Major Business Milestones in U.s. History

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Economic history of the United States Summary

Major Business Milestones in U.s. History

Apr. 1820	Federal law allows settlers to purchase lands in western United States.
Dec. 1823	Monroe Doctrine established.
Mar. 1824	Supreme Court establishes federal authority over interstate commerce.
May, 1824	United States raises tariff on foreign goods.
May, 1828	Congress passes high import duty on foreign goods.
July, 1832	President Andrew Jackson vetoes Bank of U.S. rechartering.
Nov. 1832	South Carolina voids Tariff Acts of 1828, 1832.
Mar. 1833	Congress passes bill giving president power to enforce tariffs.
Sept. 1833	U.S. Treasury Secretary removes deposits from Bank of U.S.
Mar. 1834	Congress censures president over removal of funds from Bank of U.S.
June, 1834	Second Coinage Act changes silver/gold ratio, which undervalues silver.
Dec. 1835	United States becomes debt-free.
Feb. 1836	Bank of U.S. rechartered.
June, 1836	Congress passes Deposit Act requiring federal deposit bank in every state.
July, 1836	Payments for purchase of public land required in gold or silver.
May, 1837	Panic of 1837 triggers seven-year depression in the United States.
Aug. 1841	Congress passes new bankruptcy law.
Sept. 1841	President John Tyler vetoes bill to reestablish national U.S. bank.
July, 1846	Tariff reduced by Congressional action.
Jan. 1848	Gold rush era begins.

Sept. 1850	Land grants established to help pay for U.S. transcontinental railroad.
Aug. 1854	Congress reduces purchase price of federal lands.
Jan. 1855	First U.S. petroleum company is established.
Apr. 1857	Panic of 1857 triggers run on U.S. banks.
July, 1858	Gold discovered near Pike's Peak Colorado.
Aug. 1859	Pennsylvania site of major oil discovery.
May, 1862	Homestead Act establishes farming on public lands.
Feb. 1863	Congress passes National Banking Act.
June, 1864	Tariffs slashed by Congress.
Mar. 1865	Congress creates 10 percent tax on state bank notes.
Apr. 1866	Funding Act passed, creates conversion of securities into bonds.
July, 1866	Congress reduces Civil War taxes.
Mar. 1867	Congress passes Internal Revenue Act.
Feb. 1868	Congress suspends greenback retirement.
Mar. 1868	Congress cancels excise taxes.
July, 1870	Congress announces end of U.S. income tax in two years.
Feb. 1873	Coinage of silver dollars ends.
Sept. 1873	Five-year depression begins.
	U.S. Stock Exchange closes for ten days following stock collapse.
June, 1874	Amount of greenbacks in circulation is fixed.
Jan. 1875	Greenbacks can be redeemed in gold.
Jan. 1878	First U.S. commercial telephone exchange starts in Connecticut.
Jan. 1881	Western Union company is formed.
	Income tax declared unconstitutional.
Dec. 1886	American Federation of Labor is created in Columbus, Ohio.
Feb. 1887	Congress created Interstate Commerce Commission.
Oct. 1890	Tariff Act raises tariffs.
Apr. 1893	U.S. Treasury suspends issuance of gold certificates.
Jan. 1894	Treasury sells $50 million in bonds to resupply gold reserves.
Aug. 1894	Tariff Act creates two percent federal income tax.
Nov. 1894	United States issues additional $50 million in bonds to buy gold.
Feb. 1895	United States buys $65 million in gold.

July, 1897	United States raises tariffs to record levels.
June, 1898	War Revenue Act passed; establishes excise taxes.
Jan. 1901	Huge oilfield discovery in Texas.
May, 1901	Wall Street Panic over control of Northern-Pacific railroad.
June, 1901	J. P. Morgan consolidates U.S. Steel.
Jan. 1907	U.S. immigration reaches peak.
Oct. 1907	"Banker's Panic" sweeps banking industry, causing widespread failures.
Feb. 1908	Supreme Court rules Sherman Anti-Trust Act applies to labor unions.
Aug. 1909	Payne-Aldrich Tariff Act signed and reduces tariff rates.
June, 1910	Postal Savings System to pay interest of two percent.
May, 1911	Supreme Court orders break-up of Standard Oil.
Jan. 1913	Postal Service establishes Parcel Post.
Mar. 1913	Ford opens auto assembly line.
July, 1914	Stock Exchange closes as Europe slides into war.
Nov. 1914	Federal Reserve opens.
1915	Carrier Engineering is founded, creating commercial air conditioning.
Jan. 1915	Telephone service between New York and San Francisco begins.
Oct. 1915	U.S. banks loan $500 million to Great Britain and France.
Sept. 1916	Emergency Revenue Act doubles U.S. income tax rates.
Mar. 1917	Excess Profits Tax instituted.
Apr. 1917	Congress passes Emergency Loan Act to issue bonds for war effort.
Dec. 1917	Federal government assumes control of railroads.
Apr. 1919	Congress passes loan authorization to pay off war debt.
1920	Recession begins in United States following end of World War I.
Feb. 1920	Federal Reserve issues 7 percent discount rate.
June, 1924	Federal government reduces federal income tax rates.
Apr. 1923	Commercial air passenger service begins in United States.
July, 1928	Interest rates soar to record highs.
Feb. 1929	Federal Reserve refuses to support stock speculation.
Oct. 1929	Stock market prices plunge.
Nov. 1929	New York Stock Exchange reports record stock devaluation.

Dec. 1929	President Herbert Hoover signs income tax reduction bill.
June, 1930	Stock market reports additional steep value losses.
Dec. 1930	Bank of U.S. fails.
	Banks across United States close.
Sept. 1931	Bank panic closes 800 banks.
July, 1932	Dow Jones Industrial Average falls to record lows.
Dec. 1932	Treasury Certificates reach record low interest.
Feb. 1934	Congress votes on massive civil works and relief aid.
June, 1934	Congress creates Securities and Exchange Commission.
Feb. 1934	Congress votes to regulate crude oil.
Apr. 1935	Congress votes on work relief program for unemployed.
Aug. 1935	Congress votes on increases to income, inheritance, and gift taxes.
Jan. 1936	Congress imposes payroll tax.
May, 1938	Congress cuts corporate taxes.
June, 1939	IRS establishes minimum flat-rate corporate tax.
June, 1940	Federal taxes raised.
Oct. 1940	Corporate tax rate raised to 24 percent.
Sept. 1941	All federal taxes increased to fund increases in defense spending.
June, 1945	Federal reserve reduces gold reserve.
Nov. 1945	Revenue Act passed, slashes taxes raised during World War II.
July, 1946	Stock prices begin decline after years of growth.
Aug. 1948	Consumer Price Index peaks at record high values.
Aug. 1950	Federal Reserve Board urges end to inflationary loan practice.
Mar. 1954	Excise taxes slashed.
Aug. 1954	IRS changes federal tax code to allow greater depreciation.
Jan. 1955	United States shows full employment, increased consumer spending.
Aug. 1955	Congress raised minimum wage to $1.00 per hour.
Sept. 1957	Recession starts.
May, 1958	Largest peacetime business growth begins.
Jan. 1959	President Dwight D. Eisenhower endorses 52 percent hike in corporate tax rates.
May, 1961	Minimum wage raised to $1.25 per hour.
Oct. 1962	Congress passes Revenue Act allowing for investment tax credits.

Jan. 1963	President John F. Kennedy proposes major reduction in tax rates.
Nov. 1966	Congress suspends Investment Tax Credit.
Jan. 1967	President Lyndon B. Johnson proposes 6 percent surtax on income taxes.
June, 1968	Revenue Act adds 10 percent tax surcharge to federal taxes.
June, 1969	Prime lending rate reaches highest level of 8.5 percent.
	Consumer prices rise more than 6 percent since January.
Dec. 1969	Taxes reduced for poor and low income earners.
Mar. 1971	Social security benefits raised 10 percent.
Aug. 1971	President Richard M. Nixon takes United States off gold standard.
Jan. 1973	Wage and price controls instituted.
June, 1973	Minimum wage increased to $2.20 per hour.
Sept. 1973	Congress creates new ration: U.S. dollar to gold $42 per ounce.
Oct. 1973	Oil embargo begins.
Apr. 1974	End of wage and price controls.
Oct. 1974	President Gerald R. Ford proposes 5 percent income tax surcharge.
Dec. 1974	Federal Reserve reduces discount rate to 7.5 percent.
July, 1975	Social Security payments increased 8 percent.
Nov. 1977	Minimum wage raised to $3.35 per hour.
May, 1980	Leading Economic Indicators posts 4.8 percent drop, largest on record.
Dec. 1980	Prime lending rate reaches 21.5 percent, highest in history.
July, 1981	Congress passes Reagan tax cut plan.
Aug. 1982	Bull Market begins on Wall Street.
Sept. 1986	Congress passes tax reform act.
Oct. 1987	Stock market crashes 508 points in single day.
Oct. 1989	Minimum wage increased to $3.80 per hour.
Apr. 1991	Dow Jones Industrial Average breaks 3000.
Dec. 1995	Dow Jones breaks 5117.
July, 1997	Congress passes largest tax cut package in 16 years.
Oct. 1997	Dow Jones falls 554 points in one day.
Aug. 1998	Dow Jones falls 512 points in single day.
Sept. 1998	Congress passes $80 billion tax cut.
Oct. 1998	Federal Reserve cuts rate by 0.025 to 5 percent.
2000	Internetdot.com businesses blossom.

May, 2000	Federal Reserve reduces prime rate to 6.5 percent.
Jan. 2001	Federal Reserve reduces prime rate to 6 percent.
Mar. 2001	Prime rate dropped to 5.5 percent.
Apr. 2001	Prime rate dropped to 5 percent.
	Dot.coms collapse, technology stocks plummet.
May, 2001	Prime rate dropped to 4.5 percent.
June, 2001	Prime rate dropped to 4 percent.
Aug. 2001	Prime rate dropped to 3.5 percent.
Sept. 2001	Terrorist attacks against the United States devastate economy.
	Prime rate dropped to 3 percent.
Oct. 2001	Prime rate dropped to 2.5 percent.
Nov. 2001	Prime rate dropped to 2 percent.
Dec. 2001	Prime rate dropped to 1.75 percent.

Frank Sietzen, Jr.

Bibliography

Schlesinger, Arthur M., Jr., and John S. Bowman, eds. Almanac of American History. New York: G.P. Putnam & Sons, 1983.

The World Almanac and Book of Facts. Mahwah, New Jersey: Primedia Reference Group, 1998.

Internet Resources

CNN/Money. <http://money.cnn.com>.

US Department of Commerce. <http://www.commerce.gov> .

Duke University. Chronology of Economic, Political, and Financial Events in the United States. <http://www.duke.edu/~charvey/Co untry_risk/chronology/us-events.htm� 03e;.

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