Alexander Hamilton was an American statesman and one of the Founding Fathers of the United States. As the first Secretary of the Treasury, Hamilton was the author of the economic policies of the George Washington administration. He took the lead in the funding of the debts by the Federal government, as well as the establishment of a national bank, a system of tariffs. His vision included a central government led by a vigorous executive branch. This was challenged by Virginia agrarians Thomas Jefferson and James Madison who formed a rival party and they favored strong states based in rural America and protected by state militias as opposed to a strong national army and navy. They denounced Hamilton as too friendly toward Britain and toward monarchy in general, Hamilton was born out of wedlock in Charlestown, to a married mother of British and French Huguenot ancestry and a Scottish father. His father, James A. Hamilton, was the son of laird Alexander Hamilton of Grange. Orphaned as a child by his mothers death and his fathers abandonment, Hamilton was taken in by an older cousin and he was recognized for his intelligence and talent, and sponsored by a group of wealthy local men to travel to New York City to pursue his education.
Hamilton attended Kings College, choosing to stay in the Thirteen Colonies to seek his fortune, discontinuing his studies before graduating when the college closed its doors during British occupation of the city, Hamilton played a major role in the American Revolutionary War. At the start of the war in 1775, he joined a militia company, in early 1776, he raised a provincial artillery company, to which he was appointed captain. He soon became the aide to General Washington, the American forces commander-in-chief. Hamilton was dispatched by Washington on numerous missions to convey plans to his generals, after the war, Hamilton was elected as a representative to the Congress of the Confederation from New York. He resigned to practice law, and founded the Bank of New York, Hamilton was among those dissatisfied with the weak national government. He led the Annapolis Convention, which successfully influenced Congress to issue a call for the Philadelphia Convention in order to create a new constitution, Hamilton became the leading cabinet member in the new government under President Washington.
These programs were funded primarily by a tariff on imports, to overcome localism, Hamilton mobilized a nationwide network of friends of the government, especially bankers and businessmen, which became the Federalist Party. A major issue in the emergence of the American two-party system was the Jay Treaty and it established friendly trade relations with Britain, to the chagrin of France and the supporters of the French Revolution. Hamilton played a role in the Federalist party, which dominated national. In 1795, he returned to the practice of law in New York and he tried to control the policies of President Adams
Federal Reserve Bank
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. C, alexander Hamilton, the first Secretary of Treasury, started a movement in 1780 advocating for the creation of a central bank. The Bank Bill created by Hamilton was a proposal to institute a national bank in order to improve the stability of the nation after its independence from Britain. Although the national bank was to be used as a tool for the government, in response to this, the First Bank of the United States was established in 1791, its charter signed by George Washington. The First Bank of the United States was headquartered in Philadelphia, the Bank performed the basic banking functions of accepting deposits, issuing bank notes, making loans and purchasing securities. When its charter expired 20 years later, the United States was without a bank for a few years.
In 1816, James Madison signed the Second Bank of the United States into existence. Then, in 1833, before that banks charter expired, President Jackson removed the government funds as part of the Bank War, and the United States went without a central bank for 40 years. A financial crisis known as the Panic of 1907 was headed off by a private conglomerate and this effort succeeded in stopping the panic, and led to calls for a Federal agency to do the same thing. Congress approved the Act, and President Wilson signed it into law on December 23,1913, the legislation provided for a system that included a number of regional Federal Reserve Banks and a seven-member governing board. All national banks were required to join the system and other banks could join, on April 2,1914, the Reserve Bank Organization Committee announced its decision, and twelve Federal Reserve banks were established to cover various districts throughout the country. Those opposed to the establishment of an overwhelmingly powerful New York Fed prevailed in their desire that its scope, this banks influence was restricted to New York State.
Nonetheless, with over $20,000,000 in capital stock, as a result, it was impossible to prevent the New York Fed from being the largest and most dominant bank in the system. The Federal Reserve Banks opened for business in November 1914, the New York Fed opened for business under the leadership of Benjamin Strong, Jr. previously president of the Bankers Trust Company, on November 16,1914. The initial staff consisted of seven officers and 85 clerks, many on loan from local banks. Mr. Strong recalled the days at the Bank in a speech. During its first day of operation, the Bank took in $100 million from 211 member banks, Congress created Federal Reserve notes to provide the nation with a flexible supply of currency. The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public
President of the United States
The President of the United States is the head of state and head of government of the United States. The president directs the executive branch of the government and is the commander-in-chief of the United States Armed Forces. The president is considered to be one of the worlds most powerful political figures, the role includes being the commander-in-chief of the worlds most expensive military with the second largest nuclear arsenal and leading the nation with the largest economy by nominal GDP. The office of President holds significant hard and soft power both in the United States and abroad, Constitution vests the executive power of the United States in the president. The president is empowered to grant federal pardons and reprieves. The president is responsible for dictating the legislative agenda of the party to which the president is a member. The president directs the foreign and domestic policy of the United States, since the office of President was established in 1789, its power has grown substantially, as has the power of the federal government as a whole.
However, nine vice presidents have assumed the presidency without having elected to the office. The Twenty-second Amendment prohibits anyone from being elected president for a third term, in all,44 individuals have served 45 presidencies spanning 57 full four-year terms. On January 20,2017, Donald Trump was sworn in as the 45th, in 1776, the Thirteen Colonies, acting through the Second Continental Congress, declared political independence from Great Britain during the American Revolution. The new states, though independent of each other as nation states, desiring to avoid anything that remotely resembled a monarchy, Congress negotiated the Articles of Confederation to establish a weak alliance between the states. Out from under any monarchy, the states assigned some formerly royal prerogatives to Congress, only after all the states agreed to a resolution settling competing western land claims did the Articles take effect on March 1,1781, when Maryland became the final state to ratify them.
In 1783, the Treaty of Paris secured independence for each of the former colonies, with peace at hand, the states each turned toward their own internal affairs. Prospects for the convention appeared bleak until James Madison and Edmund Randolph succeeded in securing George Washingtons attendance to Philadelphia as a delegate for Virginia. It was through the negotiations at Philadelphia that the presidency framed in the U. S. The first power the Constitution confers upon the president is the veto, the Presentment Clause requires any bill passed by Congress to be presented to the president before it can become law. Once the legislation has been presented, the president has three options, Sign the legislation, the bill becomes law. Veto the legislation and return it to Congress, expressing any objections, in this instance, the president neither signs nor vetoes the legislation
A locomotive or engine is a rail transport vehicle that provides the motive power for a train. A locomotive has no payload capacity of its own, and its purpose is to move the train along the tracks. In contrast, some trains have self-propelled payload-carrying vehicles and these are not normally considered locomotives, and may be referred to as multiple units, motor coaches or railcars. The use of these vehicles is increasingly common for passenger trains. Traditionally, locomotives pulled trains from the front, push-pull operation has become common, where the train may have a locomotive at the front, at the rear, or at each end. Prior to locomotives, the force for railroads had been generated by various lower-technology methods such as human power, horse power. The first successful locomotives were built by Cornish inventor Richard Trevithick, in 1804 his unnamed steam locomotive hauled a train along the tramway of the Penydarren ironworks, near Merthyr Tydfil in Wales. Although the locomotive hauled a train of 10 long tons of iron and 70 passengers in five wagons over nine miles, the locomotive only ran three trips before it was abandoned.
Trevithick built a series of locomotives after the Penydarren experiment, including one which ran at a colliery in Tyneside in northern England, the first commercially successful steam locomotive was Matthew Murrays rack locomotive, built for the narrow gauge Middleton Railway in 1812. This was followed in 1813 by the Puffing Billy built by Christopher Blackett and William Hedley for the Wylam Colliery Railway, Puffing Billy is now on display in the Science Museum in London, the oldest locomotive in existence. In 1814 George Stephenson, inspired by the locomotives of Trevithick. He built the Blücher, one of the first successful flanged-wheel adhesion locomotives, Stephenson played a pivotal role in the development and widespread adoption of steam locomotives. His designs improved on the work of the pioneers, in 1825 he built the Locomotion for the Stockton and Darlington Railway, north east England, which became the first public steam railway. In 1829 he built The Rocket which was entered in and won the Rainhill Trials and this success led to Stephenson establishing his company as the pre-eminent builder of steam locomotives used on railways in the United Kingdom, the United States and much of Europe.
The first inter city passenger railway and Manchester Railway, opened in 1830, there are a few basic reasons to isolate locomotive train power, as compared to self-propelled vehicles. Maximum utilization of power cars Separate locomotives facilitate movement of costly motive power assets as needed, flexibility Large locomotives can substitute for small locomotives when more power is required, for example, where grades are steeper. As needed, a locomotive can be used for freight duties. Obsolescence cycles Separating motive power from payload-hauling cars enables replacement without affecting the other, to illustrate, locomotives might become obsolete when their associated cars did not, and vice versa
Optically variable ink
Optically variable ink is an anti-counterfeiting measure used on many major modern banknotes, as well as on other official documents. The ink displays two distinct colors depending on the angle the bill is viewed at, the United States fifty-dollar bill, for example, uses color shifting ink for the numeral 50 so that it displays copper at one angle and bright green in another. OVI is particularly useful as a measure as it is not widely available. One major manufacturer is a Swiss company called SICPA, additional suppliers include Sun Chemical and the Brazilian company Sellerink, located in São Paulo, Brazil. Color-shifting inks reflect various wavelengths in white light differently, depending on the angle of incidence to the surface, an unaided eye will observe this effect as a change of color while the viewing angle is changed. A color copier or scanner can copy a document only at one fixed angle relative to the document’s surface
John Marshall was the fourth Chief Justice of the Supreme Court of the United States. Previously, Marshall had been a leader of the Federalist Party in Virginia and he was Secretary of State under President John Adams from 1800 to 1801. Most notably, he reinforced the principle that courts are obligated to exercise judicial review. Thus, Marshall cemented the position of the American judiciary as an independent, in particular, he repeatedly confirmed the supremacy of federal law over state law, and supported an expansive reading of the enumerated powers. Some of his decisions were unpopular, Marshall built up the third branch of the federal government, and augmented federal power in the name of the Constitution, and the rule of law. John Marshall was of almost entirely English ancestry, though his mother had some distant Scottish ancestry as well, the oldest of fifteen, John had eight sisters and six brothers. Also, several cousins were raised with the family, from a young age, he was noted for his good humor and black eyes, which were strong and penetrating, beaming with intelligence and good nature.
Marshall loved his home, built in 1790, in Richmond, for approximately three months each year, Marshall lived in Washington during the Courts annual term, boarding with Justice Story during his final years at the Ringgold-Carroll House. Marshall left Richmond for several weeks each year to serve on the court in Raleigh. He maintained the D. S. Tavern property in Albemarle County, Marshall himself was not religious, and although his grandfather was a priest, never formally joined a church. He did not believe Jesus was a divine being, and in some of his opinions referred to a deist Creator of all things. He was an active Freemason and served as Grand Master of Masons in Virginia in 1794–1795 of the Most Worshipful Grand Lodge of Ancient, while in Richmond, Marshall attended St. The Marshall family occupied Monumental Churchs pew No.23 and entertained the Marquis de Lafayette there during his visit to Richmond in 1824, Thomas Marshall was employed in Fauquier County as a surveyor and land agent by Lord Fairfax, which provided Marshall with a substantial income.
In the early 1760s, the Marshall family left Germantown and moved about 30 miles miles to Leeds Manor on the slope of the Blue Ridge Mountains. On the banks of Goose Creek, Thomas Marshall built a frame house. Thomas Marshall was not yet established, so he leased it from Colonel Richard Henry Lee. The Marshalls called their new home the Hollow, and the ten years they resided there were John Marshalls formative years, in 1773, the Marshall family moved once again. Thomas Marshall, by a man of means, purchased an estate adjacent to North Cobbler Mountain in Delaplane
Silver certificate (United States)
Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, the certificates were initially redeemable for their face value of silver dollar coins and in raw silver bullion. Since 1968 they have been only in Federal Reserve Notes and are thus obsolete. Large-size silver certificates were issued initially in denominations from $10 to $1,000 and in 1886 the $1, $2, in 1928, all United States bank notes were re-designed and the size reduced. The small-size silver certificate was issued in denominations of $1, $5. The complete type set below is part of the National Numismatic Collection at the Smithsonians National Museum of American History, the Coinage Act of 1873 intentionally omitted language authorizing the coinage of “standard” silver dollars and ended the bimetallic standard that had been created by Alexander Hamilton.
By 1875 business interests invested in silver wanted the bimetallic standard restored, people began to refer to the passage of the Act as the Crime of 73. Further public agitation for silver use was driven by fear that there was not enough money in the community. Members of Congress claimed ignorance that the 1873 law would lead to the demonetization of silver, some blamed the passage of the Act on a number of external factors including a conspiracy involving foreign investors and government conspirators. In response, the Bland–Allison Act, as it came to be known, was passed by Congress on 28 February 1878, the first silver certificates were issued in denominations of $10 through $1,000. Reception by financial institutions was cautious, while more convenient and less bulky than dollar coins, the silver certificate was not accepted for all transactions. Congress used the National Banking Act of 12 July 1882 to clarify the legal status of silver certificates by clearly authorizing them to be included in the lawful reserves of national banks.
A general appropriations act of 4 August 1886 authorized the issue of $1, $2, the introduction of low-denomination currency greatly increased circulation. Over the 12-year lifespan of the Bland–Allison Act, the United States government would receive a seigniorage amounting to roughly $68 million, Treasury Secretary Franklin MacVeagh appointed a committee to investigate possible advantages to issuing smaller sized United States banknotes. Due in part to the outbreak of World War I and the end of his appointed term, any recommendations may have stalled. On 20 August 1925, Treasury Secretary Andrew W. Mellon appointed a committee and in May 1927 accepted their recommendations for the size reduction. On 10 July 1929 the new currency was issued. This required that the Treasury maintain stocks of dollars to back
A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5,10, and 20 US$. The U. S. government placed the Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel. S. currency today. As a result, most Demand Notes were redeemed, though the few remaining Demand Notes are the oldest valid currency in the United States today, the Demand Notes were a transitional issue connecting these Treasury Notes to modern paper money. The Continental Congress had issued Continental dollars between 1775 and 1779 to help finance the American Revolution, while the constitution did not explicitly grant the power to issue paper currency, it did grant the power to borrow money. Treasury Notes, as a form of debt, were an innovation to help bridge federal financing gaps when the government encountered difficulty selling a sufficient amount of long term bonds, Treasury Notes were first employed during the War of 1812 and were issued irregularly up through the civil war.
Characteristically the issues were not extensive and the fiction was always maintained that Treasury Notes did not serve as money when, in fact. These notes usually bore interest, their value varied with market conditions, only $3,392,994 were issued, and these were rapidly exchanged for bonds. In witness to the limited circulation achieved by these notes, only two issued uncancelled examples of the Small Treasury Notes are known today vs. almost 1000 examples of the Demand Notes. One response from Congress was the Act of July 17,1861, of this sum, up to $50,000,000 was authorized as non-interest bearing Treasury Notes, payable upon demand, in denominations less than fifty dollars and not less than ten dollars. These were called Demand Notes to distinguish them from the interest-bearing Treasury Notes in existence at the time, the notes were to be redeemable through the assistant treasurers offices at Philadelphia and New York. These signature provisions would be altered several times and this act stipulated that prior to December 31,1862, an individual Demand Note could be re-issued into circulation after it was presented for redemption.
Just before they were to be released, the Act of August 5,1861 and it allowed for Demand Notes to be issued in denominations of not less than $5 and be redeemable through the assistant treasurers office at St. Louis or the bullion depository in Cincinnati. This act stated that the Treasurer of the United States, under this act, Demand Notes did not need to carry the seal of the U. S. Treasury. Because the Bureau of Engraving and Printing did not exist at the time, both companies were prominent printers of banknotes for private and state-chartered banks throughout the country. Most likely, the American Bank Note Company engraved the plates for $5. All of the Demand Notes were printed by the American Bank Note Company, as designed, they were of the same size, and in appearance closely resembled banknotes. Secretary of the Treasury Chase began distributing the notes to meet Union obligations in August 1861, various merchants and especially the railroad industry accepted the notes at a discounted rate or did not accept them at all.
Louis, and at the Depository of Cincinnati and they must be always equivalent to gold, and often and for many purposes more convenient and valuable
United States Note
A United States Note, known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U. S. Having been current for more than 100 years, they were issued for longer than any form of U. S. paper money. They were known popularly as greenbacks, a name inherited from the earlier greenbacks, the Demand Notes, often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. They were originally issued directly into circulation by the U. S. Treasury to pay expenses incurred by the Union during the American Civil War, during the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury. S. Treasury Seals and serial numbers in place of green ones, existing United States Notes remain valid currency in the United States, however, as no United States Notes have been issued since January 1971, they are increasingly rare in circulation.
The Act of July 17,1861 authorized United States Secretary of the Treasury Salmon P. Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field. While issued within the framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size as banknotes. During December 1861, economic conditions deteriorated and a suspension of specie payment caused the government to cease redeeming the Demand Notes as coins, the beginning of 1862 found the Unions expenses increasing, and the government was having trouble funding the escalating war. Demand Notes—which were used, among other things, to pay Union soldiers—were unredeemable and Buffalo banker Elbridge G. Spaulding prepared a bill, based on the Free Banking Law of New York, that eventually became the National Banking Act of 1863. This caused tremendous controversy in Congress, as hitherto the Constitution had been interpreted as not granting the government the power to issue a paper currency.
Spaulding justified the action as a means of carrying into execution the powers granted in the Constitution to raise and support armies. Initially, the emission was limited to $150,000,000 total face value between the new Legal Tender Notes and the existing Demand Notes, the Act intended for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of $5, $10, and $20, in addition, notes of entirely new design were introduced in denominations of $50, $100, $500 and $1000. The Demand Notes printed promise of payment On Demand was removed, Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserves, and had no interest. The Act did provide that the notes be receivable by the government for short term deposits at 5% interest, the rationale for these terms was that the Union government would preserve its credit-worthiness by supporting the value of its bonds by paying their interest in gold.
Lastly, by making the bonds available for purchase at par in United States Notes, the limitations of the legal tender status were quite controversial. This controversy would continue until the removal of the exceptions during 1933, the largest amount of greenbacks outstanding at any one time was calculated as $447,300,203.10