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Currency Act Of 1870
The Currency Act of 1870 (41st Congress, Sess. 2, ch. 252, , enacted July 12, 1870) maintained greenbacks issued during the American Civil War at their existing level, about $356 million, neither contracting them nor issuing more. It replaced $45 million in "temporary loan certificates," paper bearing 3% interest but which circulated as currency, with the same amount of national bank notes issued by newly chartered banks. While achieving currency stabilization, the act answered midwestern pressure for more currency, and midwestern dissatisfaction with the concentration of national bank charters in the Northeast. The limit of the new bank note issue was small enough for northeastern Republicans to accept. Greenback Republicans could console themselves that the bill did not contemplate replacing greenbacks with national bank notes. Legislative history The bill was sponsored by Senator John Sherman of Ohio. The act maintained greenbacks issued during the Civil War A civil war ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand Note
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 . Demand Notes were the first issue of paper money by the United States that achieved wide circulation and they are still in circulation today, though they are now extremely rare. 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. Because of the distinctive green ink on their reverse, and because state-chartered bank and Confederate notes of the day typically had blank reverse, the Demand Notes were nicknamed "greenbacks", a name later inherited by United States Notes and Federal Reserve Notes. The obverse of the Demand Notes contained familiar elements such as the images of a bald eagle, Abraham Lincoln, and Alexander Hamilton, though the portraits used on Demand Notes are diffe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Civil War
The American Civil War (April 12, 1861 – May 26, 1865; also known by other names) was a civil war in the United States. It was fought between the Union ("the North") and the Confederacy ("the South"), the latter formed by states that had seceded. The central cause of the war was the dispute over whether slavery would be permitted to expand into the western territories, leading to more slave states, or be prevented from doing so, which was widely believed would place slavery on a course of ultimate extinction. Decades of political controversy over slavery were brought to a head by the victory in the 1860 U.S. presidential election of Abraham Lincoln, who opposed slavery's expansion into the west. An initial seven southern slave states responded to Lincoln's victory by seceding from the United States and, in 1861, forming the Confederacy. The Confederacy seized U.S. forts and other federal assets within their borders. Led by Confederate President Jefferson Davis, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Paper
Commercial paper, in the global financial market, is an unsecured promissory note with a fixed maturity of rarely more than 270 days. In layperson terms, it is like an " IOU" but can be bought and sold because its buyers and sellers have some degree of confidence that it can be successfully redeemed later for cash, based on their assessment of the creditworthiness of the issuing company. Commercial paper is a money-market security issued by large corporations to obtain funds to meet short-term debt obligations (for example, payroll) and is backed only by an issuing bank or company promise to pay the face amount on the maturity date specified on the note. Since it is not backed by collateral, only firms with excellent credit ratings from a recognized credit rating agency will be able to sell their commercial paper at a reasonable price. Commercial paper is usually sold at a discount from face value and generally carries lower interest repayment rates than bonds due to the sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Sherman (politician)
John Sherman (May 10, 1823October 22, 1900) was an American politician from Ohio throughout the Civil War and into the late nineteenth century. A member of the Republican Party, he served in both houses of the U.S. Congress. He also served as Secretary of the Treasury and Secretary of State. Sherman sought the Republican presidential nomination three times, coming closest in 1888, but was never chosen by the party. Born in Lancaster, Ohio, Sherman later moved to Mansfield, Ohio, where he began a law career before entering politics. Initially a Whig, Sherman was among those anti-slavery activists who formed what became the Republican Party. He served three terms in the House of Representatives. As a member of the House, Sherman traveled to Kansas to investigate the unrest between pro- and anti-slavery partisans there. He rose in party leadership and was nearly elected Speaker in 1859. Sherman was elected to the Senate in 1861. As a senator, he was a leader in financial matt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ohio
Ohio () is a state in the Midwestern region of the United States. Of the fifty U.S. states, it is the 34th-largest by area, and with a population of nearly 11.8 million, is the seventh-most populous and tenth-most densely populated. The state's capital and largest city is Columbus, with the Columbus metro area, Greater Cincinnati, and Greater Cleveland being the largest metropolitan areas. Ohio is bordered by Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the west, and Michigan to the northwest. Ohio is historically known as the "Buckeye State" after its Ohio buckeye trees, and Ohioans are also known as "Buckeyes". Its state flag is the only non-rectangular flag of all the U.S. states. Ohio takes its name from the Ohio River, which in turn originated from the Seneca word ''ohiːyo'', meaning "good river", "great river", or "large creek". The state arose from the lands west of the Appalachian Mountai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Republican Party (United States)
The Republican Party, also referred to as the GOP ("Grand Old Party"), is one of the two major contemporary political parties in the United States. The GOP was founded in 1854 by anti-slavery activists who opposed the Kansas–Nebraska Act, which allowed for the potential expansion of chattel slavery into the western territories. Since Ronald Reagan's presidency in the 1980s, conservatism has been the dominant ideology of the GOP. It has been the main political rival of the Democratic Party since the mid-1850s. The Republican Party's intellectual predecessor is considered to be Northern members of the Whig Party, with Republican presidents Abraham Lincoln, Rutherford B. Hayes, Chester A. Arthur, and Benjamin Harrison all being Whigs before switching to the party, from which they were elected. The collapse of the Whigs, which had previously been one of the two major parties in the country, strengthened the party's electoral success. Upon its founding, it supported c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1870 In Law
Year 187 ( CLXXXVII) was a common year starting on Sunday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Quintius and Aelianus (or, less frequently, year 940 ''Ab urbe condita''). The denomination 187 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Septimius Severus marries Julia Domna (age 17), a Syrian princess, at Lugdunum (modern-day Lyon). She is the youngest daughter of high-priest Julius Bassianus – a descendant of the Royal House of Emesa. Her elder sister is Julia Maesa. * Clodius Albinus defeats the Chatti, a highly organized German tribe that controlled the area that includes the Black Forest. By topic Religion * Olympianus succeeds Pertinax as bishop of Byzantium (until 198). Births * Cao Pi, Chinese emperor of the Cao Wei state (d. 226) * Gu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
