1.
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
2.
Andrew Jackson
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Andrew Jackson was an American soldier and statesman who served as the seventh President of the United States from 1829 to 1837 and was the founder of the Democratic Party. Before being elected to the presidency, Jackson served in Congress, as president, Jackson sought to advance the rights of the common man against what he saw as a corrupt aristocracy and to preserve the Union. Jackson was born in 1767 somewhere near the border between North and South Carolina, into a recently immigrated Scots-Irish farming family. During the American Revolutionary War, Jackson acted as a courier, at age 13, he was captured and mistreated by the British. He moved to Tennessee and practiced as a lawyer, in 1791, he married Rachel Donelson Robards. The couple later learned that Rachels previous husband had failed to finalize their divorce, Jackson served briefly in the U. S. House of Representatives and the U. S. Senate. Upon returning to Tennessee, he was appointed a judge on the Tennessee Supreme Court, in 1801, Jackson was appointed colonel in the Tennessee militia, and was elected its commander the following year. He built the Hermitage plantation in 1804, in 1806, he killed a man in a duel over a matter of honor regarding his wife. He led Tennessee militia and U. S. Army regulars during the Creek War of 1813-1814, Jackson won a decisive victory in the War of 1812 over the British army at the Battle of New Orleans, making him into a national hero. Because Spanish Florida was a refuge for blacks escaping slavery, who allied with the Seminole Indians, Jackson invaded the territory in 1816 to destroy the Negro Fort. He led an invasion in 1818, as part of the First Seminole War, resulting in the Adams–Onís Treaty of 1819. Jackson briefly served as Floridas first Territorial Governor in 1821, Jackson was nominated by several state legislatures to be a candidate for president in 1824. Although he earned a plurality in both the electoral and popular vote against three major candidates, Jackson failed to get a majority and lost in the House of Representatives to John Quincy Adams, Jacksons supporters founded what became the Democratic Party. He ran again for president in 1828 against Adams, building and expanding upon his base of support in the West and South, he won in a landslide. He blamed the death of his wife, Rachel, which occurred after the election, on the Adams campaigners, as president, Jackson faced a threat of secession by South Carolina over the Tariff of Abominations, which Congress had enacted under Adams. In contrast to several of his successors, he denied the right of a state to secede from the union or to nullify federal law. The Nullification Crisis was defused when the tariff was amended and Jackson threatened the use of force if South Carolina attempted to secede. Jackson believed strongly in majority rule and he supported direct election of senators and abolition of the Electoral College, believing that these reforms would provide average citizens with greater power
3.
White House
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The White House is the official residence and principal workplace of the President of the United States, located at 1600 Pennsylvania Avenue NW in Washington, D. C. It has been the residence of every U. S. president since John Adams in 1800, the term White House is often used to refer to actions of the president and his advisers, as in The White House announced that. The residence was designed by Irish-born architect James Hoban in the Neoclassical style, construction took place between 1792 and 1800 using Aquia Creek sandstone painted white. When Thomas Jefferson moved into the house in 1801, he added low colonnades on each wing that concealed stables and storage. In 1814, during the War of 1812, the mansion was set ablaze by the British Army in the Burning of Washington, destroying the interior, reconstruction began almost immediately, and President James Monroe moved into the partially reconstructed Executive Residence in October 1817. Exterior construction continued with the addition of the semi-circular South portico in 1824, because of crowding within the executive mansion itself, President Theodore Roosevelt had all work offices relocated to the newly constructed West Wing in 1901. Eight years later in 1909, President William Howard Taft expanded the West Wing and created the first Oval Office, in the main mansion, the third-floor attic was converted to living quarters in 1927 by augmenting the existing hip roof with long shed dormers. A newly constructed East Wing was used as an area for social events. East Wing alterations were completed in 1946, creating additional office space, by 1948, the houses load-bearing exterior walls and internal wood beams were found to be close to failure. Under Harry S. Truman, the rooms were completely dismantled. Once this work was completed, the rooms were rebuilt. The Executive Residence is made up of six stories—the Ground Floor, State Floor, Second Floor, the property is a National Heritage Site owned by the National Park Service and is part of the Presidents Park. In 2007, it was ranked second on the American Institute of Architects list of Americas Favorite Architecture, in May 1790, New York began construction of Government House for his official residence, but he never occupied it. The national capital moved to Philadelphia in December 1790, the July 1790 Residence Act named Philadelphia, Pennsylvania the temporary national capital for a 10-year period while the Federal City was under construction. The City of Philadelphia rented Robert Morriss city house at 190 High Street for Washingtons presidential residence, the first president occupied the Market Street mansion from November 1790 to March 1797, and altered it in ways that may have influenced the design of the White House. As part of an effort to have Philadelphia named the permanent national capital, Pennsylvania built a much grander presidential mansion several blocks away. President John Adams also occupied the Market Street mansion from March 1797 to May 1800, on Saturday, November 1,1800, he became the first president to occupy the White House. The Presidents House in Philadelphia became a hotel and was demolished in 1832, the Presidents House was a major feature of Pierre Charles LEnfants plan for the newly established federal city, Washington, D. C
4.
President of the United States
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The President of the United States is the head of state and head of government of the United States. The president directs the executive branch of the government and is the commander-in-chief of the United States Armed Forces. The president is considered to be one of the worlds most powerful political figures, the role includes being the commander-in-chief of the worlds most expensive military with the second largest nuclear arsenal and leading the nation with the largest economy by nominal GDP. The office of President holds significant hard and soft power both in the United States and abroad, Constitution vests the executive power of the United States in the president. The president is empowered to grant federal pardons and reprieves. The president is responsible for dictating the legislative agenda of the party to which the president is a member. The president also directs the foreign and domestic policy of the United States, since the office of President was established in 1789, its power has grown substantially, as has the power of the federal government as a whole. However, nine vice presidents have assumed the presidency without having elected to the office. The Twenty-second Amendment prohibits anyone from being elected president for a third term, in all,44 individuals have served 45 presidencies spanning 57 full four-year terms. On January 20,2017, Donald Trump was sworn in as the 45th, in 1776, the Thirteen Colonies, acting through the Second Continental Congress, declared political independence from Great Britain during the American Revolution. The new states, though independent of each other as nation states, desiring to avoid anything that remotely resembled a monarchy, Congress negotiated the Articles of Confederation to establish a weak alliance between the states. Out from under any monarchy, the states assigned some formerly royal prerogatives to Congress, only after all the states agreed to a resolution settling competing western land claims did the Articles take effect on March 1,1781, when Maryland became the final state to ratify them. In 1783, the Treaty of Paris secured independence for each of the former colonies, with peace at hand, the states each turned toward their own internal affairs. Prospects for the convention appeared bleak until James Madison and Edmund Randolph succeeded in securing George Washingtons attendance to Philadelphia as a delegate for Virginia. It was through the negotiations at Philadelphia that the presidency framed in the U. S. The first power the Constitution confers upon the president is the veto, the Presentment Clause requires any bill passed by Congress to be presented to the president before it can become law. Once the legislation has been presented, the president has three options, Sign the legislation, the bill becomes law. Veto the legislation and return it to Congress, expressing any objections, in this instance, the president neither signs nor vetoes the legislation
5.
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
6.
Alexander Hamilton
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Alexander Hamilton was an American statesman and one of the Founding Fathers of the United States. As the first Secretary of the Treasury, Hamilton was the author of the economic policies of the George Washington administration. He took the lead in the funding of the debts by the Federal government, as well as the establishment of a national bank, a system of tariffs. His vision included a central government led by a vigorous executive branch. This was challenged by Virginia agrarians Thomas Jefferson and James Madison who formed a rival party and they favored strong states based in rural America and protected by state militias as opposed to a strong national army and navy. They denounced Hamilton as too friendly toward Britain and toward monarchy in general, Hamilton was born out of wedlock in Charlestown, to a married mother of British and French Huguenot ancestry and a Scottish father. His father, James A. Hamilton, was the son of laird Alexander Hamilton of Grange. Orphaned as a child by his mothers death and his fathers abandonment, Hamilton was taken in by an older cousin and he was recognized for his intelligence and talent, and sponsored by a group of wealthy local men to travel to New York City to pursue his education. Hamilton attended Kings College, choosing to stay in the Thirteen Colonies to seek his fortune, discontinuing his studies before graduating when the college closed its doors during British occupation of the city, Hamilton played a major role in the American Revolutionary War. At the start of the war in 1775, he joined a militia company, in early 1776, he raised a provincial artillery company, to which he was appointed captain. He soon became the aide to General Washington, the American forces commander-in-chief. Hamilton was dispatched by Washington on numerous missions to convey plans to his generals, after the war, Hamilton was elected as a representative to the Congress of the Confederation from New York. He resigned to practice law, and founded the Bank of New York, Hamilton was among those dissatisfied with the weak national government. He led the Annapolis Convention, which successfully influenced Congress to issue a call for the Philadelphia Convention in order to create a new constitution, Hamilton became the leading cabinet member in the new government under President Washington. These programs were funded primarily by a tariff on imports, to overcome localism, Hamilton mobilized a nationwide network of friends of the government, especially bankers and businessmen, which became the Federalist Party. A major issue in the emergence of the American two-party system was the Jay Treaty and it established friendly trade relations with Britain, to the chagrin of France and the supporters of the French Revolution. Hamilton played a role in the Federalist party, which dominated national. In 1795, he returned to the practice of law in New York and he tried to control the policies of President Adams
7.
Demand Note
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A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5,10, and 20 US$. The U. S. government placed the Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel. S. currency today. As a result, most Demand Notes were redeemed, though the few remaining Demand Notes are the oldest valid currency in the United States today, the Demand Notes were a transitional issue connecting these Treasury Notes to modern paper money. The Continental Congress had issued Continental dollars between 1775 and 1779 to help finance the American Revolution, while the constitution did not explicitly grant the power to issue paper currency, it did grant the power to borrow money. Treasury Notes, as a form of debt, were an innovation to help bridge federal financing gaps when the government encountered difficulty selling a sufficient amount of long term bonds, Treasury Notes were first employed during the War of 1812 and were issued irregularly up through the civil war. Characteristically the issues were not extensive and the fiction was always maintained that Treasury Notes did not serve as money when, in fact. These notes usually bore interest, their value varied with market conditions, however, only $3,392,994 were issued, and these were rapidly exchanged for bonds. In witness to the limited circulation achieved by these notes, only two issued uncancelled examples of the Small Treasury Notes are known today vs. almost 1000 examples of the Demand Notes. One response from Congress was the Act of July 17,1861, of this sum, up to $50,000,000 was authorized as non-interest bearing Treasury Notes, payable upon demand, in denominations less than fifty dollars and not less than ten dollars. These were called Demand Notes to distinguish them from the interest-bearing Treasury Notes in existence at the time, the notes were to be redeemable through the assistant treasurers offices at Philadelphia, Boston, and New York. These signature provisions would later be altered several times and this act also stipulated that prior to December 31,1862, an individual Demand Note could be re-issued into circulation after it was presented for redemption. Just before they were to be released, the Act of August 5,1861 and it allowed for Demand Notes to be issued in denominations of not less than $5 and be redeemable through the assistant treasurers office at St. Louis or the bullion depository in Cincinnati. This act also stated that the Treasurer of the United States, under this act, Demand Notes did not need to carry the seal of the U. S. Treasury. Because the Bureau of Engraving and Printing did not exist at the time, both companies were prominent printers of banknotes for private and state-chartered banks throughout the country. Most likely, the American Bank Note Company engraved the plates for $5. All of the Demand Notes were printed by the American Bank Note Company, as designed, they were of the same size, and in appearance closely resembled banknotes. Secretary of the Treasury Chase began distributing the notes to meet Union obligations in August 1861, initially, various merchants, banks and especially the railroad industry accepted the notes at a discounted rate or did not accept them at all. Louis, and at the Depository of Cincinnati and they must be always equivalent to gold, and often and for many purposes more convenient and valuable
8.
Pocahontas
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Pocahontas was a Native American woman notable for her association with the colonial settlement at Jamestown, Virginia. Pocahontas was the daughter of Powhatan, the paramount chief of a network of tribal nations in the Tsenacommacah. Some historians have suggested that this story, as told by Smith, is untrue, Pocahontas was captured by the English during Anglo-Indian hostilities in 1613, and held for ransom. During her captivity, she converted to Christianity and took the name Rebecca, when the opportunity arose for her to return to her people, she chose to remain with the English. In April 1614, she married tobacco planter John Rolfe, and in January 1615, bore their son, in 1616, the Rolfes traveled to London. Pocahontas was presented to English society as an example of the savage in hopes of stimulating investment in the Jamestown settlement. She became something of a celebrity, was elegantly fêted, in 1617, the Rolfes set sail for Virginia, but Pocahontas died at Gravesend of unknown causes. She was buried in a church in Gravesend in the United Kingdom, numerous places, landmarks, and products in the United States have been named after Pocahontas. Her story has been romanticized over the years, and she is a subject of art, literature, Pocahontass birth year is unknown, but some historians estimate it to have been around 1596. In A True Relation of Virginia, Smith described the Pocahontas he met in the spring of 1608 as being a child of ten years old. In a letter written in 1616, he described her as she was in 1608. Pocahontas was the daughter of Powhatan, paramount chief of Tsenacommacah, Pocahontass childhood was probably little different from that of most girls who lived in Tsenacommacah. She learned how to perform what was considered to be work, which included foraging for food and firewood, farming. As she grew older, she helped other members of Powhatans household with preparations for large feasts, serving feasts, such as the one presented to John Smith after his capture, was a regular obligation of the Mamanatowick, or paramount chief. Bestowed at different times, the names carried different meanings and might be used in different contexts, Early in her life she was given a secret name, Matoaka, but later she was also known as Amonute. Matoaka means Bright Stream Between the Hills, Amonute cannot be translated, according to the anthropologist Helen C. Rountree, Pocahontas revealed to the English only after she had taken another religious—baptismal—name, Rebecca. Pocahontass Christian name, Rebecca, may have been a gesture to Rebecca of the Book of Genesis who, as the mother of Jacob
9.
Shield
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A shield is a piece of personal armour held in the hand or mounted on the wrist or forearm. Shields are used to specific attacks, whether from close-ranged weaponry or projectiles such as arrows, by means of active blocks. Shields vary greatly in size, ranging from large panels that protect the whole body to small models that were intended for hand-to-hand-combat use. In prehistory and during the era of the earliest civilisations, shields were made of wood, animal hide and they were carried by foot soldiers, knights and cavalry. Depending on time and place, shields could be round, oval, square, rectangular, triangular, sometimes they took on the form of kites or flatirons, or had rounded tops on a rectangular base with perhaps an eye-hole, to look through when used with combat. The shield was held by a grip or by straps that went over or around the users arm. Often shields were decorated with a pattern or an animal representation to show their army or clan. These designs developed into systematized heraldic devices during the High Middle Ages for purposes of battlefield identification, even after the introduction of gunpowder and firearms to the battlefield, shields continued to be used by certain groups. In the 20th and 21st century, shields have been used by military and police units that specialize in anti-terrorist actions, hostage rescue, riot control and siege-breaking. The modern term usually refers to a device that is held in the hand or attached to the arm, Shields are also sometimes mounted on vehicle-mounted weapons to protect the operator. The oldest form of shield was a device designed to block attacks by hand weapons, such as swords, axes and maces, or ranged weapons like sling-stones. Shields have varied greatly in construction time and place. Sometimes shields were made of metal, but wood or animal hide construction was more common, wicker. Many surviving examples of metal shields are generally felt to be rather than practical, for example the Yetholm-type shields of the Bronze Age. Lightly armored warriors relying on speed and surprise would generally carry light shields that were small or thin. Heavy troops might be equipped with robust shields that could cover most of the body, many had a strap called a guige that allowed them to be slung over the users back when not in use or on horseback. During the 14th–13th century BC, the Sards or Shardana, working as mercenaries for the Egyptian pharaoh Ramses II, the Mycenaean Greeks used two types of shields, the figure-of-eight shield and a rectangular tower shield. These shields were made primarily from a frame and then reinforced with leather
10.
Sword
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A sword is a long bladed weapon intended for slashing or thrusting. The precise definition of the term varies with the epoch or the geographical region under consideration. A sword consists of a blade attached to a hilt. The blade can be straight or curved, thrusting swords have a pointed tip on the blade, and tend to be straighter, slashing swords have sharpened cutting edge on one or both sides of the blade, and are more likely to be curved. Many swords are designed for thrusting and slashing. Historically, the sword developed in the Bronze Age, evolving from the dagger, the later Iron Age sword remained fairly short and without a crossguard. The word sword continues the Old English, sweord, the use of a sword is known as swordsmanship or as fencing. In the Early Modern period, western sword design diverged into two forms, the thrusting swords and the sabers. The thrusting swords such as the rapier and eventually the smallsword were designed to impale their targets quickly and their long and straight yet light and well balanced design made them highly maneuverable and deadly in a duel but fairly ineffective when used in a slashing or chopping motion. A well aimed lunge and thrust could end a fight in seconds with just the swords point, the saber and similar blades such as the cutlass were built more heavily and were more typically used in warfare. Built for slashing and chopping at multiple enemies, often from horseback, most sabers also had sharp points and double edged blades, making them capable of piercing soldier after soldier in a cavalry charge. Sabers continued to see use until the early 20th century. The US Navy kept tens of thousands of sturdy cutlasses in their armory well into World War II, non-European weapons called sword include single-edged weapons such as the Middle Eastern scimitar, the Chinese dao and the related Japanese katana. The Chinese jian is an example of a non-European double-edged sword, the first weapons that can be described as swords date to around 3300 BC. They have been found in Arslantepe, Turkey, are made from arsenical bronze, some of them are inlaid with silver. The sword developed from the dagger when the construction of longer blades became possible, from the late 3rd millennium BC in the Middle East, first in arsenic copper, then in tin-bronze. Blades longer than 60 cm were rare and not practical until the late Bronze Age because the strength of bronze is relatively low. These are the type A swords of the Aegean Bronze Age, one of the most important, and longest-lasting, types swords of the European Bronze Age was the Naue II type, also known as Griffzungenschwert
11.
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
