Liberty For Life U.S. Financial Timeline
The United States Constitution dictates that the only "legal tender" in this country is gold and silver coin (Article I, Section 10, Clause 1).
SUMMARY OF GOVERNMENT BACKED BANKING:
1791-1811: First Bank of the United States
1816-1836: Second Bank of the United States
1837-1862: Free Banking Era -no formal central bank.
1862-1913: System of National Banks
1914-crrent: A consortium of 12 privately held banks called the Federal Reserve Bank
1673/09/01 -- The Navigation Act of 1673 went into effect. It initiated customs officials in colonial ports to collect duties.
1690/02/03 -- The Massachusetts Colony issued the first government authorized paper money in the western world.
1690/12/09 -- Massachusetts colony bills of credit for soldiers were the first official currency in America.
1765: Prior to the establishment of the United States, Blackstone said in his commentaries: "If a man counterfeits the King's money; and if a man brings false money into the realm counterfeit to the money of England, knowing the money to be false." As to the first branch, counterfeiting the King's money; this is treason, whether the false money be uttered in payment or not. Also if the King's own ministers alter the standard of alloy established by law, it is treason."
1765/03/22 -- The Stamp Act, the first direct tax levied by Parliament on the colonists was passed. An economic boycott led to its repeal.
1765/10/07 -- The Stamp Act Congress met. Resolutions helped turn "Taxation Without Representation is Tyranny" into the Revolution's slogan.
1767/06/29 -- The Townshend Acts, called "England's most fateful decision", established a Board of Customs Commissioners in Boston.
1769/07/19 -- The sloop Liberty was scuttled while trying to enforce royal revenue laws.
1770/04/12 -- The Townshend Acts were repealed, except for the tea tax.
1772/06/09 -- The armed British revenue schooner Gaspee was burned while trying to enforce revenue laws.
1773/12/16 -- The Boston Tea Party occurred.
1776/07/04 -- The Declaration of Independence was approved.
1774/08/25 -- The North Carolina convention resolved to boycott British goods.
1774/09/05 -- The First Continental Congress assembled in Philadelphia.
1775/06/22 -- The first issue of Continental Currency was authorized by the Congress.
1775/07/18 -- The Continental Congress recommended that every colony form companies of minute men.
1775/07/29 -- Michael Hillegas and George Clymer were appointed joint treasurers of the United colonies.
1775/07/23 -- Three men were appointed to supervise the printing of $2 million in bills and 28 citizens of Philadelphia were employed by the Congress to sign and number them.
1776/02/17 -- The Continental Congress provided for a standing committee of five to superintend the Treasury Department. The Committee was referred to by various names, including Board of Treasury and Treasury Office of Accounts.
1776/04/01 -- The Treasury's Office of Accounts with an Auditor General was established by the Continental Congress, under the Standing Committee of the Treasury.
1776/06/11 -- The Continental Congress appointed a committee to draft the Declaration of Independence.
1776/09/17: In reaction to the war with Britain, Continental Congress entered the Model Treaty with France and Spain for the supply of weapons and other indirect assistance, in addition to favorable commercial terms. It served as a template for further commercial treaties
1776/10/03 -- The first domestic loan occurred. Congress approved the Treasury Board's recommendation to borrow $5 million.
1776/10/17 -- A Committee was formed to devise a plan to regulate the Treasury Board.
1776/12/24 -- The Treasurer of the United States was authorized to employ persons to sign bills.
1777/09/10 -- Congress appointed a committee to prepare recommendations that the states commence taxation.
1778/02/06: Treaty of Alliance signed with France, the first recognizing the independence of the 13 Colonies, opened considerable coffers of King Louis XVI in support of the American cause. Between 1778 and 1782 the French provided supplies, arms and ammunition, uniforms, and most importantly, French troops and naval support to the beleaguered Continental Army
1778/05/04: Ratification of the first "most favored nation" or Treaty of Amity and Commerce treaty with France based on the September 17, 1776 Model Treaty.
1778/07/09 -- The Articles of Confederation regulated coin alloys and values.
1778/07.27 -- Francis Hopkinson was elected Treasurer of Loans.
1778/09/19 -- The Committee on Finance of the Continental Congress reported the first national budget.
1778/09/26 -- A reorganization of the Treasury System created an Auditor, Office of Comptroller, Office of Treasurer, and two Chambers of Accounts.
1779/02/11 -- The office of the Secretary of the Treasury was created by the Continental Congress. The position was abolished in July of the same year when a new Board of Treasury was established.
1779/06/02 -- The Board of the Treasury authorized to engage signatures on the Continental bills or credit.
1781: George Washington wrote to John Laurens and said: "Experience has demonstrated the impracticability long to maintain a paper credit without funds for its redemption."
1781/02/17 -- The Office of the Superintendent of Finance was established to replace the Board of Treasury.
1781/043/01 -- The Articles of Confederation were ratified. They did not empower Congress to levy taxes.
1781/09/07 -- Congress assigned the duties of Agent of Marine to the Superintendent of Finance.
1781/10/19: With an almost evenly divided American-French Army of 16,000, Washington laid siege to 8,000 British forces at Yorktown and forced their surrender, for all practical purposes successfully ending the War for American Independence.
1781/10/23 -- The Superintendent of Finance was authorized to correspond with U.S. foreign ministers on financial matters.
1781/12/03 -- The Superintendent of Finance was authorized to spend money obtained in Europe.
APRIL 12, 1782: John Adams negotiated with the Netherlands to receive a loan and recognition for the United States.
APRIL 19, 1782: The Netherlands recognized the independence of the United States.
1782/05/07 -- The Superintendent of Finance authorized to appoint inspectors for the army to report fraud and waste.
JUNE 11, 1782: Dutch bankers agree to lend two million dollars to the United States.
1782/06/20 -- The Great Seal of the United States was adopted.
OCTOBER 8, 1782: A treaty of commerce and friendship was signed between the United States and the Netherlands.
NOVEMBER 30, 1782: A preliminary peace treaty is signed between the United States and England. The most important provisions are the establishment of boundaries and recognition of American independence. All debts due to creditors of either country are accepted as valid debts.
1783/10/31 -- A loan negotiated with France by Benjamin Franklin was ratified.
1784/05/28 -- The Continental Congress estalbished the Board of Treasury to consist of three Commissioners.
FEBRUARY 28, 1785: Britain threatens to break off the treaty because Americans have failed to comply with the treaty, by having paid the debts owed to Britain.
JUNE-SEPTEMBER 1785: There is a major depression because of unstable paper money resulting in falling prices. This allowed some of the States to discharge their debts on a basis which was sometimes a thousand to one.
1785/07/06 -- 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.
1785/07/ 26 -- A resolution requiring that taxes be collected in states where Congress met shall be paid into the U.S. Treasury was repealed.
1785/08/19 -- Congress authorized the Treasury Board to fix standard weights and measures for the United States.
1786: The board of Treasury in 1786 condemned paper currency "the revival of a paper currency and the rage for another experiment in this fallacious medium that has so far prevailed as to enter into the system of revenue of several States"
1786/10/13 -- Congress authorized a board to settle accounts between the United States Government and the individual states.
1787/05/25 -- The Constitutional Convention opened in Philadelphia, Pennsylvania.
1787: During the federal convention, Roger Sherman made the statement that: "no Government has a right to impose on its subjects any foreign currency to be received in payments as money which is not of intrinsic value: unless such Government will assume and undertake to secure and make good to the possessor of such currency the full value which they oblige him to receive it for."
JANUARY 27, 1787: Shays rebellion took place because of financial depression.
1789/03/04 -- The first Congress of the United States convened in New York, marking the beginning of government under the Constitution.
1789/04/30 -- George Washington was inaugurated as the first President of the United States.
1789/07/20 -- Duties were imposed on tonnage.
1789/07/31 -- The United States Customs Service was created when the Tariff Act became effective.
1789/08/01 -- The first U.S. tariff act went into effect. It established a policy of protection.
1789/09/02 -- The Treasury Department was created by a law enacted by the Congress as the second oldest department in the Federal Government.
1789/09/11 -- Alexander Hamilton took the oath of office as the 1st Secretary of the Treasury.
1789/09/12 -- A Temporary Loan was made, that is believed to be the only loan negotiated "without the authority of law".
1789/09/22 -- The Postal Service was established by Congress. The first Postmaster General reported to the President through the Secretary of the Treasury.
1789/09/25 -- The Bill of Rights was passed by the Congress and sent to the President for submission to the States.
1790 -- The United States Coast Guard established within the Treasury Department
1790/01/09 -- Alexander Hamilton , the 1st Secretary of the Treasury, submitted his First Report on Public Credit advocating assuming state debt and resolved Southern opposition by agreeing to put the Capital on the Potomac River.
1790/07/21 -- The dispute over the "Report on the Public Credit" written by Alexander Hamilton', the 1st Secretary of the Treasury, was settled.
1790/08/04 -- Congress authorized the first U.S. Government securities.
JANUARY 14, 1790: Treasury Secretary Alexander Hamilton says the United States should pay its debts at par value, even though many speculators would profit by this. [As a footnote Alexander Hamilton married into the Rothschild family December 14, 1780, Alexander Hamilton was born Alexander Levine, of Jewish lineage, in St. Croix, the West Indies. After changing his name and his geographical situs, he married Elizabeth Schuyler, the second daughter of Phillip Schuyler, at the bride's home in Albany, New York. The bride's mother was Catherine Van Rensselaer, daughter of Colonel John R. Van Rensselaer, who was the son of Hendrik, the grandson of Killiaen, the first patron. [THE INTIMATE LIFE OF ALEXANDER HAMILTON, by Allan Hamilton 1910]
[It has been reported that there are documents in the British museum that prove Alexander Hamilton received payment from the Rothschild's for his dastardly deeds. Could this payment have been for his involvement in the establishment of a foreign bank in this country, and for convincing Congress to assume the States debts, which would have created a debt obligation binding the United States government and the States to the international bankers?]
1790/06/08 -- Final redemption of the 1789 Temporary Loan.
JUNE 20, 1790: Alexander Hamilton convinces Congress to pass the Assumption Act, under which the federal government is to assume the States debts.
DECEMBER 14, 1790: Alexander Hamilton submits a plan for a bank of the United States, mainly as a vehicle for the funding of debts under the Assumption Act and to establish credit.
1791/01/28 -- Alexander Hamilton , the 1st Secretary of the Treasury, submitted his Mint Report to the Congress. The report gave results of the U.S. Government's first financial survey on the silver content of the Spanish dollar.
1791/02/10 -- Alexander Hamilton, the 1st Secretary of the Treasury, reported to the House of Representatives on trade with China.
1791/02/25: The Bank of the United States is chartered. The first president of was Navy Captain William Jones, who had no banking experience and who had just gone personally bankrupt, he is often blamed for the Panic of 1819.
1791/03/03 -- The first internal revenue act established a system of excise taxes.
1791/12/12 -- The First Bank of the United States opened. It provided national currency and acted as the government's fiscal agent.
MARCH 1-2, 1792: Congress debates the propriety of Alexander Hamilton's conduct of his office as Secretary of the Treasury. Nothing irregular is discovered.
APRIL 2, 1792: Congress passes the Coinage Act, which establishes a mint and prescribes a decimal system of coinage.
1792 -- An Act of Congress established the Commissioner of Revenue in the Treasury Department and the first United States Mint facility in Philadelphia. Establishing the U.S. legal tender system, regulating coinage and the eagle design on United States coins.
1792/05/08 -- An Act of Congress established
FEBRUARY 2, 1793: Alexander Hamilton resigns as Secretary of Treasury.
1793/02/04 -- Alexander Hamilton , the 1st Secretary of the Treasury, sent a report on the status of government loans to the Congress.
1793/02/09 -- Congress authorized the use of foreign coins as legal tender in the United States.
1794/08/07 -- Whiskey Rebellion - Farmers rebelled against the Whiskey Tax and Washington called up Federal troops to suppress the revolt.
1794/10/15 -- The first silver dollar coins were released into circulation.
1795/01/16 -- Alexander Hamilton, the 1st Secretary of the Treasury, published his Second Report on Public Credit.
1795/01/30 -- Alexander Hamilton resigned, ending his term as the 1st Secretary of the Treasury.
1795/07/31 -- The first gold coins (half-eagles) were delivered for circulation.
1796/04/28 -- An Act of Congress provided for the support of public credit and redemption of public debt.
1796/05/06 -- A loan to establish the seat of government in Washington, D.C. was authorized.
1796/05/11 -- A letter on U.S. indebtedness to the Bank of the United States was sent to the Congress.
1797/03/20 -- The first Assay Commission meeting was held.
1798/07/14 -- The first direct tax was levied by Congress.
1798/07/31 -- President John Adams signed a proclamation allowing a three-year extension for using foreign coins.
1798/0716 -- Seamen were taxed by the United States Customs Service for a newly-created Marine Hospital Service, created in the Treasury Department.
1804/03/26 -- An Act of Congress was passed to build and arm "men-of-war" to fight the Barbary Pirates.
1804/07/11 -- A duel occurred between Aaron Burr and former Alexander Hamilton, who served as the 1st Secretary of the Treasury, Hamilton died the next day.
1807/12/22 -- The Embargo Act was signed into law.
JANUARY 24-FEBRUARY 20, 1811: Congress debates renewal of the charter for the Bank of the United States. Around 70% of the bank was owned by foreigners.
MARCH 4, 1811: The Bank of the United States is closed permanently.
1812/04/25 -- The General Land Office was established under the Treasury Department.
1812-1815: The War of 1812 breaks out with Britain.
1815/06/15: Battle of Waterloo where Napoleon lost to Britain. When Nathan Mayer Rothschild who was at observing the battle realized that Napoleon was going to loose, he rushed back to the London stock exchange and started dumping shares before anyone in the exchange knew what was going on. Investors at the London exchange who knew Rothschild had just returned from the scene of the battle assumed he dumping shares because Britain was loosing the battle and they too rushed to dump their shares, causing a panic. Behind the scenes Rothschild secretly had buyers in the exchange who snapped up the depleted shares during the panic. Thus N.M. Rothschild made his fortune in England.
1814/08/24 -- The British burned the Main Treasury Building and dined by its light across the street in Rhodes Tavern.
1815 -- Customhouse in Kennebunkport, Maine constructed.
DECEMBER 5, 1815: President Madison proposes a second Bank of the United States to succeed the first Bank that failed to be re-chartered in 1811.
1816/04/10 -- The Second Bank of the United States was approved
JANUARY 7, 1817: The second Bank of the United States is opened. The bank suffered from serious mismanagement and outright fraud. The bank was run by Nicolas Biddle who paid bribes to politicians for supporting the bank (During the 1828 election Biddle he spent more than $100,000 of the bank’s money in support of Jackson’s political opponents).
1827/07/28 -- The original troy pound was securited by the United States.
1828/05/19 -- The Tariff of Abominations was passed following the recession in Europe caused by the Napoleonic wars that effectively reduced the cost of manufactured items from Europe to below what U.S. manufactures could compete. The was the highest pre-civil War tariff barrier, protecting almost every conceivable article of domestic manufacture by imposing a 62% tariff on 92% of all imports. The net effect was to load heavy equipment/plant duties on the South while at the same time significantly depleting Southern exports.
SEPTEMBER 11, 1830: The Anti-Masonic party acquires national status by holding a convention in Philadelphia.
DECEMBER 6, 1830: President Andrew Jackson attacks the Bank of the United States.
SEPTEMBER 26, 1831: The Anti-Masonic party holds a national convention in Baltimore.
MARCH 17, 1832: The Banking Select Committee said: "That the consequences of the present, is that the currency of the United States is bank notes, to the exclusion of the precious metals. The exclusion of gold and silver coins from circulation is a serious defect, which ought not to be tolerated, and which should be speedily remedied. There is not an example on record of the successful issue of a paper currency, and our experiment has been too short and dubious to prove its suitableness as a permanent regulation."
JUNE 11, 1832: A bill to renew the charter of the Bank of the United States is submitted by Congress.
1833/03/31 -- Harry and Richard White burned the second Treasury Building to destroy records.
JULY 3 1832: The Bank bill is approved but is vetoed by President Andrew Jackson. In his veto message Jackson wrote:
"A bank of the United States is in many respects convenient for the
Government and for the people. Entertaining this opinion, and
deeply impressed with the belief that some of the powers and
privileges possessed by the existing bank are unauthorized by the
Constitution, subversive of the rights of the States, and
dangerous to the liberties of the people, I felt it my duty...to
call to the attention of Congress to the practicability of
organizing an institution combining its advantages and obviating
these objections. I sincerely regret that in the act before me I
can perceive none of those modifications of the bank charter which
are necessary, in my opinion, to make it compatible with justice,
with sound policy, or with the Constitution of our country.
1832/07/10 -- President Jackson vetoed the Bank of the United States.
OCTOBER 1832: The Anti-Masonic party backs Andrew Jackson, and he is re-elected.
JUNE 1, 1833: The Secretary of Treasury refuses to follow the order of President Jackson to distribute the Bank of United States funds into State banks.
SEPTEMBER 18, 1833: President Jackson reads to his cabinet a paper drafted by the Attorney General as to the reasons why the federal deposits should be removed from the Bank of the United States.
DECEMBER 26, 1833: Senator Henry Clay offers two resolutions of censure against President Jackson for his plan to remove deposits from the Bank of the United States.
1834/03/11 -- The Coast and Geodetic Survey was transferred from the Treasury Department to the Navy. It was returned to Treasury in 1836.
MARCH 17, 1834: Representative Gillet, a member of the Banking Select Committee, concurred in the expediency of increasing the circulation of gold coin, arguing that, "under the paper system, banks have broken, and on whom did the loss most severely fall? Upon the poor, who understood little of the condition and credit of banks. The wealthy usually foresaw the evil and protected themselves."
MARCH 28, 1834: The Senate approves the criticizing of President Jackson.
APRIL 4, 1834: The House passes four resolutions sustaining the bank policy of the Jackson administration.
APRIL 15, 1834: President Jackson makes a formal protest to the Senate concerning its resolution of censure.
MAY 7, 1834: The Senate refuses to enter President Jackson's protest in its journals.
1834/06/28 -- An Act of Congress was enacted to regulate gold coinage. It reduced the gold standard weight.
DECEMBER 1, 1834: President Jackson declares that the national debt will be paid off JANUARY 1, 1835.
JANUARY 30, 1835: There is an attempt to assassinate President Jackson.
FEBRUARY 18, 1836: The Bank of the United States charter expires, the Bank receives a charter in Pennsylvania.
1836/06/23 -- Legislation was approved that required the Secretary of the Treasury to designate at least one bank, so-called "pet banks," in each state and territory for the deposit of government funds.
1836/07/06 -- The position of Architect was established in the Treasury Department. It was the origin of the Office of the Supervising Architect.
DECEMBER 5, 1836: President Andrew Jackson said in his message to Congress: "It is apparent from the whole context of the Constitution as well as the history of the times which gave birth to it, that it was the purpose of the Convention to establish a currency consisting of the precious metals. These were adopted by a per-exchange, such as of certain agricultural commodities recognized by the statutes of some States as tender for debts, or the still more pernicious expedient of paper currency."
1837/05/10 - 1843 -- The Panic of 1837 began, and New York banks suspended specie payments. This began the second worst depression (1837 to 1843) in United States history.
1837/06/09 -- The Republic of Texas authorized the issuance of money.
1837/09/04 -- President Van Buren sent his Independent Treasury System message to Congress.
1837/10/02 -- The payment of surplus revenues to the states was suspended.
JANUARY 23, 1840: A bill establishing an Independent Treasury is proposed by Congress.
1941/05/01 -- Series E Savings Bonds were placed on sale. President Roosevelt purchased the first bond.
JUNE 30, 1840: The Independent Treasury bill passes the House.
1840/07/04 -- Subtreasuries for the deposit of Federal funds were authorized in major cities.
1841/02/04 -- The Bank of the United States closed its doors.
JULY 28, 1841: A bill re-establishing a National Bank passes the Senate.
AUGUST 13, 1841: The House approves the bill to re-establish the National Bank.
AUGUST 13, 1841: The Independent Act of 1840 is repealed.
AUGUST 16, 1841: President Tyler vetoes the Bank bill. A riot at the White House over President Tyler's veto of the third Bank of the United States led to formation of the District of Columbia police force.
SEPTEMBER 3, 1841: The Senate approves the second Bank bill for a National Bank under another name.
SEPTEMBER 9, 1841: President Tyler vetoes the second Bank bill.
1841/09/11 -- The President's Cabinet resigned over the third national bank veto.
1842/08/09 -- The Webster-Ashburton Treaty was signed
1842/08/26 -- A Fiscal Year of July 1 through June 30 was established for the Treasury Department.
1842/08/30 -- The United States Customs Service was charged with enforcing the first federal pornography law. The Tariff Act prohibited the import of indecent and obscene material.
1845/12/29 -- The United States Customs Service began collecting revenue in the newly-admitted state of Texas.
AUGUST 6, 1846: The Independent Treasury Act is approved.
1848/01/24 -- Gold was discovered at Sutter's Mill in California, marking the start of the Gold Rush.
1853/04/04 -- The Senate approved the first foreign portfolio investment survey.
1853/04/04 -- Samuel Casey started his term as the 8th Treasurer of the United States.
1857/02/21 -- An Act of Congress removed withdrew the legal tender properties of foreign coins in the United States.
1860 National Bank Bill killed by representatives from the South.
1860/05/10: Morrill Tariff Act passed the United States House of Representatives by a strictly sectional vote. The 1828 Tariff of Abominations coupled with the Morrill Tariff is arguably the root cause of the Succession of the South and the 1861 war of Southern Independence otherwise incorrectly known as the 'Civil War'.
1860/12/12 -- Philip F. Thomas started his term as the 23rd Secretary of the Treasury.
1859/12/22 -- Samuel Casey ended his term as the 8th Treasurer of the United States.
1861/01/15 -- John A. Dix started his term as the 24th Secretary of the Treasury.
1861/03/04 -- Salmon P. Chase was appointed as the 25th Secretary of the Treasury.
1861/04/12: The War of Southern Independence starts (Incorrectly called the "Civil War" - A civil war is fought between citizens of a single Nation, the South had legally secedeed and were thus independent nations, hence the war could not be a "civil war". The conquering of the South not only effectively eliminated the construct of a voluntary "Union", it imposed excessive government and banking debt and infrastructure on the States from which the States never recovered).
1860/06/23 -- Appropriations that provided for the apprehension of counterfeiters, authorized the establishment of the United States Secret Service, the oldest general law enforcement agency in the Federal government.
1861/03/07 -- Salmon P. Chase started his term as the 25th Secretary of the Treasury.
1861/03/16 -- Francis E. Spinner was appointed to be the 10th Treasurer of the United States. He was the first official to request the authority to hire women.
1861/07/17 -- The first paper money, U.S. demand notes popularly known as Greenbacks, were issued by the United States Government.
1861/08/05: Congress passes the first National income tax - levied by the Revenue Act at 3% on all income over $800.
1861/08/29 -- The first United States paper currency was produced by the Treasury Department
NOVEMBER 25, 1861 -- Salmon P. Chase , the Secretary of the Treasury, received a letter which was instrumental in adding the motto In God We Trust to United States money.
1862/01/01 -- An Act of Congress established the Bureau of Internal Revenue, now known as the Internal Revenue Service.
FEBRUARY 25, 1862 Legal Tender Act of 1862 - July 10, 1862 and March 3, 1863 - established a statutory limitation of $300 million on the amount of United States Notes "greenbacks" authorized to be outstanding and in circulation. This currency was not backed by any deposit in any bank or government reserve, in contrast to the Gold Certificates at the time. They greenbacks also did not bear interest. A 10% tax was placed on state bank notes to drive them out of business and establish a monetary monopoly for Federal greenbacks. (The act was repealed in 1970, and none has been placed into circulation since January 21, 1971)
1862/03/17 -- The first two issues of paper money called Greenbacks, developed to prevent counterfeiting, were made legal tender.
1862/07/01 -- The Revenue Act established a permanent tax collection agency, creating the office of the Commissioner of Internal Revenue.
1862/07/11 -- The Secretary of the Treasury was empowered to purchase equipment and hire employees to engrave and print currency notes in the Treasury Department.
1862/07/17 -- Stamps were authorized to be used as money.
1862/07/17 -- George S. Boutwell became the first Commissioner of the Bureau of Internal Revenue. He later became Secretary of the Treasury.
1862/08/21 -- Fractional Currency, also known as postage currency, was issued in 5-cent, 10-cent, 25-cent and 50-cent notes. The third issue also included a 3-cent note.
1863/02/25: The National Currency Act authorized the Office of the Comptroller of the Currency to regulate new national banks. National Bank Act and National Currency Act. Congress establishes a National Banking system. The primary purposes were: Firstly to create a system of national banks; Secondly to create a uniform national currency; and Thirdly to create an active secondary market for Treasury securities to help finance the Civil War.
1863/05/09 -- Hugh McCulloch was appointed as the first Comptroller of the Currency. He later served as Secretary of the Treasury.
1863/12/21 -- The first examination of a national bank occurred, the second examination took place on December 25th
1863/12/30 -- The Comptroller of the Currency issued "Suggestions to the Managers of National Banks."
1864: The Coinage Act of 1834 had the purpose of striking a fatal blow at the ability of banks to sustain a circulation of small denomination paper currencies. The invalid conclusion that the legal-tender acts of the Civil War were Constitutional because they effected through a paper medium the same type of "debasement", which no one " ever imagined was taking private property without compensation or without due process of law".
1864/02/17 -- The Confederate States of America authorized its fourth printing of currency, amounting to $200 million of notes.
1865/03/03 -- An Act of Congress authorized the Director of the Philadelphia Mint to place the motto In God We Trust on all gold and silver coins.
1865/07/05 -- The United States Secret Service was established in the Treasury Department, and its first chief was appointed by Hugh McCulloch, the 27th Secretary of the Treasury.
1846/08/06 -- Secretary of the Treasury Robert J. Walker reenacted the Independent Treasury System and introduced a warehousing system for imports that is still in use today.
1863/01/26 -- The National Currency Act, creating Federally-chartered banks, was introduced in the Senate by John Sherman, the 32nd Secretary of the Treasury.
1863/10/10 -- The first fractional currency notes were released into circulation.
1864/06/03: National Bank Act. The office of Comptroller of the Currency was established:
- No National Banking Association could start business without government certification.
- Regulations covered minimum capitalization, reserve requirements, the definition of bad debts, reporting on financial condition and identity of ownership, and other elements of safety to depositors.
- Every bank director had to be an American citizen, and three-quarters of a bank's directors had to be residents of the state in which the bank did business.
- Each bank was limited, in the interest rate it could charge, by the strictures of its state's usury laws; or if none were in effect, then to 7%. If it were caught exceeding this limitation, it would forfeit the loan in question and would have to refund to the victimized borrower twice what he had paid in interest.
- Banks could not hold real estate for more than five years, aside from bank buildings.
- A national bank had to deposit with the Treasury, U.S. bonds amounting to at least one-third of its capital. It would receive in return government-printed notes, which it could circulate as money. Thus the banks would have to lend the government substantial sums for the war effort, to qualify for federal charters, and a sound currency would be circulated to the public for an expanding economy.
- National banks could not circulate notes printed by themselves.
- In order to eliminate all competition with the new national currency, notes of state-chartered banks were taxed 10% on all outstanding State banknotes and no tax on National banknotes, forcing the closure of more State banks. By 1870 there were 1,638 national banks and 325 State banks
1864/06/30 -- The second law for fractional currency issues was enacted.
1864/06/30 -- Salmon P. Chase ended his term as the 25th Secretary of the Treasury.
1864/12/06 -- Salmon P. Chase, who served as the 25th Secretary of the Treasury, was appointed Chief Justice of the Supreme Court.
1865/04/14 -- President Lincoln approved the Secretary of the Treasury's plan to create the United States Secret Service. This was one of President Lincoln's last acts. President Lincoln was assassinated by John Wilkes Booth. President Lincoln had ordered the Lincoln greenbacks to be printed which deprived the banks from charging interest on the money they would lent to the government. The other four men who were involved in the assassination have apparently bee linked to the Rothschild's.
National Bank Notes and Gold Certificates of 1865.
OCTOBER 31, 1865: The public debt of the United States stands at over seventy dollars per capita. Secretary of the Treasury, Samuel Chase, hoped the National banks would replace State banks, creating a uniform currency and fund the Civil War.
By 1865 there were 1,500 National banks (800 of which had converted from State banking charters).
1866/04/07 -- An Act of Congress stated that only a portrait of a deceased person may appear on bank notes.
1866/07/28 -- The United States Secret Service investigated the Ku Klux Klan under a Treasury appropriation for punishment of fraud against the United States.
1867/03/30 -- The Alaska Purchase Treaty was signed.
1869/03/04 -- The First Inaugural Ball of President Grant was held in the Treasury's newly built Cash Room.
1868/07/27 -- An Act of Congress ordered the Secretary of the Treasury to prevent the killing of seals.
1968/07/28 - The Fourteenth Amendment is enacted, which not only created federal citizenship, it also made it illegal for federal citizens to question the federal debt. [clause four 14th Amendment]
1869/03/18 - Congress passes the public Credit Act to pay the public debt in gold, leaving three hundred million in greenbacks and a bitter debate about redeeming them.
1869/09/24: On this "Black Friday" a financial panic occurs after two stock gamblers, Jay Gould and James Fisk, attempt to corner the gold market. The Grant administration dumps four million dollars in gold on the market, the price falls in fifteen minutes from one hundred and sixty two dollars to one hundred and thirty three dollars and many investors are ruined.
1872/04/25 -- John Jay Knox became Comptroller of the Currency.
1872/06/07 -- An Act of Congress provided that Customs Collectors protect seamen at certain ports.
1873: The historian, William Graham Sumner explained that: "The popular mind rests on instances like our continental money, as showing the error of paper money where it absolutely perishes. It is thought that, short of this, only alarmists see danger. The story of Austria shows that an irredeemable paper currency is a national calamity of the first magnitude, of which one may indeed find greater or lesser examples, but of which the least is a peremptory warning to statesmen and financiers. It is like a disease in the blood, undermining the Constitution and spreading decay through all the arteries of business. In its measure and according to circumstances it is pernicious, if not fatal."
1873/02/12 -- The Coinage Act was passed, which authorized the Treasury Department to place the motto In God We Trust on all United States coins.
1873/02/12: The Coinage Act established the Bureau of the Mint under the Treasury Department. Prior to that, it was an independent agency. The Act put all mint an assay office activities under the Bureau of the Mint. Congress terminates the coinage of silver, because the intrinsic value of bullion exceeds its face value, this Act becomes known as "the crime of 73."
1873/02/19 -- The Comptroller of the Currency was required to report on the condition of State banks.
SEPTEMBER 8, 1873: Jay Cooke and Company declares itself bankrupt, this causes a three year depression.
1874/01/29 -- The United States Mint was authorized to strike coinage for foreign governments.
APRIL 22, 1874: President Grant vetoes a bill passed by Congress validating the issuance of greenbacks.
1874/06/18 -- The United States Customs Service was charged with enforcing sections of the first Copyright Act.
JUNE 20, 1874: Congress passes a Currency Act fixing the maximum amount of greenbacks in circulation at three hundred and eighty- eight million dollars.
JANUARY 14, 1875: Congress passes the Specie Resumption Act, reducing the circulation of greenbacks to three hundred million dollars.
1875/12/09 -- Benhamin H. Bristow , the 30th Secretary of the Treasury, broke the Whiskey Ring, where businessmen and IRS officials were using the whiskey tax for Grant's reelection campaign.
1876/07/07 -- Lot M. Morrill started his term as the 31st Secretary of the Treasury.
1877/08/17 -- The number of relatives employed in each Internal Revenue Service district was limited.
1877/02/13 -- Commissioners were authorized to buy land sold to pay debts due to the failed Freedman's Savings and Trust Company.
AUGUST 19, 1877: In a speech made by the Secretary of Treasury John Sherman, he said: "There is a large class of people who believe that paper can be, and ought to be, made into money without any promise or hope of redemption; that a note should be printed: "This is a dollar," and be made a legal tender. I regard this as a mild form of lunacy, and have no disposition to debate with men who indulge in such delusions, which have prevailed to some extent, at different times, in all countries, but whose life has been brief, and which have shared the fate of other popular delusions. The Supreme Court only maintained the constitutionality of the legal tender promise to pay a dollar by a divided court, and on the ground that it was issued in the nature of a forced loan, to be redeemed upon the payment of a real dollar; that is, so many grains of silver or gold. I therefore dismiss such wild theories, and speak only to those who are willing to assume, as an axiom, that gold and silver or coined money, have been proven by all human experience to be the best possible standards of value, and that paper money is simply a promise to pay such coined money, and should be made and kept equal to coined money, by being convertible on demand.
1878/02/28 -- The Bland-Allison Silver Purchase Act was passed by the Congress. It provided for the issue of silver certificates and authorized the coinage of silver dollar coins.
1878/05/31 -- An Act of Congress forbade further retirement of U.S. legal tender notes.
1881/03/07 -- The Comptroller of the Currency began liquidation of the Freedman's Savings Bank.
1881/07/01 -- The United States Assay Office in St. Louis, Missouri, opened.
JANUARY 1885: The Treasury surplus was up to five hundred million dollars.
Congress' tax on State Notes eventually eliminated the circulation of state banknotes, however, to circumvent the tax, State banks instituted checking accounts which did not use bank notes and thus eliminated the tax. By 1890 checking accounts were so popular that the Comptroller of the Currency estimated that only ten percent of the nation's money supply was in the form of currency.
1886/04/08 -- The Free Coinage of Silver Bill was defeated in the House of Represenatatives.
1886/08/02 -- The Oleomargarine Act established the Bureau of Alcohol, Tobacco and Firearms (ATF) laboratory system.
1890/06/10 -- An Act of Congress established the Board of General Appraisers of Customs.
JANUARY 17, 1894: 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.
NOVEMBER 13, 1894: Another federal bond issue of fifty million dollars is offered. Because of poor public response, most of this loan is taken over by New York bankers.
JANUARY 6, 1896: The fourth bond issue in three years is floated, this time in public subscription totaling one hundred million dollars, federal treasury reserves are down to seventy nine million dollars which is considered so low as to endanger the continuance of the gold standard.
1887/10/01 -- The Bureau of Engraving and Printing began producing all United States paper currency and government securities, centralizing this function for the first time.
1890/07/01 -- The Sherman Anti-Trust Act became law, enacted on the 14th
1891/03/03 -- The Bureau of Immigration was established as a branch of the Treasury Department. This office ran Ellis Island.
1894/01/27 -- A Board to examine all bids submitted for government supplies was formed in the Treasury Department.
1895/02/08 -- The Treasury Department bought gold from J.P. Morgan.
1897/01/12 -- The National Monetary Commission met and appointed a committee to revise the United States monetary system.
1900/03/14: Congress passes the Gold Standard Act, fixing the value of the dollar against gold, and under which other forms of money are made redeemable in gold on demand. A gold reserve of one hundred and fifty million dollars is created, and the sale of bonds is authorized when necessary to maintain the reserve.
1901/09/06 -- President McKinley was assassinated. This event led to Presidential protection by the United States Secret Service.
1903/02/14 -- The following departments were transferred to the new Department of Commerce and Labor: Coast and Geodetic Survey; U.S. Shipping Commission; The Bureau of Navigation was transferred; The Bureau of Statistics; The Lighthouse Board; The National Bureau of Standards and The Steamboat Inspection Service.
1905/02/03 -- A standard uniform for United States Customs Service officers was prescribed.
MARCH 13, 1907: A financial panic begins with a sharp drop of the stock market.
OCTOBER-NOVEMBER 1907: A run begins on October 23rd on the Knickerbocker Trust Co. that wipes out that bank, many other banks fail, unemployment rises, and food prices soar. Increased bank deposits infused by the United States Treasury restore confidence, supported by loans from such capitalist leaders as J. Pierpont Morgan.
1908/02/18 -- The First postage stamp coils were delivered by the Bureau of Engraving and Printing.
1908/05/30: Under the impact of the financial panic of 1907, the Aldrich-Vreeland Currency Act is passed by Congress, it establishes the National Monetary Commission to study banking. It published 40 banking treatises and led to the establishment of the Federal Reserve System after a meeting on Jekyll Island between top bankers see 1913 Federal Reserve Bank Act.
1909/03/08 -- A Unit of nine men from the United States Secret Service was transferred to the Justice Department and named the Bureau of Investigation. It later became the Federal Bureau of Investigation (FBI).
1909/07/12 - Congress passes an amendment to the Constitution authorizing the imposition of a tax on incomes. XXXX Check source ?? XXX
1910/06/25 -- An Act of Congress established Postal Savings Depositories.
1910/11/22: Senator Nelson Aldrich, head of the National Monetary Commission secretly convenes meeting on Jekyll Island (J.P. Morgan controlled private playground belonging to the worlds mega wealthy) to architect a new banking act with the following key players (See 1913 Federal Reserve Banking Act):
- Paul Warburg who was the chief architect and an immigrant from Germany who had joined the banking house of Kuhn, Loeb & Company and who’s brother was head of the German Secret Service and who's family were the principal stockholders of The Reichsbank the central bank which controlled money and credit in Germany along with the Rothschilds
- A. Piatt Andrew, Assistant Secretary of the Treasury,
- Frank Vanderlip Special Assistant of the National Monetary Commission;
- Henry P. Davison, President of the National City Bank of New York and senior partner of J.P. Morgan Company- regarded as Morgan’s personal emissary
- Charles D. Norton, President of the Morgan-dominated First National Bank of New York
- Benjamin Strong, known as a lieutenant of J.P. Morgan
- (Aldrich's private secretary, Shelton)
1911/06/30 -- The United States Assay Office in St. Louis, Missouri, closed.
1913/02/25: Secretary of State Philander Knox announced by proclamation that the 16th Amendment to the U.S. Constitution was ratified when in fact no such ratification had taken place. Government agencies assumed the right to uneven taxation without the proper ratification of the 16th Amendment. Supreme Court Cases confirmed that the so-called 16th Amendment inferred no new taxing authority. Courts now refuse to address the issue and attempt to suggest that Common Law Precedence overrides the U.S. Constitution which it cannot. Legally the IRS and local County Tax Collector along with the 33,000 other taxation bodies in the U.S. have no legal right to collect the taxes they have taken. Under the law these taxes having been collected under fraudulent means must be returned.
1913/06/30 -- The Charlotte Mint ceased functioning as an Assay Office.
1913/10/03 -- The Federal income tax on individuals and corporations began.
1913/12/23: The day before Christmas, the Federal Reserve Act was signed, dividing the country into twelve districts, each with a federal reserve bank. The act also provides for a drastic currency based on commercial assets rather than bonded indebtedness, mobilization of bank reserves, private control of the banking system [foreign interest], and centralization through the New York branch. The chief architect of the Federal Reserve Bank Act was Paul Warburg from the German Warburg banking family who were directly connected to the German Reichsbank and Rothschild interests. The December 12, 1918, United States Naval Secret Service Report on Mr. Warburg read as follows: "WARBURG, PAUL: New York City. German, naturalized citizen, 1911. was decorated by the Kaiser in 1912, was vice chairman of the Federal Reserve Board. Handled large sums furnished by Germany for Lenin and Trotsky. Has a brother who is leader of the espionage system of Germany."
1914/01/17 -- The Opium Acts prohibited the import and export of all opium except for medicine. It put an internal revenue tax on opium manufactured for smoking.
1914/07/28 - World War One begins.
1914/11/16 - Federal Reserve Banks opened.
1914/12/17 - The Harrison Narcotic Act brought the Treasury Department into drug enforcement. Opium producers were taxed, and required to register with the Internal Revenue Service.
1915/05/14 - President Wilson ordered the United States Secret Service to counter espionage activities.
1915/10/15 - WAR LOAN: American bankers, organized by J.P. Morgan and Co., agree to lend Great Britain and France five hundred million dollars, the largest loan floated in any country.
1916/07/11 - The Federal Aid Road Act is signed by President Wilson. The measure provides five million dollars for the use of the States that undertake road building programs, and it establishes a system of highway classification. Almost two hundred and fifty thousand commercial vehicles and more than three million private cars are registered to use public roads.
1916/07/17: The Federal Farm Loan Act is passed by Congress and the The Federal Farm Loan Bureau was created in the Treasury Department. The bureau was criticized as being ineffective.
1915/07/24 -- The United States Secret Service captured German espionage materials.
1916/10/03 - Congress passes the War Revenue Act, increasing corporate and personal income taxes and establishing excise- profits, and luxury taxes.
1917/04/24 -- The First Liberty Bond Act was approved.
1917/10/06 -- The United States Customs Service was charged with enforcing the Trading with the Enemy Act under which Prescott Bush was charged for funding Hitler (grandfather of G.W. Bush).
APRIL 5, 1918: The War Finance Corporation is formed, capitalized at five hundred million dollars to support war industries through loans and bond sales.
1918/04/05 -- The Third Liberty Loan Drive began.
1918: During World War I, the top rate of the income tax rose to 77 percent.
1918/04/23 -- The Pittman Silver Coinage Act was approved.
1918/12/15 -- W. G. McAdoo ended his term as the 46th Secretary of the
1918/12/16 -- Carter Glass started his term as the 47th Secretary of the Treasury.
1919/01/29 - The Prohibition Amendment was adopted after ratification by the States. Primary responsibility for investigation and enforcement was given to the Internal Revenue Service.
1919/02/24 -- The Revenue Act codified existing tax laws.
1919/10/28 -- The United States Customs Service was charged with enforcing restrictions of the National Prohibition Act at U.S. borders.
1920/01/16 -- Prohibition went into effect. The Internal Revenue Service was given primary responsibility for enforcement.
1920: Congress abolishes the United States Treasury and establishes the Dept. of Treasury, in the Act of 1920 66th Congress session II ch. 214.
1920/02/06 -- The Office of the Commissioner of Accounts and Deposits was established.
1921/06/10 -- The Budget and Accounting Act of 1921 established the Bureau of the Budget in the Treasury Department.
1922/02/09 -- The World War Foreign Debt Commission was established.
1922/09/14 -- The White House Police Force was created under the supervision of the President.
1922/09/21 -- The Tariff Act repealed obsolete customs laws.
1924/04/09 -- The Dawes Plan was transmitted to the Reparation Commission.
1924/04/9-16 - United States banks loan Germany two hundred million for reparation.
1925/08/18 -- The Debt Funding Agreement with Belgium was executed.
1925/11/14 - Because of a severe financial depression in Europe, the United States agrees to a sharp reduction in foreign war debts and interest rates, but still insists on partial payment.
JANUARY-APRIL 1926: War debt agreements are reached between the United States and several European countries, including France, Italy, Belgium, Czechoslovakia, Rumina, Estonia and Latvia. In the case of France it is agreed that the four billion dollars owed to the United States banks will be paid over a period of sixty two years. Italy, which owes one billion five hundred million dollars is also to be paid back in sixty two years.
1926/05/20 -- The Air Commerce Act established the United States Customs Service presence at airports of entry.
1927/03/03 -- A Bureau of Customs was created within the Treasury Department, but the authority for the collection of Customs revenue was originally established in 1789.
1927/06/30 -- The United States Assay Office in Deadwood, South Dakota, closed.
MARCH 10, 1928: The United States pays three hundred million dollars to Germany to reimburse them for property taken during World War One.
JULY 10, 1929: The new paper currency, only two thirds the size of the old, goes into circulation.
1929: By increasing bank reserve requirements the Federal Reserve Bank effectively took money out of circulation and triggering the Great Depression.
1929/10/24 to 28: The stock market crashes as millions of shares change hands and billions of dollars in value are lost. Start of the Great Depression
FEBRUARY 24, 1930: J.P. Morgan and Co. announce that the group formed to halt the market crash on October 24-29, has sold all its shares and is disbanded.
1930/06/14 -- The Bureau of Narcotics was created in the Treasury Department to administer laws relating to narcotic drugs and marijuana.
1930/06/17 -- The United States Customs Service was charged with enforcing the Smoot-Hawley Tariff Act of 1930.
DECEMBER 11, 1930: The largest Bank failure in the nations history takes place when the Bank of the United States closes its doors in New York.
SEPTEMBER-OCTOBER 1931: The bank panic increases as over eight hundred banks are closed in two months. Individuals start to hoard gold to protect themselves.
DECEMBER 8, 1931: The President's Address message to Congress calls for increased taxation to make up for the deficit of nine hundred and two millon dollars for the year 30-31.
1932/01/22 -- The Reconstruction Finance Corporation was formed. Its head, Charles G. Dawes, former Comptroller of the Currency, won a Nobel Peace Prize for his reparations plan.
1932/02/12 -- Andrew W. Mellon ended 11 years as Secretary of the Treasury, spanning the greatest prosperity and the worst depression in United States history.
JANUARY 22, 1932: The Reconstruction Finance Corporation came into existence with the purpose of loaning money to the banks.
FEBRUARY 27, 1932: Congress passes the Glass-Steagall Act, which authorizes the sale of seven hundred and fifty million dollars worth of the government gold supply and allows the federal reserve system more leeway in discounting commercial paper.
JULY 21, 1932: President Hoover signs the Emergency Relief Act which provides three hundred million dollars in loans to the States and increases the Reconstruction Finance Corporations debtceiling to three billion dollars to make loans to State and local governments.
1933/02/15 -- Assassination attempt on President Franklin D. Roosevelt.
1933/02/16 -- The United States Senate voted to repeal prohibition.
1933: The Great Depression induced greater demand for gold currency instead of Federal Reserve Notes, citizens runs on the banks demanding gold in exchange for Notes threatened to collapse the privately held Federal Reserve Bank.
1933/03/06 -- A National Bank Holiday was ordered, closing all banks for four days and the production of silver dollar coins was halted.
1933/03/09 -- The Emergency Bank Act was introduced, passed, and approved, all on the same day to prevent the collapse of the private Federal Reserve Bank.
1933/03/10: FDR issued Executive Order 6073 re-opening banks but prohibiting them from foreign exchange or paying out gold. In effect the Federal Reserve Bank was declared bankrupt, the bank could not return assets for the paper Notes they had issued.
1933/03/16 -- In blatant violation of Article 1, Section 10 of the U.S. Constitution which prohibited any thing but gold and silver coins as tender payment of debts, President Franklin D. Roosevelt deleted gold from coinage, from circulation and from collections, beginning a period when it was illegal to hold gold in the United States.
1933/03/20 -- President Franklin D. Roosevelt signed the Economic Act.
1933/03/27 -- The Federal Farm Loan Bureau, established in 1916, was transferred to the Farm Credit Administration.
1933/04/05 -- President Franklin D. Roosevelt by Executive Order 6102, confiscated citizens gold ordering citizens to hand their gold to the private Federal Reserve Bank or go to jail and or face severe fines. See FDR Gold Theft
MAY 23, 1933: On the House floor, Congressman Mcfadden brought impeachment charges against many of the federal reserve board members, federal reserve agents of many States, comptroller of the currency, and several secretaries of the United States Treasury for high crimes and misdemeanors, including the theft of eighty billion dollars from the United States Government and with committing the same thefts in 1929, 1930, 1931, 1932 and 1933 and in the years previous to 1928, amounting to billions of dollars. These charges were remanded to the Judiciary committee for investigation, where these charges were effectively buried and until this day have never been answered. [See Congressional Record pp.4055-4058 May 23, 1933]
1933/06/05 -- Abrogation of the Gold Standard.
1933/06/12 -- The World Monetary and Economic Conference convened in London.
1933/06/16 -- The Banking Act insured bank accounts and created the Federal Deposit Insurance Corporation (FDIC).
1933/07/13 -- The Home Owners' Loan Corporation was created.
JUNE 16, 1933: The National Industrial Recovery Act is passed, this allows private corporations to make their own laws and write their own statutes, as applied to the public.
1933/06/30 -- The United States Assay Offices in Helena, Montana, Salt Lake City, Utah, and in Boise, Idaho, closed.
NOVEMBER 16, 1933 -- Dean Acheson resigned as Under Secretary of the Treasury. He protested President Roosevelt's gold purchase plan and currency manipulation.
1933/12/05 -- The 21st Amendment ended Prohibition.
1933/12/28 -- Pursuant to the Gold Reserve Act of 1934, President Roosevelt ordered private owners of gold certificates to deliver their notes to the Treasurer of the United States.
1933/12/31 -- William H. Woodin ended his term as the 51st Secretary of the Treasury.
JANUARY 30, 1934: The Gold Reserve Act gives the President the right to change the value of the dollar and withdrew gold coins from circulation and created the Exchange Stabilization Fund. The President immediately devalues the dollar to fifty nine cents.
1934/06/26 -- The National Firearms Act, the first Federal gun law, was signed into law
JUNE 28, 1934: The Federal Home Association is established, to insure the loans made by banks in building homes.
1934/01/17 -- It became illegal for private citizens to own gold certificates
1934/02/02 -- The Export-Import Bank was authorized.
1934/06/20 -- The Office of the General Counsel was established within the Treasury Department.
1934/10/25 -- Henry Morgantheau, Jr., the 52nd Secretary of the Treasury, organized the Section of Painting and Sculpture, the art program that commissioned local artists to paint federal buildings.
1935/03/09 -- President Roosevelt called a special session of the Congress and declared a banking holiday.
MAY 27, 1935: The United States Supreme Court declares that the National Industrial Recovery Act is unconstitutional. Since the federal reserve is a private corporation and passes its own laws; does this not make the federal reserve unconstitutional [illegal]? [Schechter Poultry Corp. v. United States, 295 U.S. 495 1934]
AUGUST 14, 1935: The Social Security Act [Federal Insurance Contribution Act] becomes law, the American people are told this is a insurance policy. This is actually an agreement between you and the United States government where you have agreed under tort law that you have contributed to the national debt and that you are a wrong doer under the definition of the word contribution, as it is used by the government. [see the word contribution and the words tort feasor in Blacks Law Dictionary 6th ed.]
1935/08/31 -- The Neutrality Act was signed into law.
1935/09/23 -- The Banking Act of 1935 restructured the federal reserve by removing the Secretary of the Treasury and the Comptroller of the Currency from the Federal Reserve Board to "allow for increased control of banking and credit".
AUGUST 28, 1935: The Public Utility Act is signed, the United States takes control of the countries utilities.
AUGUST 29, 1935: Congress passes the Farm Mortgage Act to offset the Supreme Courts decision against the Federal Farm Bankruptcy Act.
1936/03/28 -- The United States Customs Service's Division of Laboratories was established.
1936/06/22 -- The Revenue Act closed many loopholes in tax laws.
1937/01/13 -- The First shipment of gold bullion was made to the Fort Knox Bullion Depository
1938/05/23 -- The Supreme Court held that State employees were subject to the Federal income tax.
JANUARY 4, 1939: President Roosevelt requests one billion three hundred and nineteen million five hundred and fifty eight thousand dollars for defense.
JANUARY 5, 1939: President Roosevelt submits a budget of nine billion dollars to Congress.
1939/03/23 -- The first United States income tax treaty was signed with Sweden.
1939/07/13 -- The Social Security amendments were passed by the Senate.
SEPTEMBER 1, 1939: World War Two Begins.
JANUARY 3, 1940: President Roosevelt requests one billion eight hundred million dollars for defense.
MAY 31, 1940: President Roosevelt requests one billion three hundred million dollars for defense.
JUNE 22, 1940: Congress raises the national debt ceiling to a record high of forty nine billion dollars.
1940/06/30 -- The Public Debt Service, which was created in 1921, was renamed the Bureau of the Public Debt.
1940/10/08 -- The Excess Profits Tax Act was signed into law.
JANUARY 8, 1941: The Presidents budget calls for a record seventeen billion eight hundred million dollars, of which sixty percent is for defense.
1941/03/19 -- Treasury Order 39 established the War Finance Division, which was transformed into the Savings Bonds Program.
1941/03/19 -- President Franklin D. Roosevelt purchased the first War Savings Bond from Henry Morgenthau, the 52nd Secretary of the Treasury.
MARCH 30, 1941: President Roosevelt approves a measure that raises the ceiling on the public debt to a record sixty five billion dollars.
1941/12/07 -- The bombing of Pearl Harbor.
1942/01/10 -- Marketing the War: The Treasury Hour radio program was named one of the best programs of 1941.
1942/05/18 -- Rear Admiral Charles Conrad was appointed to head the Payroll Savings Program for selling United States Savings Bonds.
1942/10/21 -- The Revenue Act added many citizens to the tax rolls.
JANUARY 5, 1943: President Roosevelt proposed budget for the fiscal year 1943 is one hundred and eight billion nine hundred and three million dollars.
JANUARY 13, 1944: President Roosevelt proposes a budget of one hundred billion dollars for 1944.
1944/07/22 -- The Bretton Woods Conference created the International Monetary Fund, based on ideas of Treasury's Director of Monetary Research, Harry Dexter White, and the IBRD.
JULY 28, 1945: The United Nations charter is ratified by the Senate.
1945 -- The Revenue Act was signed into law
1945/12/08 -- The Victory Loan Drive ended.
1945 - FRB dollar established as primary oil trading currency.
1945/12/27 -- The International Monetary Fund and International Bank for Reconstruction and Development Articles of Agreement entered into force.
1946/01/01 -- The United States Savings Bonds Division in the Treasury Department continued the programs of the War Finance Division, the War Savings Staff and the Defense Savings Staff.
1947/07/15 -- The Office of International Finance was created within the Treasury Department.
1948/08/11 -- The President was authorized to execute the U.S.-U.N. Loan Agreement for the United Nations headquarters.
1949/02/26 -- The United States Customs Service was charged with enforcing the Export Control Act of 1949.
JANUARY 2, 1950: A report by the United States Dept. of Commerce shows that for the period July 1, 1945 to September 30, 1949, the United States spent almost twenty five billion dollars in foreign aid. Military spending for the same years has been one third of the yearly budget.
1951/07/16 -- The United States Secret Service was granted permanent authority by Congress.
JULY 19, 1950: President Truman calls for partial mobilization after Korea crosses the 38th parallel and also asks Congress for ten billion dollars for the military.
1951/01/24 -- The Office of Price Stabilization was created.
APRIL 30, 1951: President Truman gets fifty seven billion dollars for defense for 1951.
1951/08/08 -- The United States Customs Service was charged with enforcing sections of the Fur Products Labeling Act.
1952/06/27 -- The United States Customs Service was charged with enforcing provisions of the Immigration and Nationality Act.
JANUARY 21, 1952: The President's budget calls for expenditures of eighty five billion four hundred and forty four million dollars for the coming fiscal year. Slightly over three fourths of the budget is to spent on "national security".
1953/07/09 -- The Bureau of Internal Revenue was renamed the Internal Revenue Service
1954/04/15 -- The deadline for filing individual income tax returns was set by the Internal Revenue Code.
1954/05/29 - 31: First meeting of the Bilderbergers at Hotel de Bilderberg in Oosterbeek, Netherlands.
JUNE 29, 1955: The Federal Aid Highway Act is signed by the President. It authorizes thirty three billion dollars to be spent over the next thirteen years on the highways.
1955/07/01 -- The President signed Public law 84-140, which mandated that the motto In God We Trust must appear on all United States currency and coinage & on the 11th that the motto appear on all currency.
1955/07/01 -- The first computer installed in the Treasury Department, containing 6,500 radio tubes, was turned on.
1956/05/09 -- The Bank Holding Company Act was passed.
1956/07/30 -- The President signed a Joint Resolution declaring that the motto In God We Trust would be the national motto.
JANUARY 16, 1957: A peace time budget of seventy two billion eight hundred and seven million dollars is proposed.
1957/06/30 -- The Reconstruction Finance Corporation was abolished and certain of its functions were transferred to the Treasury Department.
1957/09/09 -- The first currency bearing the motto " In God We Trust" was delivered by the Bureau of Engraving and Printing.
1957/10/01 -- The motto In God We Trust first appeared on United States paper currency when it was added to the one-dollar silver certificate.
1957/10/01 -- The processing of United States Savings Bonds was first done by computer.
JANUARY 13, 1958: The fiscal deficit is up to twelve billion four hundred twenty seven million dollars.
AUGUST 7, 1958: President Eisenhower signs into law an appropriations bill for defense in the amount of thirty nine billion six hundred and two million eight hundred and twenty seven thousand dollars.
1959/04/08 -- The Charter of the InterAmerican Development Bank was signed.
1960/05/13 -- The Bank Merger Act was passed. It required Federal regulation of mergers and consolidations.
1961: President Eisenhower allots forty seven billion six hundred and fifty four million dollars for defense.
NOVEMBER 28, 1961: President Kennedy "reached the decision that silver metal should gradually be withdrawn from our monetary reserves."
1962/05/24 -- The Tariff Classification Act ordered the Tariff Commission to prepare Tariff Schedules of the United States.
1962/09/28 -- Authority over the trust powers of national banks was assigned to the Comptroller of the Currency.
1963/06/04 -- An Act of Congress that allowed the exchange of silver certificates for silver dollars was signed into law.
1963/06/04 - John F. Kennedy issues Executive Order 11110 authorizing the Treasury to print silver certificates, effectively taking back the issuing power of the U.S. currency from the privately held Federal Reserve Bank and handing it back to Congress. Within six months Kennedy was assassinated.
1963: Six months prior to President John F. Kennedy being assassinated, he ordered the Treasury to print United States Notes to be used as legal tender, a limited amount were printed before his untimely death. This action would have put the federal reserve out of business because they would no longer be able to collect interest on the money they would have printed. This would have eventually removed the financial and political control the international bankers had over this country. Ten days prior to his assassination President Kennedy said "The high office of President has been used to foment a plot to destroy the American's freedom, and before I leave office I must inform the citizen of his plight."
1963/07/01 -- The official Flag of the Treasury Department was displayed for the first time.
1963/07/08 -- The Cuban Assets Control Regulations were issued.
NOVEMBER 22, 1963: President John F. Kennedy is assassinated. One of the first acts President Johnson orders is the reversal of the order President Kennedy had made, which had allowed the printing of United States Notes without interest. Was President Kennedy assassinated for the same reasons as President Lincoln?
NOVEMBER 26, 1963: Prior to this date the federal reserve notes were a promise to pay and were redeemable on demand by the bearer for lawful money. After President Johnson's order to remove the United States notes, the Federal Reserve issued federal reserve notes without the promise to pay to the bearer on demand lawful money. Interestingly, the first fifty million no-promise federal reserve notes were shipped out the same day that President John F. Kennedy was buried.
1963 -- Production of $1 Federal Reserve notes with the motto In God We Trust began.
1964/04/24 -- The Secretary of the Treasury removed the restrictions on acquiring or holding gold certificates.
1964/09/18 -- The United States Customs Service established four new offices.
MARCH 8, 1965: The first troops landed in Vietnam.
1965/08/10 -- Nine Customs regions were created.
1966/10/15 -- The United States Coast Guard, originally established within the Treasury Department in 1790, was transferred to the Department of Transportation.
1966/12/19 -- The Asian Development Bank commenced operations.
1967: The deficit is announced to be twenty five billion dollars.
1967/06/30 -- The Treasury Department began compiling data on the United States Government's foreign loans.
SEPTEMBER 30, 1967: President Johnson submits a record budget of one hundred and eighty six billion dollars.
JUNE 1968: 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.
1968/06/24 -- The exchange of silver certificates for silver bullion was discontinued.
1968/10/22 -- The Gun Control Act was signed into law. The Bureau of Alcohol, Tobacco and Firearms was charged with its enforcement.
1969/04/11 -- The export ban on U.S. silver coins, which began on May 18, 1967, was lifted.
1969/04/26 -- Ownership of pre-1934 gold coins no longer required a license from the Treasury Department.
1969/07/14 -- The Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.
1970/03/02 -- The Federal Law Enforcement Training Center was created by Treasury Order 217 to function as an interagency training facility for Federal enforcement officers.
1970/03/19 -- The White House Police changed its name to the Executive Protective Service. It began protecting foreign diplomatic missions in Washington, D.C.
1970/06/30 -- The United States Savings Stamp Program ended.
1970/07/01 -- The Federal Law Enforcement Training Center (FLETC) began operations.
1970/10/14 -- The United States Customs Service was charged with enforcing air security provisions of the Federal Aviation Act.
1970/10/26 -- The United States Customs Service was charged with enforcing sections of the Currency and Foreign Transactions Reporting Act.
JANUARY 29, 1971: President Nixon announces that the deficit is thirty eight billion seven hundred and eighty three million dollars.
1971/01/05 -- The United States Secret Service was authorized to protect visiting heads of foreign states while in the United States
1971/01/19 -- The Overseas Private Investment Corporation (OPIC) began operations.
1971/01/21 -- The last United States notes were placed into circulation by the Treasury Department.
1971/03/25 -- "Guidance" for the Federal Law Enforcement Training Center was issued. It was the basis for the "Prospectus" submitted to Congress.
1971/08/15 -- The value of the dollar was allowed to float and the first peacetime price and wage controls were instituted.
1971/12/18 -- The Smithonian Agreement ended the import surcharge, devalued the dollar, and realigned exchange rates.
1971/12/18 -- The official U.S. price for gold was raised to $38 per ounce.
1972: President Nixon announces the federal government will share thirty billion dollars with State and local governments.
1972/04/03 -- The official U.S. gold rate was raised from $35 per ounce to $38 per ounce.
1972/04/27 -- The Treasury Department announced a drawing of sterling from the International Monetary Fund (IMF).
1972/05/05 -- The United States notified the International Monetary Fund (IMF) of its intent to change the par value of the dollar.
1972/07/01 -- The Bureau of Alcohol, Tobacco and Firearms, became a division of the Treasury Department, separate from the Internal Revenue Service.
1972/10/20 -- The State and Local Fiscal Assistance Act authorized the Office of Revenue Sharing as a bureau of the Treasury Department.
1973/02/13 -- President Nixon raised the official gold price in the United States from $38.00 an ounce to $42.22 an ounce.
Nixon decouples the dollar from gold.
1973/08/01 -- The Customs Bureau was re-designated as the United States Customs Service.
1974: President Nixon announces a fiscal budget of three hundred and four billion four hundred million dollars.
1974/01/21 -- All operations of the United States Customs Service in New York City were located in the World Trade Center.
1974/03/01 -- The Bureau of Government Financial Operations was created.
1974/07/12 -- The Congressional Budget and Impoundment Control Act was enacted.
1974/09/22 -- An inspection was completed verifying the gold holdings at the Fort Knox Bullion Depository .
1974/12/30 -- Public Law 93-373 allowed United States citizens to own gold.
1974/12/31 -- United States citizens were permitted to buy gold coins and gold bullion for the first time since 1933.
FEBRUARY 3, 1975: President Ford announces a deficit of fifty one billion five hundred million dollars.
1975/09/12 -- The Federal Law Enforcement Training Center Facility in Glynco, Georgia, was dedicated.
1976/02/11 -- The last public meeting of the U.S. Assay Commission was held.
1976/10/04 -- The Tax Reform Act was signed into law.
1976/12/14 -- The first issue of Treasury Bills in book-entry form were sold.
1977/02/14 -- Public Members were dropped from the annual Assay Commission.
1977/05/27 -- The Internal Revenue Service began a program to expedite resolution of problems taxpayers had with IRS after filing tax returns.
1979/08/27 -- The Taxpayer Ombudsman position was established in the Internal Revenue Service to serve as taxpayers' advocate in resolving problems.
1980: Under the Depository Institutions Monetary Control Act of 1980, the Federal Reserve Bank can, and does, simply print tens of billions of dollars to buy the worthless bonds of dictatorial regimes called “monetizing foreign debt”, effectively supporting tyrannical regimes in other nations.
1981/08/13 -- The Economic Recovery Tax Act was enacted. It reduced individual income taxes by 23 percent, lowered estate taxes, and introduced indexing into the tax system.
1981/10/26 -- The Bureau of Engraving and Printing began its program of selling uncut sheets of United States currency.
1982/01/02 -- The Federal Law Enforcement Training Center opened the largest indoor firing range in the Free World.
1982/04/15 -- Taxpayers used the simplified Form 1040EZ for the first time to file tax returns.
1982/09/03 -- The Tax Equity and Fiscal Responsibility Act (TEFRA) was enacted.
1982/12/31 -- The United States Assay Office in New York, New York closed.
1983/02/08 -- The United States joined the African Development Bank. The Secretary of the Treasury serves as the U.S. Governor.
1983/04/20 -- The Social Security Amendments mandated that all new Federal Government employees be covered.
1983/05/31 -- The Ninth Economic Summit held its first meeting in the continental United States at historic Williamsburg, Virginia.
1984/06/25 -- The first gold coin was struck by the United States Government in 50 years. The American Eagle Gold Bullion Coin was produced at the Denver Mint.
1984/07/13 -- Public Law 98-359, the " Postal Savings System Statute of Limitations Act" became law.
1984/07/18 -- The Tax Reform Act aimed to cut tax shelter abuse and increased taxpayer compliance.
1984/10/12 -- The Comprehensive Crime Control Act gave the Bureau of Alcohol, Tobacco and Firearms and the United States Secret Service more tools to combat fraud.
1984/10/15 -- The Federal Law Enforcement Training Center established a facility to train Indian tribal police.
1985/09/05 -- The Federal Law Enforcement Training Center (FLETC) graduated 97,000 law enforcement students during its first decade.
1985/09/22 -- The Plaza Accord, an international effort to bring down the value of the dollar and stabilize exchange rates, was reached.
1985/10/08 -- James A. Baker, III, the 67th Secretary of the Treasury, introduced the Baker Plan, an initiative to solve the Third World debt problem.
1986/05/19 -- The Firearms Owners Protection Act was passed.
1986/08/15 -- The first Treasury securities were issued under the Treasury Direct computerized book-entry system.
1986/10/08 -- The American Eagle Gold Bullion Coin was struck. This marked the first time since 1933 that the United States Mint produced a gold coin.
1986/10/22 -- The Tax Reform Act reduced the top individual tax rate to 28 percent and the top corporate tax rate to 34 percent.
1987/07/25 -- Treasury regulations for the Government Securities Act, establishing the first federal regulation of government securities dealers, became effective.
1987/09/30 -- Series EE Savings Bond sales topped $10 billion in FY 1987, the highest level since 1943.
1987/09/30 -- The Office of Revenue Sharing was terminated.
1987/10/19 -- The Dow Jones Industrial Average fell 508 points, marking the worst one-day collapse in history.
1987/11/30 -- The value of United States Savings Bonds topped a record-breaking $100 billion.
1988/04/12 -- The Multilateral Investment Guarantee Agency (MIGA) was established.
1996/06/26 -- The north wing of the Main Treasury Building was severely damaged by fire.
2000/11 - Iraq starts to sell oil in Euro's not FRB dollars.
2007/05/31 - 06/03: Bilderberg Conference, Istanbul
BASELINE SOURCES: U.S. Department of Treasury and State http://www.ustreas.gov/education/history/events, http://www.state.gov and http://www.atgpress.com/kifap/monie.htm
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