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creation of the dollar
The history of the dollar in North America pre-dates American independence.[1] It began with the issuance of early American currency called the colonial scrip. Even before the Declaration of Independence, the Continental Congress had authorized the issuance of dollar denominated coins and currency, since the term 'dollar' was in common usage referring to Spanish colonial eight-real coin or Spanish dollar. -
creation of the US mint
When the framers of the U.S. Constitution created a new government for their untried Republic, they realized the critical need for a respected monetary system. Soon after the Constitution's ratification, Secretary of the Treasury Alexander Hamilton personally prepared plans for a national Mint. -
second national bank
Modeled on Alexander Hamilton's First Bank of the United States the Second Bank began operations at its main branch in Philadelphia on January 7, 1817, managing twenty-five branch offices nationwide by 1832. -
gold standard
the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. -
in god we trust
The motto IN GOD WE TRUST was placed on United States coins largely because of the increased religious sentiment existing during the Civil War. Secretary of the Treasury Salmon P. Chase received many appeals from devout persons throughout the country, urging that the United States recognize the Deity on United States coins -
Greenbacks
The first year of the Civil War brought a great crisis to the Northern economy. Though around the country citizens used many and various paper currencies issued by banks and redeemable in specie (gold and silver), the federal government was required by law to pay its debts in specie only. The enormous costs of war borne by the government seriously depleted its reserves of gold, and the uncertainties of war were causing private citizens to hoard vast amounts of the precious metals. When the dwind -
Civil War
when Confederate forces fired upon Fort Sumter, a key fort held by Union troops in South Carolina. Lincoln called for the creation of an army to retake it; meanwhile, four border slave states joined the Confederacy, bringing their total to eleven. -
First national bank
Under the National Bank Act, every bank chartered in the United States since 1863 with the name "First National Bank" -
stock market crashes
On August 24, 1921, the Dow Jones Industrial Average stood at a value of 63.9. By September 3, 1929, it had risen more than sixfold, touching 381.2. It would not regain this level for another 25 years. By the summer of 1929, it was clear that the economy was contracting and the stock market went through a series of unsettling price declines. These declines fed investor anxiety and events soon came to a head on October 24 (known as Black Thursday), October 28 (known as Black Monday), and October -
FDIC
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system
