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Continental Currency
American colonists issued paper currency for the Continental Congress, to finance the Revolutionary War. -
Period: to
The History of Money and Banks
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Loan
The first domestic loan occurred. Congress approved the Treasury Board's recommendation to borrow $5 million. -
Signitures
The Board of Treasurey has people sign on the Continetal bills or credit. -
Europe
European money is being allowed to be used in the United States -
Coinage
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. -
The Second Bank of the United States
The second bank of the united states is approved. -
The Second Bank...part 2
The Second Bank of the United States was offically opened. It went through some rough spots in its first year. -
Andrew Jackson
Andrew Jackson was skeptical of the central banking system and believed it gave too few men too much power and caused inflation. So he campaigned against it. -
Bank of US
President Jackson orders the government to stop depositing money into the Bank of US. The money was deposited into charter banks. -
Troubles with Jackson
Throughout 1834 there was a contant back and forth between president Jackson and the senate about the state banks, and the governments money. -
Treasury Proposal
A bill establishing an Independent Treasurey is proposed by Congress -
Texas
The United States Customs Service began collecting revenue in the new state of Texas. -
Act of Congress
An Act of Congress withdrew the right for foreign the legal tender properties of forgein coin exchange in the United States. -
Legal Tender Act of 1862
There was a statutory limitation of $300 million on the amount of United States Notes authorized to be outstanding and in circulation. This currency was not backed by any deposit in any bank.Their Notes also did not have interest. -
Credit Act
Congress passed the Public Credit Act to pay the public debt in gold, leaving three hundred million in "greenbacks" and a debate about redeeming them. -
Gold
The federal gold reserves drop to only sixty million dollars. The federal government offers a bond issue of fifty million dollars to make up gold reserve losses. -
Federal Income Tax
The Federal income tax on individuals and corporations began. -
War Revenue Act
Congress passed the War Revenue Act, it increased corporate and personal income taxes and established profits, and luxury taxes. -
Germany
United States banks loaned Germany two hundred million for reparation. -
Secretary of Treasury
The Secretary of the Treasury removed the restrictions on acquiring or holding gold certificates. -
Social Security
The Social Security Amendments mandated that all new Federal Government employees be covered. -
OIL
Iraq started to sell oil in Euro's not FRB dollars.
