Federal Reserve Act Federal Reserve The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes, now commonly known as the U.S. Dollar, and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson. The Act The Federal Reserve Act created a system of private and public entities; there were to be at least eight, and no more than 12, private regional Federal Reserve banks. With the passing of the Federal Reserve Act, Congress required that all nationally chartered banks become members of the Federal Reserve System. Background Central banking has made various institutional appearances throughout the history of the United States. The First Bank of United States The 2nd Bank of the United States Subsequent Amendments
William Howard Taft William Howard Taft (September 15, 1857 – March 8, 1930) was the 27th President of the United States (1909–1913) and later the tenth Chief Justice of the United States (1921–1930). He is the only person to have served in both of these offices. Before becoming President, Taft, a Republican, was appointed to serve on the Superior Court of Cincinnati in 1887. Riding a wave of popular support for fellow Republican Roosevelt, Taft won an easy victory in his 1908 bid for the presidency. In his only term, Taft's domestic agenda emphasized trust-busting, civil service reform, strengthening the Interstate Commerce Commission, improving the performance of the postal service, and passage of the Sixteenth Amendment. After leaving office, Taft spent his time in academia, arbitration, and the pursuit of world peace through his self-founded League to Enforce Peace. Early life and education Legal career and early politics Secretary of War (1904–1908) Electoral votes by state, 1908.
Dionysius of Halicarnassus Dionysius of Halicarnassus Dionysius of Halicarnassus (Greek: Διονύσιος Ἀλεξάνδρου Ἁλικαρνασσεύς, Dionúsios Alexándrou Halikarnasseús, "Dionysios son of Alexandros of Halikarnassos"; c. 60 BC – after 7 BC) was a Greek historian and teacher of rhetoric, who flourished during the reign of Caesar Augustus. His literary style was Atticistic — imitating Classical Attic Greek in its prime. Dionysius' opinion of the necessity of a promotion of paideia within education, from true knowledge of Classical sources, endured for centuries in a form integral to the identity of the Greek elite. Life He was a Halicarnassian. At some time he moved to Rome after the termination of the civil wars, and spent twenty-two years studying Latin and literature and preparing materials for his history. Works His major work, entitled Ῥωμαϊκὴ Ἀρχαιολογία (Rhōmaïkḕ Arkhaiología, Roman Antiquities), embraced the history of Rome from the mythical period to the beginning of the First Punic War. Youth
Great Depression USA annual real GDP from 1910–60, with the years of the Great Depression (1929–1939) highlighted. The unemployment rate in the US 1910–1960, with the years of the Great Depression (1929–1939) highlighted. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). The Great Depression had devastating effects in countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on heavy industry. Some economies started to recover by the mid-1930s. Start Economic indicators Causes General theoretical explanations
Warren G. Harding Harding was the compromise candidate in the 1920 election, when he promised the nation a "return to normalcy", in the form of a strong economy, independent of foreign influence. This program was designed to rid Americans of the tragic memories and hardships they faced during World War I. Harding and the Republican Party wanted to move away from the progressivism that dominated the early 20th century. He defeated Democrat and fellow Ohioan James M. Cox in the largest presidential popular vote landslide (60.32% to 34.15%) since popular-vote totals were first recorded. Harding not only put the "best minds" in his cabinet, including Herbert Hoover as Secretary of Commerce and Charles Evans Hughes as Secretary of State, but also rewarded his friends and contributors, known as the Ohio Gang, with powerful positions. In August 1923, Harding suddenly collapsed and died in California. Early life Childhood and education Harding, age 17 Journalism career and marriage U.S.
Paris Peace Conference, 1919 Meeting of the Allied Powers after World War I The Paris Peace Conference, also known as the Versailles Peace Conference, was the meeting in 1919 and 1920 of the victorious Allied Powers following the end of World War I to set the peace terms for the defeated Central Powers. The conference involved diplomats from 32 countries and nationalities, and its major decisions were the creation of the League of Nations, as well as the five peace treaties with the defeated states; the awarding of German and Ottoman overseas possessions as "mandates", chiefly to Britain and France; the imposition of reparations upon Germany; and the drawing of new national boundaries (sometimes with plebiscites) to better reflect ethnic boundaries. Although it is often referred to as the "Versailles Conference", only the signing of the first treaty took place at the historic palace, and the negotiations occurred at the Quai d'Orsay in Paris. Overview and direct results Mandates British approach
Gold standard All references to "dollars" in this article refer to the United States dollar, unless otherwise stated. Under a gold standard, paper notes are convertible into preset, fixed quantities of gold. A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types may be distinguished: specie, exchange, and bullion. As of 2013 no country used a gold standard as the basis of its monetary system, although some hold substantial gold reserves. A total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. History Origin The gold specie standard arose from the widespread acceptance of gold as currency. In modern times, the British West Indies was one of the first regions to adopt a gold specie standard. Australia and New Zealand adopted the British gold standard, as did the British West Indies, while Newfoundland was the only British Empire territory to introduce its own gold coin. Silver Japan
Theodore Roosevelt When Roosevelt's first wife, Alice, died two days after giving birth in February 1884 and when his mother died the same day in the same house, he was heartbroken and in despair. Roosevelt temporarily left politics and became a cattle rancher in the Dakotas. When blizzards destroyed his herd, he returned to New York City politics, running in and losing a race for mayor. In the 1890s, he took vigorous charge of the city police as New York City Police Commissioner. Roosevelt became President after McKinley was assassinated in 1901. At the end of his second term, Roosevelt supported his close friend, William Howard Taft, for the 1908 Republican nomination. Early life and family Theodore Roosevelt at age 11 Theodore Roosevelt was born as Theodore Roosevelt, Jr. on October 27, 1858, in a four-story brownstone at 28 East 20th Street, in the modern-day Gramercy section of New York City. Roosevelt's father significantly influenced him. Education Roosevelt's taxidermy kit Early political career
Hellenica Hellenica (Ἑλληνικά) simply means writings on Greek (Hellenic) subjects. Several histories of fourth-century Greece, written in the mold of Thucydides or straying from it, have borne the conventional Latin title Hellenica. The surviving Hellenica is an important work of the Greek writer Xenophon and one of the principal sources for the final seven years of the Peloponnesian War not covered by Thucydides, and the war's aftermath. Xenophon's Hellenica Many consider this a very personal work, written by Xenophon in retirement on his Spartan estate, intended primarily for circulation among his friends, for people who knew the main protagonists and events, often because they had participated in them. Summary Xenophon's Hellenica is divided into 7 books and describes Greco-persian history from 411 BCE to 362. Book 1 covers the Decelian period of the larger Peloponnesian conflict, from BC 411-406. Book 2 narrates the years BC 406-402. Book 5 narrates the years BC 388-374. See also
J. P. Morgan John Pierpont "J. P." Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company, he merged in 1901 with the Carnegie Steel Company and several other steel and iron businesses, including Consolidated Steel and Wire Company owned by William Edenborn, to form the United States Steel Corporation. Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont "Jack" Morgan, Jr., and bequeathing his mansion and large book collections to The Morgan Library & Museum in New York. Childhood and education J. Career Early years and life J. J.P. After the 1893 death of Anthony Drexel, the firm was rechristened "J.
Herbert Hoover Herbert Clark Hoover (August 10, 1874 – October 20, 1964) was the 31st President of the United States (1929–1933). Hoover, born to a Quaker family, was a professional mining engineer. He achieved American and international prominence in humanitarian relief efforts in war-time Belgium and served as head of the U.S. Food Administration during World War I. As the United States Secretary of Commerce in the 1920s under Presidents Warren G. Hoover, a globally experienced engineer, believed strongly in the Efficiency Movement, which held that the government and the economy were riddled with inefficiency and waste, and could be improved by experts who could identify the problems and solve them. Family background and early life 1877 Hoover Tintype Herbert Hoover was born on August 10, 1874, in West Branch, Iowa, the first of his office born in that state and west of the Mississippi River. Hoover birthplace cottage, West Branch, Iowa Mining engineer Australia
Xenophon Xenophon (/ˈzɛnəfən/; Greek: Ξενοφῶν, Xenophōn, Greek pronunciation: [ksenopʰɔ̂ːn]; c. 430 – 354 BC), son of Gryllus, of the deme Erchia of Athens, also known as Xenophon of Athens, was a Greek historian, soldier, mercenary, and student of Socrates. While not referred to as a philosopher by his contemporaries, his status as such is recently a popular topic of debate. He is known for writing about the history of his own times, the late 5th and early 4th centuries BC, especially for his account of the final years of the Peloponnesian War. His Hellenica, which recounts these times, is considered to be the continuation of Thucydides’ The Peloponnesian War. Life Early years Little is known about Xenophon other than what he wrote about himself. Anabasis Expedition with Cyrus Under the pretext of fighting Tissaphernes, the Persian satrap of Ionia, Cyrus assembled a massive army composed of native Persian soldiers, but also a large number of Greeks. Return
Central bank The primary function of a central bank is to manage the nation's money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists. The chief executive of a central bank is normally known as the Governor, President or Chairman. History Prior to the 17th century most money was commodity money, typically gold or silver. Bank of England The sealing of the Bank of England Charter (1694). Spread around the world