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Paper Currency
Continental Congress created paper money to finance the Revolutionary war. -
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Money
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First National Bank
Congress chartered the bank of North America in Philadelphia as the first national bank. -
Money system adopted
Congress declared the dollar as the money unit of the U.S. -
Different currency
Anyone could make money. Therer was 30,000 different currencies in used. -
Necessity of Banks
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 -
Greenbacks
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. -
First 10 dollar bills
1st ten dollar bills were issure by the Treasury Department. -
Secret Service Created
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. -
Federal Reserve Act
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. -
Expansion of Banks
There were close to 30,000 banks in the United States. -
Changes in money
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%. -
America's Economy switches to Military Economy
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. -
Eisenhower and Economy
By end of 1953 Eisenhower faced a lagging economy due to the Korean War and military cut backs. -
Huge Expansion of Industry
http://elcoushistory.tripod.com/economics1960.html
The United States experience the longest economic expansion in history. -
Inflation
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. -
Recession
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. -
Government issues new 20 dollar bill
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. -
New 50 dollar Bill
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. -
New 10 dollar bill
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." -
New 100 dollar bill
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.
http://www.newmoney.gov/currency/history.htm -
Dpression
In 1893 there was a depression. The unemployment reate went past 10% for 1/2 a decade.
