years, beginning at the age of 14, he accompanied Francis Dana as a secretary on a mission to Saint Petersburg, Russia, to obtain recognition of the new United States. He spent time in Finland, Sweden, and Denmark and, in 1804, during these years overseas, Adams became fluent in French and Dutch and became familiar with German and other European languages. Though Adams enjoyed Europe, he and his family decided he needed to return to the United States to complete his education and he entered Harvard College, graduated in 1787 with a Bachelor of Arts degree, and was elected by Phi Beta Kappa. Adams, mainly with the influence of his father, had excelled in studies and reached fluency in Latin. Upon entering Harvard he had already translated Virgil, Horace, Plutarch, after graduating from Harvard, he studied law with Theophilus Parsons in Newburyport, Massachusetts from 1787 to 1789
46.
Charles Burt
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Charles Burt was a Scottish artist known for line engraving. He was born in Edinburgh, Scotland, Nov 8,1823 to Charles and he showed a gift for drawing at a young age. While still in Scotland, he was apprenticed to William Home Lizars and he emigrated to New York City in 1836, and went to work for Alexander L. Dick. Under his employ, Burt illustrated many books and engraved a number of portraits, most of this work during this time is untraceable, as it was all published under Dicks name. It is widely assumed that the engraving of Leonardos Last Supper is Burts handiwork, however, it was as one of the principal engravers for the US Treasury Department, that Burt is most remembered. He engraved Lincolns portrait for the $100 bill In 1869, after 1850, Burts focus was mainly on banknote engraving, which he was to do for over thirty years on behalf of the U. S. Treasury. He also engraved plates for postage stamps for Canada, Brazil, Italy, Russia and Chile, Charles Burt was married on June 3,1844 in Rockaway, NJ, to Margaret, daughter of Thomas Sargeant. He lived most of his life in Brooklyn NY and died there on March 25,1892 and he was survived by his wife, one son and seven daughters
47.
Stephen Alonzo Schoff
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Stephen Alonzo Schoff was an American engraver and etcher in New York and Boston. Stephen Alonzo Schoff was born in Danville, Vermont, January 16,1818 and he took up engraving at age 16 as an apprentice under Oliver Pelton of Boston, and then studied under Joseph Andrews, a more accomplished Boston engraver, with whom he visited Europe in 1839. He spent about two years in Paris, studying drawing at the school of Hippolyte Delaroche, and perfecting himself in his art, while in Europe he befriended Asher B. Durand, John William Casilear and John Frederick Kensett, after his return to the United States he was soon employed upon his first important work, Caius Marius on the Ruins of Carthage, after John Vanderlyn. This plate was issued about 1843 by the Apollo Association, in 1844 he was accepted as an Associate Member of the National Academy of Design. In 1858 he kept a studio in Boston on Washington Street and he was also employed at the U. S. Bureau of Engraving and Printing for three or four years starting in 1869. Schoff befriended the American artist William Morris Hunt during the 1860s, Schoff was best known for his portraiture. His portrait of Ralph Waldo Emerson after a sketch by Samuel W. Rowse was considered one of his best and his work took on a freer, looser appearance in the later part of his career. Schoff’s was able to overcome the rigidity of line engraving and adapted to the forms of etching that were then becoming popular. He remained productive until two years prior to his death in Norfolk, Connecticut on May 6,1904, Schoff lived in a number of locations, including New York, Washington D. C. Connecticut, and Vermont, but for most of his life he resided in Newton, Massachusetts, the Smithsonian still maintains a “Schoff Collection” as part of their “150 Years of Print Collecting at the Smithsonian” exhibit. There are also collections of his work housed in the print rooms of the Library of Congress, Boston Museum of Fine Arts
48.
Joseph K. Mansfield
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Joseph King Fenno Mansfield was a career United States Army officer, civil engineer, and a Union general in the American Civil War, mortally wounded at the Battle of Antietam. Mansfield was born to Henry and Mary Fenno Mansfield in New Haven, Connecticut and he entered the United States Military Academy when he was fourteen and graduated second in a class of forty in 1822. He then became a resident of Middletown, Connecticut before and during his military career and he was commissioned a second lieutenant in the U. S. Army Corps of Engineers. Advancement came slowly in the peacetime Army and he was promoted to first lieutenant in 1832, in the Mexican-American War, he received a brevet promotion to major for the action at Fort Brown, Texas, on May 9,1846. He was wounded in the leg at the Battle of Monterrey and he was appointed a brevet colonel for the Battle of Buena Vista in 1847. After the war he was promoted to colonel and Inspector General of the U. S. Army on May 28,1853, at the start of the Civil War, Mansfield commanded the Department of Washington, and was promoted to brigadier general on May 6,1861. He was stationed at Hatteras Inlet, North Carolina, in October and he was a brigade commander in the Department of Virginia from March to June 1862. His only combat activity during this period was the firing of coastal batteries from Hampton Roads against the ironclad CSS Virginia in its battle against the USS Monitor on March 9,1862. Until the fall of 1862, Mansfield commanded the Suffolk Division of the VII Corps of the Department of Virginia in the vicinity of Suffolk and he arrived in the camp with 40 years of army experience, but no recent combat. He was white-haired and white-bearded, but had a manner that belied his age. His officers considered him nervous and fussy, but his men, many of whom were new recruits, liked him well enough due to his shows of blustery enthusiasm and fatherly assurance. On the morning of September 17,1862, the I Corps under Maj. Gen. Joseph Hooker attacked from the north, parallel to the Hagerstown Turnpike, smashing into the Confederate left flank. As the lead brigade moved through a field east of the Miller farmstead, they were subjected to fire by Confederate gunners. Mansfield countermanded these orders, insisting they stay in column, because he was concerned that outside of the control of their officers. The result of this was to improve the mass of men descended on the Confederate lines. Mansfield personally led troops on his flank, from the brigade of Brig. Gen. Samuel W. Crawford. He returned to the rear to bring up troops. Mansfield, assuming that men from Hookers corps were in the woods, rode down the regimental line crying out, the soldiers convinced Mansfield that in fact they were not and were receiving heavy fire from the woods
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