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During the Panic, the national unemployment rate increased from 13.7% in 1895 to 14.5% in 1896, which persisted until 1898. [8] A series of high-profile banker suicides took place in December 1896 and January 1897 in Chicago in the wake of the failure of the National Bank of Illinois along with the Adolph Luetgert murder case. [9] [10]
A Guide Book Of United States Paper Money: Complete Source for History, Grading, and Prices by Arthur L. Friedberg (Compiler), Ira S. Friedberg (Compiler), and Q. David Bowers. ISBN 0-7948-1786-6 FRBSF currency exhibit Archived 2006-01-26 at the Wayback Machine
The War Revenue Act of 1898 was introduced to fund American participation in the Spanish–American War. The people of Cuba had been seeking independence from Spain for several years, and after the destruction of the USS Maine (ACR-1) in Havana harbor on February 15, diplomatic relations between the U.S. and Spain dramatically worsened.
With the passage of the act, greater flexibility in the money supply was assured, and provision was made for issuing federal reserve notes—paper dollars—to meet business demands. The Fed opened in 1914 and played a central role in funding the World War. After 1914, issues of money and banking faded away from the political agenda. [158]
One Straits one dollar banknote from 1935 One Straits one cent coin from 1920. The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. [1] At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Kingdom of Sarawak, Brunei, and British North Borneo.
The postal notes and postal orders of the other three entities were also allowed to be paid in the Orange Free State under the terms of the South African Postal Union Convention (which came into effect on 1 January 1898), but the postal notes and the postal orders had to be repatriated back to the issuing entity after being cashed.
The Philippine Declaration of Independence was not recognized by either the United States or Spain, and the Spanish government ceded the Philippines to the United States in the 1898 Treaty of Paris, which was signed on December 10, 1898, in consideration for an indemnity for Spanish expenses and assets lost. [50]
Congress continued to issue paper money after the Civil War, the most important of which was the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913. Since the discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), US dollar notes have since ...