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Bank Bill Of 1791
The Bank Bill of 1791 is a common term for two bills passed by the First Congress of the United States of America on February 25 and March 2 of 1791. Background After Alexander Hamilton became Secretary of the Treasury in 1790, he promoted the expansion of the federal government through a variety of controversial bills. Hamilton argued that a federal bank would be beneficial to the national economy. The opening paragraph of the bill sums up his arguments: Rights and restrictions This bill grants that a "bank of the United States" shall be granted limited legal rights in order to manage the national finance, to obtain loans for the federal government in case of sudden emergencies, and to promote trade and industry. The bank was granted the following legal rights and restrictions: Bank stock The corporation was granted the right to issue paper stock under the following restrictions: * The corporation was granted the legal right to sell a maximum of 25,000 shares of stoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Washington
George Washington (, 1799) was a Founding Fathers of the United States, Founding Father and the first president of the United States, serving from 1789 to 1797. As commander of the Continental Army, Washington led Patriot (American Revolution), Patriot forces to victory in the American Revolutionary War against the British Empire. He is commonly known as the Father of the Nation for his role in bringing about American independence. Born in the Colony of Virginia, Washington became the commander of the Virginia Regiment during the French and Indian War (1754–1763). He was later elected to the Virginia House of Burgesses, and opposed the perceived oppression of the American colonists by the British Crown. When the American Revolutionary War against the British began in 1775, Washington was appointed Commanding General of the United States Army, commander-in-chief of the Continental Army. He directed a poorly organized and equipped force against disciplined British troops. Wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Personhood
Corporate personhood or juridical personality is the legal notion that a juridical person such as a corporation, separately from its associated human beings (like owners, managers, or employees), has at least some of the legal rights and responsibilities enjoyed by natural persons. In most countries, a corporation has the same rights as a natural person to hold property, enter into contracts, and to sue or be sued. Granting non-human entities personhood is a Western concept applied to corporations. Early history Ancient Indian society used legal personhood for political, social, and economic purposes. As early as 800 BC, legal personhood was granted to guild-like '' śreṇī'' that operated in the public interest. The late Roman Republic granted legal personhood to municipalities, public works companies that managed public services, and voluntary associations ('' collegia'') such as the early Catholic Church. The diverse collegia had different rights and responsibilities tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Report On A Plan For The Further Support Of Public Credit
In United States history, the Report on a Plan for the Further Support of Public Credit is the "valedictory" report issued to the US Congress on January 16, 1795 by the first Secretary of the Treasury, Alexander Hamilton. In addition to defending the fiscal programs that he had imposed thus far and extolling a system of finance that was "prosperous beyond all expectations", the report enumerated existing sources of revenue, outlined the plan for the "Redemption of the public debt" and its accruing interest to stabilize the current system of funding, and proposed amendments to the System of Public Credit that were designed to "prevent that progressive accumulation of Debt which must ultimately endanger all Government." Essentially, his report was submitted to address the fears of the Democratic-Republicans that the public debt would later become unmanageable. Hamilton subsequently discussed resolutions adopted by Congress for the sequestration of British debts in the United State ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Report On Public Credit
In United States history, the Second Report on the Public Credit, also referred to as The Report on a National Bank,Malone, 1960, p. 259 was the second of four influential reports on fiscal and economic policy delivered to Congress by the first U.S. Secretary of the Treasury, Alexander Hamilton.Staloff, 2005, p. 91 Submitted on December 14, 1790, the report called for the establishment of a central bank with the primary purpose to expand the flow of legal tender, monetizing the national debtMalone, 1960, p. 262 by issuing of federal bank notes.Miller, 1960, p. 53 Modeled on the Bank of England, the privately held but publicly funded institution would also serve to process revenue fees and to perform fiscal duties for the federal government.Staloff, 2005, p. 97 Hamilton regarded the bank as indispensable to produce a stable and flexible financial system.Brock, 1957, p. 44 The ease with which Federalists advanced legislation to incorporate the bank impelled agrarian opposition t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Sovereignty
Monetary sovereignty is the power of the state to exercise exclusive legal control over its currency, broadly defined, by exercise of the following powers: * Legal tender – the exclusive authority to designate the legal tender forms of payment. * Issuance and retirement – the exclusive authority to control the issuance and retirement of the legal tender."The Legal Aspect of Money" by F.A. Mann, 5th edition, Oxford, 1992, pp. 460-78 Incidence of monetary sovereignty Currently, nations such as the USA and Japan, which have autonomous central banks exercise monetary sovereignty. On the other hand, the European Union nations within the Eurozone, have ceded much of their monetary sovereignty to the European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International .... Referen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
Legal Tender
Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which, when offered ("tendered") in payment of a debt, extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. Sellers offering to enter into contractual relationship, such as a contract for the sale of goods, do not need to accept legal tender and may instead contractually require payment using electronic methods, foreign currencies or any other legally recognized object of value. Coins and banknotes are usually defined as legal tender in many countries, but personal cheque, checks, credit c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quorum
A quorum is the minimum number of members of a group necessary to constitute the group at a meeting. In a deliberative assembly (a body that uses parliamentary procedure, such as a legislature), a quorum is necessary to conduct the business of that group. In contrast, a plenum is a meeting of the full (or rarely nearly full) body. A body, or a meeting or vote of it, is quorate if a quorum is present (or casts valid votes). The term ''quorum'' is from a Middle English wording of the commission formerly issued to justices of the peace, derived from Latin ''quorum'', "of whom", genitive plural of ''qui'', " who". As a result, ''quora'' as plural of ''quorum'' is not a grammatically well-formed Latin-language construction. In modern times a quorum might be defined as the minimum number of voters needed for a valid election. Quorums are often required by traditional handbooks of parliamentary procedure such as Robert's Rules of Order. However, quorums have been criticized by s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self Governance
Self-governance, self-government, self-sovereignty or self-rule is the ability of a person or group to exercise all necessary functions of regulation without intervention from an external authority. It may refer to personal conduct or to any form of institution, such as family units, social groups, affinity groups, legal bodies, industry bodies, religions, and political entities of various degrees. Self-governance is closely related to various philosophical and socio-political concepts such as autonomy, independence, self-control, self-discipline, and sovereignty. In the context of nation states, self-governance is called national sovereignty which is an important concept in international law. In the context of administrative division, a self-governing territory is called an autonomous region. Self-governance is also associated with political contexts in which a population or demographic becomes independent from colonial rule, absolute government, absolute monarchy, or any ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopoly
A monopoly (from Greek language, Greek and ) is a market in which one person or company is the only supplier of a particular good or service. A monopoly is characterized by a lack of economic Competition (economics), competition to produce a particular thing, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge Monopoly price, overly high prices, which is associated with unfair price raises. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market). A monopoly may als ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic goods, good, usually a resource, that specifically has full or substantial fungibility: that is, the Market (economics), market treats instances of the good as equivalent or nearly so with no regard to who Production (economics), produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot market, spot and derivative (finance), derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand, brand name) other than price. Most commodities are raw materials, basic resources, agriculture, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemical substance, chemicals and computer memory. Popular commodities include Petroleum, crude ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Person
A juridical person is a legal person that is not a natural person but an organization recognized by law as a fictitious person such as a corporation, government agency, non-governmental organisation, or international organization (such as the European Union). Other terms include artificial person, corporate person, judicial person, juridical entity, juridic person, or juristic person. A juridical person maintains certain duties and rights as enumerated under relevant laws. The rights and responsibilities of a juridical person are distinct from those of the natural persons constituting it. Since the beginning of writing at the start of recorded history, associations have been known as the original form of the juridical person. This is documented for the 1st century A.D. for Jewish trading companies. In Roman law, entities gained significance through institutions such as the state, communities, corporations (''universitates'') and their associations of persons and assets, as well ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
