A School History of the United StatesMcMaster, John Bach
History
A School History of the United States
McMaster, John Bach
United States -- History
These men were ahead of their time, and it was not till the August day,
1807, when Robert Fulton made his experiment on the Hudson, that the era
of the steamboat opened. His vessel, called the _Clermont_, made the
trip up the river from New York to Albany in thirty-two hours.
[Illustration: Model of the Clermont[2]]
[Footnote 2: Made from the original drawings, and now in the National
Museum.]
Then the usefulness of the invention was at last appreciated, and in
1808 a line of steam vessels went up and down the Hudson. In 1809
Stevens sent his _Phoenix_ by sea to Philadelphia and ran it on the
Delaware. Another steamboat was on the Raritan River, and a third on
Lake Champlain. In 1811 a boat steamed from Pittsburg to New Orleans,
and in 1812 steam ferryboats plied between what is now Jersey City and
New York, and between Philadelphia and Camden.[3]
[Footnote 3: On the early steamboats see McMaster's _History of the
People of the United States_, Vol. III., pp. 486-494.]
%286. The Currency; the Mint.%--Quite as marvelous was the change
which in five and twenty years had taken place in money matters. When
the Constitution became law in 1789, there were no United States coins
and no United States bills or notes in circulation. There was no such
thing as a national currency. Except the gold and silver pieces of
foreign nations, there was no money which would pass all over our
country. To-day a treasury note, a silver certificate, a national bank
bill, is received in payment of a debt in any state or territory. In
1789 the currency was foreign coins and state paper. But the
Constitution forbade the states ever to make any more money, and as
their bills of credit already issued would wear out by use, the time was
near when there would be no currency except foreign coins. To prevent
this, Congress in 1791 ordered a mint to be established at Philadelphia,
and in 1792 named the coins to be struck, and ordered that whoever would
bring gold or silver to the mint should have it made into coins without
cost to him. This was _free coinage._ As both gold and silver were to be
coined, the currency was to be _bimetallic_, or of two metals.[1] The
ratio of silver and gold was 15 to 1. That is, fifteen pounds' weight of
silver must be made into as many dollars' worth of coins as one pound of
gold. The silver coins were to be the dollar, half and quarter dollar,
dime and half dime; the gold were to be the eagle, half eagle, and
quarter eagle. Out of copper were to be struck cents and half cents. As
some years must elapse before our national coins could become abundant,
certain foreign coins were made legal tender.
[Footnote 1: The first silver coin was struck in 1794; the first gold,
in 1795; the first cent and half cent, in 1793.]
Public-domain text, read in full here on John Shaqi.
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