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U.S. State Defaults In The 1840s
State defaults in the 1840s (in the United States) were defaults by U.S. states that took place in Arkansas, Illinois, Indiana, Louisiana, Maryland, Michigan, Mississippi, Pennsylvania, and the territory of Florida. The end of an inflationary period from 1834 to 1839 and the Panic of 1837 led to a tightening of credit lending from the Bank of England. By 1841, nineteen of the twenty-six U.S. states and two of the three territories had issued bonds and incurred state debt. Of these, the aforementioned states and territory were forced to default on payments. Four states ultimately repudiated all or part of their debts, and three went through substantial renegotiations. It is important to distinguish state defaults and bankruptcies. A default is a breach of obligations under a debt contract, which a sovereign is entitled to do, especially before the passage of the 14th Amendment. The 1933 Arkansas Default, after the 14th Amendment was passed, would prove much more difficult for the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Defaults In The United States
State defaults in the United States are instances of states within the United States defaulting on their debt. The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. Certain politicians and scholars have argued that the law should be amended to allow states to file for bankruptcy. Law and policy surrounding state bankruptcy Current law U.S. bankruptcy law, an area governed by federal law, does not allow and has not historically allowed a state to file for bankruptcy under the Bankruptcy Code. Since 1937, Chapter 9 of the Bankruptcy Code has allowed ‘municipalities’ to declare bankruptcy. A municipality is a ‘political subdivision or public agency or instrumentality of a state,’ including cities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fourteenth Amendment To The United States Constitution
The Fourteenth Amendment (Amendment XIV) to the United States Constitution was adopted on July 9, 1868, as one of the Reconstruction Amendments. Often considered as one of the most consequential amendments, it addresses citizenship rights and equal protection under the law and was proposed in response to issues related to former slaves following the American Civil War. The amendment was bitterly contested, particularly by the states of the defeated Confederacy, which were forced to ratify it in order to regain representation in Congress. The amendment, particularly its first section, is one of the most litigated parts of the Constitution, forming the basis for landmark Supreme Court decisions such as ''Brown v. Board of Education'' (1954) regarding racial segregation, ''Roe v. Wade'' (1973) regarding abortion ( overturned in 2022), ''Bush v. Gore'' (2000) regarding the 2000 presidential election, and ''Obergefell v. Hodges'' (2015) regarding same-sex marriage. The amendment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1840s In The United States
__NOTOC__ Year 184 ( CLXXXIV) was a leap year starting on Wednesday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Eggius and Aelianus (or, less frequently, year 937 '' Ab urbe condita''). The denomination 184 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 China * The Yellow Turban Rebellion and Liang Province Rebellion break out in China. * The Disasters of the Partisan Prohibitions ends. * Zhang Jue leads the peasant revolt against Emperor Ling of Han of the Eastern Han Dynasty. Heading for the capital of Luoyang, his massive and undisciplined army (360,000 men), burns and destroys government offices and outposts. * June – Ling of Han places his brother-in-law, He Jin, in command of the imperial army and sends them to attack the Yellow Turban rebels. * Winter – ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1840s Economic History
__NOTOC__ Year 184 ( CLXXXIV) was a leap year starting on Wednesday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Eggius and Aelianus (or, less frequently, year 937 '' Ab urbe condita''). The denomination 184 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 China * The Yellow Turban Rebellion and Liang Province Rebellion break out in China. * The Disasters of the Partisan Prohibitions ends. * Zhang Jue leads the peasant revolt against Emperor Ling of Han of the Eastern Han Dynasty. Heading for the capital of Luoyang, his massive and undisciplined army (360,000 men), burns and destroys government offices and outposts. * June – Ling of Han places his brother-in-law, He Jin, in command of the imperial army and sends them to attack the Yellow Turban rebels. * Winter – ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Crisis
Debt crisis is a situation in which a government (nation, state/province, county, or city etc.) loses the ability of paying back its governmental debt. When the expenditures of a government are more than its tax revenues for a prolonged period, the government may enter into a debt crisis. Various forms of governments finance their expenditures primarily by raising money through taxation. When tax revenues are insufficient, the government can make up the difference by issuing debt. A debt crisis can also refer to a general term for a proliferation of massive public debt relative to tax revenues, especially in reference to Latin American countries during the 1980s, the United States and the European Union since the mid-2000s, and the Chinese debt crises of 2015. Debt wall Hitting the debt wall is a dire financial situation that can occur when a nation depends on foreign debt and/or investment to subsidize their budget and then commercial deficits stop being the recipient of forei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cotton Production In The United States
The United States exports more cotton than any other country, though it ranks third in total production, behind China and India. Almost all of the cotton fiber growth and production occurs in the Southern United States and the Western United States, dominated by Texas, California, Arizona, Mississippi, Arkansas, and Louisiana. More than 99 percent of the cotton grown in the US is of the Upland variety, with the rest being American Pima. Cotton production is a $21 billion-per-year industry in the United States, employing over 125,000 people in total, as against growth of forty billion pounds a year from 77 million acres of land covering more than eighty countries. The final estimate of U.S. cotton production in 2012 was 17.31 million bales, with the corresponding figures for China and India being 35 million and 26.5 million bales, respectively. Cotton supports the global textile mills market and the global apparel manufacturing market that produces garments for wide use, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Southern United States
The Southern United States (sometimes Dixie, also referred to as the Southern States, the American South, the Southland, or simply the South) is a geographic and cultural region of the United States of America. It is between the Atlantic Ocean and the Western United States, with the Midwestern and Northeastern United States to its north and the Gulf of Mexico and Mexico to its south. Historically, the South was defined as all states south of the 18th century Mason–Dixon line, the Ohio River, and 36°30′ parallel.The South . ''Britannica.com''. Retrieved June 5, 2021. Within the South are different subregions, such as the |
Midwestern United States
The Midwestern United States, also referred to as the Midwest or the American Midwest, is one of four census regions of the United States Census Bureau (also known as "Region 2"). It occupies the northern central part of the United States. It was officially named the North Central Region by the Census Bureau until 1984. It is between the Northeastern United States and the Western United States, with Canada to the north and the Southern United States to the south. The Census Bureau's definition consists of 12 states in the north central United States: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin. The region generally lies on the broad Interior Plain between the states occupying the Appalachian Mountain range and the states occupying the Rocky Mountain range. Major rivers in the region include, from east to west, the Ohio River, the Upper Mississippi River, and the Missouri River. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Erie Canal
The Erie Canal is a historic canal in upstate New York that runs east-west between the Hudson River and Lake Erie. Completed in 1825, the canal was the first navigable waterway connecting the Atlantic Ocean to the Great Lakes, vastly reducing the costs of transporting people and goods across the Appalachians. In effect, the canal accelerated the settlement of the Great Lakes region, the westward expansion of the United States, and the economic ascendancy of New York State. It has been called "The Nation's First Superhighway." A canal from the Hudson to the Great Lakes was first proposed in the 1780s, but a formal survey was not conducted until 1808. The New York State Legislature authorized construction in 1817. Political opponents of the canal, and of its lead supporter New York Governor DeWitt Clinton, denigrated the project as "Clinton's Folly" and "Clinton's Big Ditch". Nonetheless, the canal saw quick success upon opening on October 26, 1825, with toll revenue covering the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jenks, Leland Hamilton
Leland Hamilton Jenks (April 10, 1892 – February 1, 1976) was an American economic historian, Professor of economics and sociology at Wellesley College, and Professor at Columbia University, where he taught economic history. He is known for his work on the economic history of the migration of British capital and of the American railroad in the 19th century. Biography Born in Ottawa, Kansas to Wilbur Simpson Jenks and May Hamilton, Jenks received his AB at the Ottawa University in 1913 and his A.M. from the University of Kansas in 1914. In the year 1920/21 he studies at the London School of Economics, and in 1927 received his PhD from Columbia University."Leland Hamilton Jenks: 1936 - US & Canada Competition Humanities - Economic History," at ''gf.org''. Accessed 15.11.2014.. In 1917 Jenks had started his academic career as instructor in history at the University of Minnesota. From 1919 to 1920 he was Assistant Professor of History and Political and Social Science at Clark Univ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond (finance)
In finance, a bond is a type of security under which the issuer ( debtor) owes the holder ( creditor) a debt, and is obliged – depending on the terms – to repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure. Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia and it is located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. Comprising the westernmost peninsulas of Eurasia, it shares the continental landmass of Afro-Eurasia with both Africa and Asia. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south and Asia to the east. Europe is commonly considered to be Boundaries between the continents of Earth#Asia and Europe, separated from Asia by the drainage divide, watershed of the Ural Mountains, the Ural (river), Ural River, the Caspian Sea, the Greater Caucasus, the Black Sea and the waterways of the Turkish Straits. "Europe" (pp. 68–69); "Asia" (pp. 90–91): "A commonly accepted division between Asia and E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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