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The first issue amounted to 242 million dollars. This paper money would supposedly be redeemed for state taxes, but the holders were eventually paid off in 1791 at the rate of one cent on the dollar. By 1780, the paper money was "not worth a Continental", as people said, and a second issue of new currency was attempted.
From 1860 to 1900, the wealthiest 2% of American households owned more than a third of the nation's wealth, while the top 10% owned roughly three-quarters of it. [60] The bottom 40% had no wealth at all. [4] In terms of property, the wealthiest 1% owned 51%, while the bottom 44% claimed 1.1%. [4]
Between 1867 and 1900 U.S. steel production increased more than 500 times from 22,000 tons to 11,400,000 tons and Bessemer steel rails, first made in the U.S. that would last 18 years under heavy traffic, would come to replace the old wrought iron rail that could only endure two years under light service.
U.S. territorial extent in 1860. April 3, 1860 – Pony Express begins. November 6 – 1860 United States presidential election: Abraham Lincoln elected president and Hannibal Hamlin vice president with only 39% of the vote in a four-man race. December 18 – Crittenden Compromise fails. December 20 – President Buchanan fires his cabinet.
The Homestead Act of 1860 passed in Congress but was vetoed by President James Buchanan, a Democrat. After the Southern states seceded from the Union in 1861 (and their representatives had left Congress), the bill passed and was signed into law by President Abraham Lincoln (May 20, 1862). [ 4 ]
Between 1840 and 1860, the total length of railroad trackage increased from 3,326 to 30,600 miles (5,350 to 49,250 km). [44] The efficiency of railroad to move large, bulk items contributed enabled further drops in cost of transporting goods to market but in so doing undermined the profitability of the earlier turnpikes and canals which began ...
History of the United States from the Compromise of 1850: 1877–1896 (1919) online complete; old, factual and heavily political, by winner of Pulitzer Prize; Shannon, Fred A. The farmer's last frontier: agriculture, 1860–1897 (1945) complete text online; Smythe, Ted Curtis; The Gilded Age Press, 1865–1900 Praeger. 2003.
May 31 – Peter Vivian Daniel, Associate Justice of the Supreme Court from 1841 to 1860 (born 1784) June 6 – Henry P. Haun, U.S. Senator from California from 1859 to 1860 (born 1815) July 1 – Charles Goodyear, inventor (born 1800) September 12 – William Walker, filibuster, briefly President of Nicaragua, executed (born 1824)