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Continental Congress created paper money to finance the Revolutionary war.
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Congress chartered the bank of North America in Philadelphia as the first national bank.
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Congress declared the dollar as the money unit of the U.S.
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Anyone could make money. Therer was 30,000 different currencies in used.
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The near defeat in the War of 1812; caused President James Madison to realize the necessity of a central bank. http://online.wsj.com/article/SB122360636585322023.html
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The first circulation of paper money was authorized by the government. It was pressed to finance the Civil War. The money was called greenback because of its color.
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1st ten dollar bills were issure by the Treasury Department.
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The secret service was created as a bureau of the treasury in order to control counterfeiters. They did this in order to get the public's confidence in the nation's currency.
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The Federal Reserve Act created the Federal Reserve as the nation's central bank; it created a system more responsive to the fluctuating needs of the country. The Federal Reserve created Federal Reserve Notes.
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There were close to 30,000 banks in the United States.
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The first change of the appearance of paper money occurred. In order to reduce manufacturing costs, the currency was reduced in size by about 30%.
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http://www.enotes.com/1940-business-economy-american-decades
America was bombed by Japan and its economy was swithced in order to finance the war effort. -
By end of 1953 Eisenhower faced a lagging economy due to the Korean War and military cut backs.
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http://elcoushistory.tripod.com/economics1960.html
The United States experience the longest economic expansion in history. -
The Inflation in the 1970's was terrible. It caused a shortage of jobs and there was a high demand of jobs and a low supply.
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http://economics.about.com/od/useconomichistory/a/economy_1980s.htm
Business bankruptcies rose to about 50%. Agricultural exports decreased, crop prices dropped, and interest rates rose. -
In order to stay ahead of counterfeiters, the government administered new designs to be issued. They redid the background colors. Different colors will be used for each denomination. Background colors= Green, peach, and blue, with images of the American Eagle.
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The new bill has highlights and historical symbols of America, background colors= blue, red, and images of a waving American flag and a metallic silver blue star.
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A new (2004a) bill was issued. On it is symbols of freedomwiht colors of orange, yellow, and red. On it is also the statue of liberty's torch and the words "We the People."
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The Federal Resreve, U.S Secret Service, and the U.S Department of Treasury, uncovered the new 100 dollar bill. It is technologically advanced to prevent counterfeiting.
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In 1893 there was a depression. The unemployment reate went past 10% for 1/2 a decade.
