August 18, 1937

Toyota Motor Company is established

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August 19, 1812

Old Ironsides earns its names

 

During the War of 1812, the U.S. Navy frigate Constitution defeats the British frigate Guerrière in a furious engagement off the coast of Nova Scotia. Witnesses claimed that the British shot merely bounced off the Constitution's sides, as if the ship were made of iron rather than wood. By the war's end, "Old Ironsides" destroyed or captured seven more British ships. The success of the USS Constitution against the supposedly invincible Royal Navy provided a tremendous boost in morale for the young American republic.

 

The Constitution was one of six frigates that Congress requested be built in 1794 to help protect American merchant fleets from attacks by Barbary pirates and harassment by British and French forces. It was constructed in Boston, and the bolts fastening its timbers and copper sheathing were provided by the industrialist and patriot Paul Revere. Launched on October 21, 1797, the Constitution was 204 feet long, displaced 2,200 tons, and was rated as a 44-gun frigate (although it often carried as many as 50 guns).

 

In July 1798 it was put to sea with a crew of 450 and cruised the West Indies, protecting U.S. shipping from French privateers. In 1803, President Thomas Jefferson ordered the American warship to the Mediterranean to fight Barbary pirates off the coast of Tripoli. The vessel performed commendably during the conflict, and in 1805 a peace treaty with Tripoli was signed on the Constitution's deck.

 

When war broke out with Britain in June 1812, the Constitution was commanded by Isaac Hull, who served as lieutenant on the ship during the Tripolitan War. Scarcely a month later, on July 16, the Constitution encountered a squadron of five British ships off Egg Harbor, New Jersey. Finding itself surrounded, the Constitution was preparing to escape when suddenly the wind died. With both sides dead in the water and just out of gunnery range, a legendary slow-speed chase ensued. For 36 hours, the Constitution's crew kept their ship just ahead of the British by towing the frigate with rowboats and by tossing the ship's anchor ahead of the ship and then reeling it in. At dawn on July 18, a breeze sprang, and the Constitution was far enough ahead of its pursuers to escape by sail.

One month later, on August 19, the Constitution caught the British warship Guerrière alone about 600 miles east of Boston. After considerable maneuvering, the Constitution delivered its first broadside, and for 20 minutes the American and British vessels bombarded each other in close and violent action. The British man-of-war was de-masted and rendered a wreck while the Constitution escaped with only minimal damage. The unexpected victory of Old Ironsides against a British frigate helped unite America behind the war effort and made Commander Hull a national hero. The Constitution went on to defeat or capture seven more British ships in the War of 1812 and ran the British blockade of Boston twice.

 

After the war, Old Ironsides served as the flagship of the navy's Mediterranean squadron and in 1828 was laid up in Boston. Two years later, the navy considered scrapping the Constitution, which had become unseaworthy, leading to an outcry of public support for preserving the famous warship. The navy refurbished the Constitution, and it went on to serve as the flagship of the Mediterranean, Pacific, and Home squadrons. In 1844, the frigate left New York City on a global journey that included visits to numerous international ports as a goodwill agent of the United States. In the early 1850s, it served as flagship of the African Squadron and patrolled the West African coast looking for slave traders.

 

In 1855, the Constitution retired from active military service, but the famous vessel continued to serve the United States, first as a training ship and later as a touring national landmark. Since 1934, it has been based at the Charlestown Navy Yard in Boston. Over the years, Old Ironsides has enjoyed a number of restorations, the most recent of which was completed in 1997, allowing it to sail for the first time in 116 years. Today, the Constitution is the world's oldest commissioned warship afloat.

 

August 19, 1841

First bankruptcy laws established

The first set of standard bankruptcy laws hit the books throughout the nation. And, while the laws were repealed a few years later, they proved popular during their brief tenure, with 33,737 people utilizing the newfound right to voluntarily declare for bankruptcy.

 

August 19, 1848

East Coast hears of gold discovery in California

Though gold was discovered in California in January of 1848, the news didn't make it to the East Coast until August 19, when the New York Herald let the East Coast know the rush was on. Until this date, there had been rumors, but people remained skeptical without an official report. However, the Herald's story, coupled with an official confirmation by President James Polk, erased any doubts. And with that, people went to find their fortune in America's Wild West. Those who made it to California a long, arduous, and sometimes deadly journey found boomtowns filled with everyone from entrepreneurs to unscrupulous shysters, all practicing their own brand of unfettered capitalism. People earned money by providing various services to miners. Demand for domestic skills, such as washing clothes, meant that for the first time women could charge healthy rates for their work. A shortage of women in the West created even easier ways of making money: One man charged $5.00 for the privilege of gawking at his fiancé during their wedding. If only gold had been so easy to come by. While some miners found their fortunes, the gold rush ruined many other people who had picked up their lives and made a mad dash for money that they never found.

 

August 19, 1927

Production of Model T ends

Henry and Edsel Ford drove the fifteen millionth Model T off the assembly line at the Highland Park plant in Michigan, officially ending Model T production. Production in England ended on August 19; in Ireland on December 31. After revolutionizing the automobile market, sales of the Model T had started to falter due to its failure to keep up with the competition. Total world Model T production: 15,458,781.

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August 20, 1862

Eight-hour workday is born

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August 21, 1862

Treasury releases fractional currency

August 21, 1987

Dow peaks in record-breaking run

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August 22, 1959

Rockefeller marries family maid

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August 25, 1819

Allan Pinkerton is born

August 25, 1910

Yellow Cab Company is born

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August 28, 1814

New York banks halt specie payments

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August 29, 1862

Bureau of Engraving is founded

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September 2, 1789

Congress founds U.S. Treasury

On this day in 1789, the United States Treasury Department is founded.

The institution’s roots can be traced to 1775, when America’s leaders were looking for ways to fund the Revolutionary War. Their solution--issuing cash that doubled as redeemable "bills of credit"--raised enough capital to fuel the revolution. but also led to the country's first debt. The Continental Congress attempted to reign in the economy, even forming a pre-Constitutional version of the Treasury. Neither this move, nor the signing of the Declaration of Independence, which enabled the U.S. to seek loans from foreign countries, proved effective. The debt kept mounting, while war notes rapidly deflated in value.

With the ratification of the Constitution in 1789, the American government established a permanent Treasury Department in hopes of controlling the nation’s debt. President George Washington named his former aide-de-camp, Alexander Hamilton, to head the new office. The former New York lawyer and staunch Federalist stepped in as Secretary of the Treasury on September 11. Hamilton soon outlined a practical plan for reviving the nation's ailing economy: the government would pay back its $75 million war debt and thus repair its badly damaged public credit.

Hamilton had been elected to the Continental Congress from New York in 1782. He demonstrated a near-reactionary political philosophy and quickly became known as a determined proponent of a stronger national government. Hamilton published several papers with James Madison and John Jay arguing for the ratification of the U.S. Constitution that are now known as the "Federalist Papers." As the first secretary of the treasury, Hamilton established most of the centralized monetary institutions of the new nation, including the national bank, before resigning in January 1795. Hamilton then returned to the private sector and a law practice in New York City, but remained a close advisor to President Washington.

In 1800, Hamilton became embroiled in a bitter dispute when he threw his support behind President John Adams’ reelection campaign instead of presidential candidate Aaron Burr’s. After his defeat, Burr ran for governor of New York in 1804; Hamilton again opposed his candidacy. Humiliated, Burr challenged Hamilton to a duel on July 11, 1804, in Weehawken, New Jersey. Alexander Hamilton was shot in the duel and died of his wound the following day, July 12, in New York at the age of 49.

September 2, 1789

U.S. Treasury founded

Although the United States Treasury Department was founded on September 2, 1789, its roots can be traced back to the American Revolution. Back in 1775, the Revolutionary leaders were groping with ways to fund the war. Their solution--issuing cash that doubled as redeemable "bills of credit"--raised enough capital to fuel the Revolution. However, the war notes also led to the country's first debt. The Continental Congress attempted to reign in the economy, even forming a pre-Constitutional version of the Treasury. Neither this move, nor the signing of the Declaration of Independence, which enabled the U.S. to seek loans from foreign countries, proved effective. The debt kept mounting, while war notes rapidly deflated in value. With the ratification of the Constitution in 1789, the Government established a permanent Treasury Department in hopes of quelling the debt. President Washington named his former "aide-de-camp," Alexander Hamilton, to head the new office. The former New York lawyer and staunch Federalist stepped in as Secretary of the Treasury on September 11. Hamilton soon outlined a practical plan for reviving the nation's ailing economy: the Government would pay back its $75 million war debt and thus repair its badly damaged public credit.

September 2, 1890

Single Tax Party passes platform

September 2, 1969

First ATM opens for business

On this day in 1969, America's first automatic teller machine (ATM) makes its public debut, dispensing cash to customers at Chemical Bank in Rockville Center, New York. ATMs went on to revolutionize the banking industry, eliminating the need to visit a bank to conduct basic financial transactions. By the 1980s, these money machines had become widely popular and handled many of the functions previously performed by human tellers, such as check deposits and money transfers between accounts. Today, ATMs are as indispensable to most people as cell phones and e-mail.

Several inventors worked on early versions of a cash-dispensing machine, but Don Wetzel, an executive at Docutel, a Dallas company that developed automated baggage-handling equipment, is generally credited as coming up with the idea for the modern ATM. Wetzel reportedly conceived of the concept while waiting on line at a bank. The ATM that debuted in New York in 1969 was only able to give out cash, but in 1971, an ATM that could handle multiple functions, including providing customers' account balances, was introduced.

ATMs eventually expanded beyond the confines of banks and today can be found everywhere from gas stations to convenience stores to cruise ships. There is even an ATM at McMurdo Station in Antarctica. Non-banks lease the machines (so-called "off premise" ATMs) or own them outright.

Today there are well over 1 million ATMs around the world, with a new one added approximately every five minutes. It's estimated that more than 170 Americans over the age of 18 had an ATM card in 2005 and used it six to eight times a month. Not surprisingly, ATMs get their busiest workouts on Fridays.

In the 1990s, banks began charging fees to use ATMs, a profitable move for them and an annoying one for consumers. Consumers were also faced with an increase in ATM crimes and scams. Robbers preyed on people using money machines in poorly lit or otherwise unsafe locations, and criminals also devised ways to steal customers' PINs (personal identification numbers), even setting up fake money machines to capture the information. In response, city and state governments passed legislation such as New York's ATM Safety Act in 1996, which required banks to install such things as surveillance cameras, reflective mirrors and locked entryways for their ATMs.

September 2, 1992

Bush battles Clinton

September 2, 1992

First natural gas-powered vehicle is purchased

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September 3, 1969

Leader's death stalls peace process

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September 4, 1875

Wall St. satirist is born

September 4, 1951

President Truman makes first transcontinental television broadcast

On this day in 1951, President Harry S. Truman’s opening speech before a conference in San Francisco is broadcast across the nation, marking the first time a television program was broadcast from coast to coast. The speech focused on Truman’s acceptance of a treaty that officially ended America’s post-World War II occupation of Japan.

The broadcast, via then-state-of-the-art microwave technology, was picked up by 87 stations in 47 cities, according to CBS. In his remarks, Truman lauded the treaty as one that would help "build a world in which the children of all nations can live together in peace." As communism was threatening to spread throughout Pacific Rim nations such as Korea and Vietnam, the U.S. recognized the need to create an ally in a strong, democratic Japan.

Since the end of World War II in 1945, Japan had been occupied and closely monitored by the American military under the leadership of General Douglas MacArthur. By 1951, six years later, Truman considered the task of rebuilding Japan complete. Truman praised the Japanese people’s willingness to go along with the plan and expressed his pride in having helped to rebuild Japan as a democracy. Gone was the old militaristic police state; in its place was a country with a new constitution, unions for protecting the rights of laborers and voting rights for women, among many other positive changes.

The Multilateral Treaty of Peace with Japan, as it was ultimately called, was ratified by the U.S. Congress on March 20, 1952.

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September 8, 1664

New Amsterdam becomes New York

Dutch Governor Peter Stuyvesant surrenders New Amsterdam, the capital of New Netherland, to an English naval squadron under Colonel Richard Nicolls. Stuyvesant had hoped to resist the English, but he was an unpopular ruler, and his Dutch subjects refused to rally around him. Following its capture, New Amsterdam's name was changed to New York, in honor of the Duke of York, who organized the mission.

The colony of New Netherland was established by the Dutch West India Company in 1624 and grew to encompass all of present-day New York City and parts of Long Island, Connecticut, and New Jersey. A successful Dutch settlement in the colony grew up on the southern tip of Manhattan Island and was christened New Amsterdam.

To legitimatize Dutch claims to New Amsterdam, Dutch governor Peter Minuit formally purchased Manhattan from the local tribe from which it derives it name in 1626. According to legend, the Manhattans--Indians of Algonquian linguistic stock--agreed to give up the island in exchange for trinkets valued at only $24. However, as they were ignorant of European customs of property and contracts, it was not long before the Manhattans came into armed conflict with the expanding Dutch settlement at New Amsterdam. Beginning in 1641, a protracted war was fought between the colonists and the Manhattans, which resulted in the death of more than 1,000 Indians and settlers.

In 1664, New Amsterdam passed to English control, and English and Dutch settlers lived together peacefully. In 1673, there was a short interruption of English rule when the Netherlands temporary regained the settlement. In 1674, New York was returned to the English, and in 1686 it became the first city in the colonies to receive a royal charter. After the American Revolution, it became the first capital of the United States.

September 8, 1950

Defense Production Act is passed

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September 10, 1833
Battle over the Bank

Fearful that the nation's fiscal policies were encroaching on states' rights, President Jackson declared his intention to remove government deposits from the Bank of the United States. The decision, which was announced on September 10, 1833, and took effect a few weeks later, proved to be one of the more controversial decisions of "Old Hickory's" political career. Jackson's rival Henry Clay guided two resolutions through the Senate that censured the President for overstepping his Constitutional bounds, as well as failing to provide adequate explanation for the move. On top of these political consequences, the removal also stirred up financial troubles. Jackson inadvertently triggered a "currency crisis" and the bank-fueled Panic of 1837

September 10, 1942
FDR mandates gas rationing

Following the example of several European nations, President Franklin D. Roosevelt mandated gasoline rationing in the U.S. as part of the country's wartime efforts. Gasoline rationing was just one of the many measures taken during these years, as the entire nation was transformed into a unified war machine: women took to the factories, households tried to conserve energy, and American automobile manufacturers began producing tanks and planes. The gasoline ration was lifted in 1945, at the end of World War II.

September 10, 1984
Mondale falls short

After a decade of inflation and fiscal mismanagement, the American economy was wallowing in debt. On September 10, 1984, Walter Mondale, the Democratic nominee for President, unveiled a plan to reduce the deficit by $175 million. Unfortunately for Mondale the plan was derided by a large portion of the public, including some of his fellow Democrats, mainly because it revolved around the always unpopular tax increase. Although the increases would only impact the wealthy and corporations, a strong backlash against Mondale's brand of "tax and spend" liberalism developed. Come November, President Reagan swept into a second term, winning every state in the nation except for Mondale's home state, Minnesota.

September 10, 1992
Tax cut proposal falls short

Fading fast in the '92 campaign, President George Bush fell back on an age-old crowd pleaser-the tax cut. Unfortunately for the GOP, the proposal, which called for a wide-ranging, 1 percent cut, didn't prevent Democratic challenger Bill Clinton from sweeping Bush out of office.

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September 11, 1789

First Treasury secretary is named

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September 12, 1966

NYSE head steps down

Tyco execs indicted

Three former executives from Tyco International, including the CEO and CFO, are indicted in New York on charges that they stole hundreds of millions of dollars from the company. Two of the men, CEO Dennis Kozlowski and CFO Mark Swartz, were later convicted and given lengthy prison sentences. The case became symbolic of the era’s corporate corruption and greed.

Kozlowski and Swartz were charged with using Tyco, a manufacturer of industrial products, as their private bank and looting $150 million while pulling in another $430 million by secretly selling large shares of company stock after its value had been artificially inflated. Among other things, the men took unauthorized loans from the company’s coffers and gave themselves enormous, unauthorized bonuses. In June 2002, three months before the indictments, Kozlowski resigned as Tyco’s chief just before he was charged with evading sales taxes on expensive paintings he’d purchased. At his Tyco trial in 2004, the former CEO’s lavish lifestyle was put on public display and the media had a field day with revelations of his conspicuous consumption. He once spent $6,000 on a shower curtain and $2 million--some of it Tyco money--on an extravagant birthday party for his wife. In April 2004, the case ended in a mistrial after a jury member holding out for an acquittal received a coercive letter from a stranger.

At a second trial in June 2005, the jury deliberated for 11 days before convicting Kozlowski and Swartz on multiple counts of grand larceny, securities fraud, conspiracy and falsifying business records. Each man was later sentenced to 8 1/3 years to 25 years in prison, while Kozlowski, 58, was ordered to pay $170 million in fines and restitution and Swartz, 45, was ordered to pay $72 million.

The summer of 2005 also saw other corporate executives pay a steep price for their white-collar crimes: Former WorldCom CEO Bernard Ebbers was sentenced to 25 years in prison for spearheading an $11 billion fraud that brought down the telecommunications giant, while Adelphia Communications chief John Rigas received a 15-year sentence for stealing hundreds of millions from the cable company. Among the companies that came to represent the corporate scandal and excess of the 1990s--Enron, Adelphia, Tyco and WorldCom--only Tyco survived. It was reorganized under new management and today has 250,000 employees around the world.

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September 15, 1909

Ford sues Selden

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September 16, 1903

Royce tests first gas engine

Durant founds GM

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September 17, 1868

 

Mint gets a name

 

The nation's six-year-old currency agency was officially christened as the Bureau of Engraving and Printing on this day.

 

September 17, 1968

 

LBJ goes after Chrysler

 

On September 17, 1968, an irate President Lyndon Johnson took Chrysler to task for its sky-high prices.

 

September 17, 1996

 

UAW fights Ford downsizing

 

The trend toward corporate downsizing that has been a hallmark of the '90s hasn't been propitious for the labor movement. However, on September 17, 1996, executives for the Ford Motor Company and the United Auto Workers (UAW) signed a three-year contract that promised to retain 95 percent of Ford's hourly wage jobs for union workers, regardless of retirements or departures. UAW made some concessions to management, including a "two-tier" wage scale for parts and assembly-line workers, but the resulting contract, which also increased workers' pension pay, was a victory for the union, especially in an era when competition-conscious corporations were either cutting jobs or shipping them overseas. The deal was so friendly to labor that it elicited quiet grumbles from Ford's fellow Big Three automakers. The Ford-UAW agreement hindered the rest of the industry's ability to push through planned job cuts. General Motors, for one, was gearing up to shrink its work force by 50,000 to 70,000 jobs. Not surprisingly, trouble came a few years later, as union workers at the GM plant in Flint, Michigan, hit the picket line to protest the company's plans to downsize.

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September 18, 1789

U.S takes first loan

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September 19, 1778

Young nation gets a budget

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September 22, 1995

Turner sells out

In between bankrolling sports franchises and unveiling new cable channels, media mogul Ted Turner found time to sell his broadcasting company to Time Warner Inc. The deal, initially inked on September 22, 1995, called for Time Warner to hand over $7.5 billion to create one of the world's largest media concerns, flush with roughly $20 billion in assets. While the merger promised to further pad Turner's coffers, it didn't sit so well with some of his shareholders. Cable heavyweights Comcast Corp. and Continental Cablevision ultimately limited their reactions to some well-publicized grousing, but US West, which held a $2.55 billion ownership stake in Time Warner Enterprises, wheeled into action with a lawsuit designed to halt the deal. To further complicate matters, the Federal Trade Commission (FTC) began a lengthy investigation centered on the anti-trust implications of the merger. It took Time and Turner a full year of negotiating to silence their critics and shape the acquisition to the FTC's liking. Finally, after sifting through over a million pages of documents and holding months of deliberations, the FTC approved the deal in September of 1996. While they didn't prevent the merger, the various delays put enough of a crimp on Time Warner's stock to cause the value of the deal to shrink to $6.5 billion.

September 22, 1997

IBM makes shareholders happy

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September 23, 1883

Treasury gets new leader

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September 24, 1789

The First Supreme Court

The Judiciary Act of 1789 is passed by Congress and signed by President George Washington, establishing the Supreme Court of the United States as a tribunal made up of six justices who were to serve on the court until death or retirement. That day, President Washington nominated John Jay to preside as chief justice, and John Rutledge, William Cushing, John Blair, Robert Harrison, and James Wilson to be associate justices. On September 26, all six appointments were confirmed by the U.S. Senate.

The U.S. Supreme Court was established by Article 3 of the U.S. Constitution. The Constitution granted the Supreme Court ultimate jurisdiction over all laws, especially those in which their constitutionality was at issue. The high court was also designated to oversee cases concerning treaties of the United States, foreign diplomats, admiralty practice, and maritime jurisdiction. On February 1, 1790, the first session of the U.S. Supreme Court was held in New York City's Royal Exchange Building.

The U.S. Supreme Court grew into the most important judicial body in the world in terms of its central place in the American political order. According to the Constitution, the size of the court is set by Congress, and the number of justices varied during the 19th century before stabilizing in 1869 at nine. In times of constitutional crisis, the nation's highest court has always played a definitive role in resolving, for better or worse, the great issues of the time.

 

September 24, 1869

Gold prices plummet

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September 29, 1804

Hillegas serves as first treasurer

The sad death of an inventor

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