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.
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.
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
6.
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
7.
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
8.
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
9.
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
