Freedman 's Savings Gets Overdue Props In 1865, Congress established the Freedman’ Savings and Trust Co. with the purpose of helping former slaves build wealth. The bank closed in 1874 even though over 100,000 black Americans had deposited over $57 million in the Washington D.C. headquarters and the 37 city branches that spanned 17 states in just 10 years. According to Black Enterprise, the bank started strong, but a number of bad investments, financial mismanagement, and the expense of building a new headquarters building in Washington, D.C. wiped out its assets.
The Second Bank of the United States
In the 1920’s, the economy was booming, and businesses were earning significant profits.
Economic Issue: Forming the Second Bank- The second Bank of the United States was formed for many reasons.
In Doe v. Koger, a student with intellectual disabilities was expelled based on disciplinary issues. The school denied the student a due-process hearing for students with disabilities. When the family took the school district to court, it was ruled that before changing the placement of a student with disabilities through long term suspension or expulsion, a hearing must be held to determine whether the child’s inappropriate behavior was a result, or manifestation of his/her disability. Doe v. Kroger was a monumental court case in the history of special education because it determined that students with disabilities can in fact be suspended or expelled as a disciplinary measure, but only after a manifestation determination has taken place
War on national banks/economic decision: Jackson did not like the bank he said that the bank was unconstitutional Jackson hate on bank became a big issue in the presidential campaign of 1832 Henry Clay said that Andrew Jackson wanted to much power as the president When Andrew Jackson became president again he thought that that meant that the public approved his opinion on destroying the national bank on Andrew Jackson second term his goal was to destroy the bank before its charter ended in 1836 eventually the bank went out of business Jackson won the war but the economy was the victim. Andrew Jackson ended up getting rid of the National Bank and with the money that was in the bank he took it out and gave the money to a lot of smaller banks
Henry Wells and the Fargo was the founder of the Wells, Fargo Company. Henry Wells was the founder of the Wells and Company and Fargo was a partner in Livingston, Fargo and Company. Due to increase in the competition environment they both felt to join the American Express Company that was a major competitor. After the separation of the directors and others issues to American express, they decided to establish their own Company. On the march 18, 1852 they form Wells, Fargo & Co.
The Freedmen's savings and trust Company was created by United States congress officials. The Freedmen's saving and trust company were formed into a legal corporation on March 3, 1865, and was then referred to as the Freedmen's Bank. The Freedman's saving and Trust Company was a private corporation that was run by the U.S government to encourage and guide the economic development of newly freed African American communities. The Corporation was created after a nationwide conspiracy. During the Civil War small banks were established throughout the south to collect deposits from black soldiers and fugitive slaves that were working with the armed forces of the Union.
Wells Fargo has been in business for over 160 years and was founded on March 18, 1852, by Henry Wells and William Fargo. The company opened its first office, in San Francisco, on July 1852. Wells Fargo served the West with banking needs, which included gold and paper bank drafts, and offered quick delivery of gold or other valuables. In1855, the first of many financial dilemmas took place when a drought made it impossible to mine for gold, and this caused almost 200 businesses in San Francisco to fail, but Wells Fargo didn’t fail, they prospered. In the early1860s, Wells Fargo acquired almost all the stage lines from the Missouri River to California, giving them a monopoly on transcontinental delivery services.
1) -During the Great Recession Wells Fargo targeted black people and convinced them to take out subprime loans. Such actions lead to the result of Wells Fargo being sued in 2010 for discrimination and a year later settling the suit paying more than 174 million. -The early economy was built on slave labor. Not only did slaves build the Capitol building, but they built the White House too.
James K Polk, a very successful president, served as our 11th U.S. president from 1845 to 1849. Although he only served for one term, Polk became recognized for his great accomplishments such as extending the U.S. across the continent for the first time. James Polk, a Democrat who was almost unknown in the realm of politics, also ran for president of the United States in the hopes of becoming vice president but became a presidential nominee by accident. Immediately after winning the 1844 presidential election, Polk made a clear stance of his goals as leader to cut tariffs, reestablish an independent U.S. Treasury, secure Oregon territory, and to acquire California and New Mexico from Mexico. With these four major goals as president, James entered
After the Progressive Era ended which allowed many middle-class Americans to prosper, Americans faced economic turmoil when the Great Depression hit in the 1930’s. Many suffered hardships like losing their jobs or having their businesses shut down which was very difficult. Despite the challenges, the United States has managed to become one of the world’s most leading economical nations in the world, closely competing with eastern nations like Japan and China. But what induced this economic boost? Was it influenced by the stress of war?
In 1832 there was a proposal to renew its status as a federally regulated financial body that passed congress. The fact that it was a private corporation did not sit well with Andrew Jackson and his fellow Jacksonians because it was controlled by a few wealthy men. When the bill to recharter it arrived at Jackson’s desk, one of the reasons he vetoed it was because it gave the Bank control of the nation’s economy. The Bank would control how financial sources move within the nation and how they leave the nation. Jacksonian Democracy supported “laissez-faire” economics that called for minimal government interference or regulation of the economy.
It had been a height in the gold mining industry. Many would travel the Oregon Trail, aiming for California on the West Coast where large amounts of gold were found in mines and rivers. This sudden rush of news in the area of the West Coast had reached the other end of the continent in no time. This news excited many, therefore “one of the migrations stimulated by the discovery of gold was the internal westward movement of Americans from the eastern states who hoped to make fortunes in California” (California Gold Rush [1848-1858], 2014). Not only did the mine industry reach a high point during the Gold Rush, but so did the printing/publishing industry as well.
After these banks closed and very few reopened, if they did they were very strict about their rules. Resulting in extreme money decline as well as
