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In 1792 the U.S. Congress passed the Coinage Act which made the United States dollar the standard unit of money. This also regulated the coinage of the U.S.
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The New York Stock and Exchange Board was founded in 1817. The Buttonwood group, a group of 24 merchants and brokers, observed brokers in Philadelphia. They then established their own guidelines and began the New York Stock and Exchange Board.
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The Gold Standard is a system that matches a country's currency to the value of gold. A certain amount of paper money is equal to a certain amount of gold. In order to increase their amount of paper money, a country must also increase their reserve of gold.
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The New York Stock Exchange prohibits trading in the streets in 1836. However, Open-Air Trading continues and eventually becomes the American Stock Exchange.
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Following the discovery of gold in 1949, there was an increase in demand for shipping across the country. So, investors Henry Wells and William G. Fargo launched Wells Fargo which was a mail, freight, and transportation service. Wells Fargo also operated as a bank and is one of the world's largest banks today.
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Although the idea of federal income tax first came to fruition via President Lincoln's Revenue Act in 1861, it was President Taft in February 1913 who made it permanent. Lincoln's Revenue Act was put in place to help fund the Civil War. It wasn't meant to be forever and was set up to expire in 1872. Taft himself wasn't a huge fan of income tax either, but he used it as a political move to get Congress to pass a tax on businesses to replace tariff revenue.
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The stock market crash in 1929 kick-started events leading to a 10 year economic downturn known as The Great Depression. A massive drought in the Southern Plains in the 1930s, known as the Dust Bowl, also contributed to economic hardship during this time.
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