Friday, September 28, 2012

I love Financial History!

Yesterday I had the pleasure of meeting the President and CEO of the Museum of American Finance on Wall Street.  Among many fascinating items I viewed the very first Treasury Bill to be issued.  Done during the Jefferson administration by Treasury Secretary Albert Gallatin, it raised money to complete the Louisiana Purchase.  Ironically, it was issued to a British bank.  So financing came from England in order to pay Napoleon who then used the money to fight England.

I highly recommend a visit to MOAF if you are or will be in NYC!

Tuesday, August 28, 2012

Another Great American Tradition: Fiat Currency

"Apart from medieval China, which invented both paper and printing centuries before the West, the world had never seen government paper money until the colonial government of Massachusetts emitted a fiat paper issue in 1690."  - A History of Money and Banking in the United States, Murray N. Rothbard

And that's all you really need to know about the history of American Finance.

Sunday, August 26, 2012

Fear does things so like a witch....

'Tis hard to distinguish which is which.

Joseph Plumb Martin, then 16 years old, relates the panic among the American troops as they were about to face the overwhelming British invasion in Brooklyn, August 23, 1776.

"I saw a Lieutenant who appeared to have feelings not very enviable...  for he ran round among the men of his company, sniveling and blubbering, praying each one if he had aught against him, or if he had injured any one that they would forgive him, declaring at the same time that he, from his heart, forgave them if they had offended him, and I gave him full credit for his assertion; for had he been at the gallows with a halter about his neck, he could not have shown more fear or penitence."

Thursday, August 23, 2012

Gen Howe's Retirement or Tilt and Tournament according to the rules of ancient chivalry

In 1778 General (Sir) William Howe asked to be relieved of command.  The army was at Philadelphia when the news was received that King George III granted his wish.  In celebration the Royal Officers engaged in a few weeks of "Tilt and Tournament" in the manner of King Arthur and the Knights of the Round Table.  I kid you not.  The story starts midway down page 241:

"Upon the suspension of Sir William Howe,,,"

Wednesday, August 22, 2012

Female Patriot

To those ladies still drinking tea while their husbands were protesting the tea tax:
New York City Revolutionary War Broadside Female Patriot

Female Patriot Broadside 1770 (larger version)




Google Books

There are some great books about NYC history before and during the American Revolution available for download from google books.

On Whigs and Tories

"Adam Smith believed that all governments in the world could be reduced to just two-monarchies and republics-and that these were rooted in two basic types of personalities: monarchists, who loved peace and order, and republicans, who loved liberty and independence."*   Jefferson thought "the sickly, weakly, timid man, fears the people and is a Tory by nature.  The healthy, strong and bold, cherishes them, is formed a Whig by nature."**
* Gordon S. Wood, The Radicalism of the American Revolution
** The Writings of Thomas Jefferson, (New York, 1898)


Welcome!

I'm always finding stuff that I think is great to add to my tours but am disappointed that previous customers don't get the benefit of this new info.  I decided to start a blog to share these bits.  So, here goes...