|
Wildcat Banking
Wildcat banking was the issuance of paper currency in the United States by poorly capitalized state-chartered banks. These wildcat banks existed alongside more stable state banks during the Free Banking Era from 1836 to 1865, when the country had no national banking system. States granted banking charters readily and applied regulations ineffectively, if at all. Bank closures and outright scams regularly occurred, leaving people with worthless money. Operating in remote locations with limited or absent financial infrastructure, wildcat banks supplied a medium of exchange in the form of bearer notes that they issued on their own credit. These notes were formally redeemable in specie (i.e. gold or silver coins) but typically collateralized by other assets such as government bonds or real estate notes, or occasionally by nothing at all. Hence they carried a risk that the bank could not redeem them on demand. Terminology A wildcat bank is broadly defined as one that prints more cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dollar Notes From Singapore, Michigan
Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, United States dollar, Trinidad and Tobago Dollar and several others. The symbol for most of those currencies is the dollar sign $ in the same way as many countries using peso currencies. Economies that use a "dollar" Other territories that use a "dollar" * : Eastern Caribbean dollar * (Netherlands): US dollar * : US dollar (alongside the pound sterling) * : US dollar * : Eastern Caribbean dollar * (Netherlands): US dollar * (France): Canadian dollar (alongside the euro) * (Netherlands): US dollar * : US dollar Countries unofficially accepting "dollars" * Afghanistan: US dollar * Argentina: US dollar * Bolivia: US dollar * Cambodia: US dollar * Cuba: US dollar * Guatemala: US dollar * Lebanon: US dollar * Macau: Hong Ko ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chepachet, Rhode Island
Chepachet is a village and census-designated place (CDP) in the town of Glocester in the northwestern part of the U.S. state of Rhode Island. It is centered at the intersection of U.S. Route 44 ( Putnam Pike) and Rhode Island Route 102 (also known as Victory Highway and Chopmist Hill Road). Chepachet's ZIP code is 02814. As of the 2010 census, the CDP had a population of 1,675. History "Chepachet" was originally inhabited by the Pequot and Nipmuc natives; the name means "where rivers meet". Leading up to the American Revolution, the area was a hotbed for supporters of independence, and the Gloucester Light Infantry was founded in the Chepachet in 1774. During the Revolutionary War Loyalists from Newport were exiled near Chepachet, including Thomas Vernon, who recorded election celebrations in Chepachet in 1776: This being the day for the choice of Deputies (members of the General Assembly). We are told that there is a very great resort of people of all kinds at Chepasseh, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specie Circular
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act. It required payment for government land to be in gold and silver. History The Specie Circular was a reaction to the growing concerns about excessive speculations of land after the Indian removal, which was mostly done with soft currency. The sale of public lands increased five times between 1834 and 1836. Speculators paid for these purchases with depreciating paper money. While government law already demanded that land purchases be completed with specie or paper notes from specie-backed banks, a large portion of buyers used paper money from state banks not backed by hard money as a consequence of Jackson's veto of the rechartering of the Second Bank of the United States. Executive order On July 11, 1836, Jackson ordered Secretary of the Treasury Levi Woodbury to issue the Specie Circular under federal law whereby the government refused t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pet Bank
Pet banks is a derogatory term for state banks selected by the U.S. Department of Treasury to receive surplus Treasury funds in 1833. Pet banks are sometimes confused with wildcat banks. Although the two are distinct types of institutions that arose concomitantly, some pet banks were known to also engage in practices of wildcat banking. They were chosen among the big U.S. banks when President Andrew Jackson vetoed the recharter for the Second Bank of the United States, proposed by Henry Clay four years before the recharter was due. Clay intended to use the rechartering of the bank as a topic in the upcoming election of 1832. The charter for the Second Bank of the United States, which was headed by Nicholas Biddle, was for a period of twenty years beginning in 1816, but Jackson's distrust of the national banking system (which he claimed to be unconstitutional) led to Biddle's proposal to recharter early, and the beginning of the Bank War. Jackson cited four reasons for vetoing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Jackson
Andrew Jackson (March 15, 1767 – June 8, 1845) was an American lawyer, planter, general, and statesman who served as the seventh president of the United States from 1829 to 1837. Before being elected to the presidency, he gained fame as a general in the United States Army and served in both houses of the U.S. Congress. Although often praised as an advocate for ordinary Americans and for his work in preserving the union of states, Jackson has also been criticized for his racial policies, particularly his treatment of Native Americans. Jackson was born in the colonial Carolinas before the American Revolutionary War. He became a frontier lawyer and married Rachel Donelson Robards. He served briefly in the United States House of Representatives and the United States Senate, representing Tennessee. After resigning, he served as a justice on the Tennessee Supreme Court from 1798 until 1804. Jackson purchased a property later known as the Hermitage, becoming a wealthy plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samuel Smith (Maryland Politician)
Samuel Smith (July 27, 1752April 22, 1839) was an American Senator and Representative from Maryland, a mayor of Baltimore, Maryland, and a general in the Maryland militia. He was the brother of cabinet secretary Robert Smith. Smith served twice as President pro tempore of the United States Senate, first from 1805 to 1808 and later from 1828 to 1831. Biography Samuel Smith was born in Carlisle in the Province of Pennsylvania. His grandfather, also named Samuel Smith (1698–1784), was born in Ireland and settled in the Province of Maryland. Smith moved with his family to Baltimore, Maryland, in 1759. He attended a private academy, and engaged in mercantile pursuits until the American Revolutionary War, at which time he served as captain, major, and lieutenant colonel in the Continental Army. Prior to the war, as a young captain, he was sent to Annapolis to arrest Governor Eden and seize his papers. On September 23 with Philadelphia on the verge of capture, Washington sent S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Bank Of The United States
The Second Bank of the United States was the second federally authorized Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, the bank was chartered from February 1816 to January 1836.. The Bank's formal name, according to section 9 of its charter as passed by Congress, was "The President Directors and Company of the Bank of the United States". While other banks in the US were chartered by and only allowed to have branches in a single state, it was authorized to have branches in multiple states and lend money to the US government. A private corporation with public duties, the Bank handled all fiscal transactions for the U.S. Government, and was accountable to Congress and the U.S. Treasury. Twenty percent of its capital was owned by the federal government, the Bank's single largest stockholder.. Four thousand private investors held 80 percent of the Bank's capital, including three thousand Europeans. The bulk of the stocks were held by a few hundr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shinplaster
Shinplaster was paper money of low denomination, typically less than one dollar, circulating widely in the economies of the 19th century where there was a shortage of circulating coinage. The shortage of circulating coins was primarily due to the intrinsic value of metal rising above the value of the coin itself. People became incentivized to take coins out of circulation and melt them for the true intrinsic value. This left no medium of exchange for the purchase of basic consumer goods such as milk and newspapers. To fill this gap, banks issued low-denomination paper currency. Etymology The term ''shinplaster'' came into use during the American Revolutionary War. Shinplaster was a piece of paper soldiers put inside their boots to cushion their shins against chafing and rash (see plaster). Common, low-denomination notes, perceived as almost worthless compared to hard currency such as gold and silver, came to be known by this term. United States Private issues from stores, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Of 1812
The War of 1812 (18 June 1812 – 17 February 1815) was fought by the United States of America and its indigenous allies against the United Kingdom and its allies in British North America, with limited participation by Spain in Florida. It began when the United States declared war on 18 June 1812 and, although peace terms were agreed upon in the December 1814 Treaty of Ghent, did not officially end until the peace treaty was ratified by Congress on 17 February 1815. Tensions originated in long-standing differences over territorial expansion in North America and British support for Native American tribes who opposed US colonial settlement in the Northwest Territory. These escalated in 1807 after the Royal Navy began enforcing tighter restrictions on American trade with France and press-ganged men they claimed as British subjects, even those with American citizenship certificates. Opinion in the US was split on how to respond, and although majorities in both the House and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Burning Of Washington
The Burning of Washington was a British invasion of Washington City (now Washington, D.C.), the capital of the United States, during the Chesapeake Campaign of the War of 1812. It is the only time since the American Revolutionary War that a foreign power has captured and occupied the capital of the United States. Following the defeat of American forces at the Battle of Bladensburg on August 24, 1814, a British force led by Major General Robert Ross marched to Washington. That night, British forces set fire to multiple government and military buildings, including the White House (then called the ''Presidential Mansion''), the Capitol building, as well as other facilities of the U.S. government. The attack was in part a retaliation for American destruction in Upper Canada: U.S. forces had burned and looted its capital the previous year and then had burned buildings in Port Dover. Less than four days after the attack began, a heavy thunderstorm—possibly a hurricane— ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
