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The Dutch give America a loan.
Dutch bankers agree to lend two million dollars to the United States. -
Great Seal of the United States
The Great Seal of the United States was adobted. -
The Dollar First Decimal Coinage System in the World
For the first time in history, a nation adopted a decimal coinage system. The dollar was unanimously chosen as the money unit for the United States. -
First Bank of the United States
Congress chartered the first bank of the United States for 20 years. It's purpose was to handle the financial needs of the country as a whole. Before this each state had it's separate banks and currency. -
Coinage Act
Congress passes the Coinage Act, which establishes a mint and prescribes a decimal system of coinage. -
Silver Dollar
First Silver Dollars released into circulation. -
Gold Dollar
First Gold Dollar released into circulation. -
First Bank of the United States Charter Expires
Congress had only placed a 20 year charter on the First Bank of the United States. Once it had expired the bank was faced with so much opposition congress could not re-charter it. Thus the First Bank was shut down. -
Second Bank of the United States
The War of 1812 caused the need for another national bank. Congress chartered the Second Bank for 20 years in January of 1817. -
Second Bank of the United States goes bankrupt
The charter of the Second Bank expired in 1836. However the bank continued to function as a normal state bank. It went bankrupt 5 years later. -
Beginning of the "Free Banking" Era
The Free Banking Era was a time when there was no central bank in the United States. Instead each state continued to use it's own banks and currency. -
Start of the Gold Rush
Gold was discovered at Sutter's Mill in California, marking the start of the Gold Rush. -
First Paper Currency
The first United States paper currency was produced by the Treasury Department -
End of the "Free Banking" Era
The time of "Free Banking" had ended in 1862 -
National Bank act of1863
This act provided loans to fund the Civil War along with creating a system of national banks and a unified currency. -
Secret Service Created
The United States Secret Service was created to combat conter-fitting. -
1907 Bankers Panic
The bankers panic is a financial crisis caused by the New York Stock Exchange falling to 50% of it's peak from the previous year. -
Federal Reserve Act of 1913
The Federal Reserve was created in 1913 as a result of a series of extreme panics including the "Bankers Panic of 1907" -
War Loan
American bankers agree to lend Great Britain, and France five hundred million dollars. This was the largest loan in any country at the time. -
United States Loans money to Germany
The United States loans Germany two hundred million for reparations after the great war. -
Period: to
Bank Panic Increases
Over 800 banks are closed in a two month timespan as the bank panic continues to increase. -
National Bank Fails
The largest bank failure int he history of the nation takes place when the national bank closes in New York, -
Debt Ceiling Raised
Congress raises the national debt ceiling to a record high of forty nine billion dollars. -
First Computer Installed in the Treasury Department
The first computer is installed in the treasury department, containing 6,500 radio tubes. -
"In God We Trust"
The President signed a Joint Resolution declaring that the motto In God We Trust would be the national motto. -
Money is not worth anything.
Marked the first time in United States history that a paper currency, purportedly designated as legal tender, was not directly or indirectly redeemable in silver or gold coin or bullion
