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First Bank Of The United States
The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a National bank (United States), national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first ''de facto'' national bank. However, neither served the functions of a modern central bank: They did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort. They were national insofar as they were allowed to have branches in multiple states and lend money to the US government. Other banks in the US were each chartered by, and only allowed to have branches in, a single state. Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first United States Secretary of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Bank Of The United States
The Second Bank of the United States was the second federally authorized Second Report on Public Credit, Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, the bank was chartered from February 1816 to January 1836.. The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President, Directors, and Company, of the Bank of the United States". While other banks in the US were chartered by and only allowed to have branches in a single state, it was authorized to have branches in multiple states and lend money to the US government. A private corporation with Public–private partnership, public duties, the bank handled all fiscal transactions for the U.S. government, and was accountable to United States Congress, Congress and the U.S. Treasury. Twenty percent of its capital was owned by the federal government, the bank's single largest stockholder.. Four thousand private investors held 80 percent of the bank's ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Constitution
The Constitution of the United States is the supreme law of the United States of America. It superseded the Articles of Confederation, the nation's first constitution, on March 4, 1789. Originally including seven articles, the Constitution delineates the frame of the federal government. The Constitution's first three articles embody the doctrine of the separation of powers, in which the federal government is divided into three branches: the legislative, consisting of the bicameral Congress ( Article I); the executive, consisting of the president and subordinate officers ( Article II); and the judicial, consisting of the Supreme Court and other federal courts ( Article III). Article IV, Article V, and Article VI embody concepts of federalism, describing the rights and responsibilities of state governments, the states in relationship to the federal government, and the shared process of constitutional amendment. Article VII establishes the procedure subsequently used ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Whiskey Rebellion
The Whiskey Rebellion (also known as the Whiskey Insurrection) was a violent tax protest in the United States beginning in 1791 and ending in 1794 during the presidency of George Washington. The so-called "whiskey tax" was the first tax imposed on a domestic product by the newly formed federal government. The "whiskey tax" became law in 1791, and was intended to generate revenue to pay the war debt incurred during the American Revolutionary War. Farmers of American frontier, the western frontier were accustomed to distilling their surplus rye, barley, wheat, corn, or fermented mash ingredients, grain mixtures to make whiskey. These farmers resisted the tax. Throughout western Pennsylvania counties, protesters used violence and intimidation to prevent federal officials from collecting the tax. Resistance came to a climax in July 1794, when a United States Marshals Service, US marshal arrived in western Pennsylvania to serve writs to distillers who had not paid the excise. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Report On The Public Credit
The First Report on the Public Credit was one of four major reports on fiscal and economic policy submitted by Founding Father and first US Treasury Secretary Alexander Hamilton on the request of Congress. The report analyzed the financial standing of the United States and made recommendations to reorganize the national debt and to establish the public credit. Commissioned by the US House of Representatives on September 21, 1789, the report was presented on January 9, 1790,Malone, 1960, p. 260 at the second session of the 1st US Congress. The 40,000-word document called for full federal payment at face value to holders of government securities ("redemption") and the federal government to assume funding of all state debt ("assumption"). The political stalemateEllis, 2000, p. 50 in Congress that ensued led to the Compromise of 1790, which located the permanent US capital on the Potomac River ("residency"). The Federalists' success in winning approval for Hamilton's reforms led ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Improvements
Internal improvements is the term used historically in the United States for public works from the end of the American Revolution through much of the 19th century, mainly for the creation of a transportation infrastructure: roads, turnpikes, canals, harbors and navigation improvements.Review by Tom Review of John Lauritz Larson's Internal Improvement: National Public Works and the Promise of Popular Government in the Early United States', University of North Carolina Press, 2001. . This older term carries the connotation of a political movement that called for the exercise of public spirit as well as the search for immediate economic gain. Improving the country's natural advantages by developments in transportation was, in the eyes of George Washington and many others, a duty incumbent both on governments and on individual citizens. Background While the need for inland transportation improvements was universally recognized, there were great differences over the questions of how t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1st United States Congress
The 1st United States Congress, comprising the United States Senate and the United States House of Representatives, met from March 4, 1789, to March 4, 1791, during the first two years of George Washington's presidency, first at Federal Hall in New York City and later at Congress Hall in Philadelphia. With the initial meeting of the First Congress, the United States federal government officially began operations under the new (and current) frame of government established by the 1787 Constitution. The apportionment of seats in the House of Representatives was based on the provisions of Article I, Section 2, Clause 3, of the Constitution. Both chambers had a Pro-Administration majority. Twelve articles of amendment to the Constitution were passed by this Congress and sent to the states for ratification; the ten ratified as additions to the Constitution on December 15, 1791, are collectively known as the Bill of Rights, with an additional amendment ratified more than two cen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Continental (currency)
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. John Hull was authorized by the Massachusetts legislature to make the earliest coinage of the colony (the willow, the oak, and the pine tree shilling) in 1652. Because few coins were minted in the Thirteen Colonies, which later became the United Colonies and then the United States, foreign coins like the Spanish dollar were widely circulated. Colonial governments, at times, issued paper money to facilitate economic activities. The Parliament of Great Britain passed currency acts in 1751, 1764, and 1773 to regulate colonial paper money. During the American Revolutionary War, the colonies became independent states. No longer subject to monetary regulations of the British Parliament, the states began to issue paper money to pay for military expenses. The Continental Congress also issued paper money during the revolution — known as contin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Revolutionary War
The American Revolutionary War (April 19, 1775 – September 3, 1783), also known as the Revolutionary War or American War of Independence, was the armed conflict that comprised the final eight years of the broader American Revolution, in which American Patriot (American Revolution), Patriot forces organized as the Continental Army and commanded by George Washington defeated the British Army during the American Revolutionary War, British Army. The conflict was fought in North America, the Caribbean, and the Atlantic Ocean. The war's outcome seemed uncertain for most of the war. However, Washington and the Continental Army's decisive victory in the Siege of Yorktown in 1781 led King George III and the Kingdom of Great Britain to negotiate an end to the war in the Treaty of Paris (1783), Treaty of Paris two years later, in 1783, in which the British monarchy acknowledged the independence of the Thirteen Colonies, leading to the establishment of the United States as an independent and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Money
Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1976 by the Jamaica Accords, the major currencies in the world are fiat money. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people as a means of payment for liabilities. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative mone ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excise
file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when the barrel was tapped it would destroy the stamp. An excise, or excise tax, is any duty (economics), duty on manufactured goods (economics), goods that is normally levied at the moment of manufacture for internal consumption rather than at sale. It is therefore a fee that must be paid in order to consume certain products. Excises are often associated with customs duties, which are levied on pre-existing goods when they cross a designated border in a specific direction; customs are levied on goods that become taxable items at the ''border'', while excise is levied on goods that came into existence ''inland''. An excise is considered an indirect tax, meaning that the producer or seller who pays the levy to the government is expected to try ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mint (facility)
A mint is an industrial facility which manufactures coins that can be used as currency. The history of mints correlates closely with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions. With the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter (a 25 cent coin), and the difference in production cost and face value (called seigniorage) helps fund the minting body. Conversely, a U.S. penny ($0.01) cost $0.015 to make in 2016. History The first minted coins The first mint was likely established in Lydia in the 7th century BC, for coining gold, silver and electrum. The first coins known to be minte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
