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Funding Act Of 1870
The Funding Act of 1870 (41st Congress, Sess. 2, ch. 256, , enacted July 14, 1870) was an Act of Congress to re-fund the national debt. It allowed the exchange of high interest, short-term floating bonds bearing lower interest and terms of up to 30 years. Principal and interest of the new issues would be paid in "coin of the present standard value." Legislative history The bill was sponsored by Senator John Sherman 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 ... (R) of Ohio. Debate over the funding bill was long and intense. The discussion focused very heavily on public virtue, national honesty, and avoiding "repudiation" on the one hand and unearned reward to speculators on the other. Members generally agreed that an investor should finally receive no more and no less than ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
41st United States Congress
The 41st United States Congress was a meeting of the legislative branch of the United States federal government, consisting of the United States Senate and the United States House of Representatives. It met in Washington, D.C. from March 4, 1869, to March 4, 1871, during the first two years of Ulysses S. Grant's presidency. The apportionment of seats in the House of Representatives was based on the Eighth Census of the United States in 1860. Both chambers had a Republican majority. Major events * March 4, 1869: Ulysses Grant became President of the United States * March 4, 1869: Carl Schurz R-Missouri became the first German American to serve in the United States Senate * May 10, 1869: Golden spike marked the completion of the First transcontinental railroad in Promontory, Utah * December 10, 1869: Wyoming Territory gave women the right to vote, one of the first such laws in the world * February 12, 1870: Utah Territory gave women the right to vote * February 25, 1870: Senat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Congress
An Act of Congress is a statute enacted by the United States Congress. Acts may apply only to individual entities (called Public and private bills, private laws), or to the general public (Public and private bills, public laws). For a Bill (law), bill to become an act, the text must pass through both houses with a majority, then be either signed into law by the president of the United States, be left unsigned for ten days (excluding Sundays) while Congress remains in session, or, if vetoed by the president, receive a congressional override from of both houses. Public law, private law, designation In the United States, Acts of Congress are designated as either public laws, relating to the general public, or private laws, relating to specific institutions or individuals. Since 1957, all Acts of Congress have been designated as "Public Law X–Y" or "Private Law X–Y", where X is the number of the Congress and Y refers to the sequential order of the bill (when it was enacted). ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...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] |
1870 In American 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] |
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