Business and Finance in New Nation America
4 July 1789- The US Congress passes the first tariff act.Â This act placed a tax of 8.5% on the import of 20 types of items.Â Imports arriving on American ships received a 10% discount on the tariff paid
20 July 1789- The Congress passed the tonnage act- this act put a 50 cents a ton fee on foreign vessels entering the US
1789- German immigrant John Jacob Astor buys his first piece of land in New York.Â Astor is to become the first multimillionaire in the US history.
1789- The first labor strike takes place in Philadelphia when shoemakers call a nine-day strike to demand higher wages.Â Their demands are met and the strike ends.
14 January 1790- Alexander Hamilton presents his first report on finance.Â He reports that the US has $11,710, 379 in foreign debt primarily to France and Holland, domestic national dept of $40,414,046 and an estimated state debt of 25 million
10 August 1790.Â The Columbia captained by Robert Gray sails into Boston Harbor.Â The Columbia completed the first American circumnavigation (going fully around) of the world.Â The voyage took three years to complete
21 December 1790 Samuel Slater begin the operation of the first American cotton mill.Â Slater had observed British mills in operation and was able to reconstruct from memory all of the equipment.Â The opening of Slater factory in Rhode Island marked the beginning of the Industrial revolution in the United States
3 March 1791- The Congress passes the Whiskey revenue act.Â The act puts an excise taxes on liquors and stills
April 2 1792- the Congress passed the Coinage Act.Â The act created the first US mint in Philadelphia.Â The mint was creating US coins and establish a ratio of 15 to 1 between gold and silver.
July 1794- The Whiskey rebellion breaks out
June 6 1798 Congress passes a bill outlawing the imprisoning debtors.Â This eliminates debtor prisons in the Untied States.Â
January 8, 1802 â€“ Under terms of the Jay treaty a commission was appointed to settle the financial claims of British merchants and loyalist. The commission concluded that the United State owed them $2,664,000
May 25 1805- A strike by Philadelphia Shoemakers is broken up and its members are arrested and charged with conspiracy.
February 20, 1811 -The Congress decides not to renew the charter of the Bank of United States
March 14 1816- The Second Bank of the United States is authorized by Congress.
April 27 1816- The tariff act of 1816 is passed.Â It maintains a high protective tariff on imported goods
June 11 1816 Baltimore becomes the first city to establish a gas company to provide street lighting.
December 20 1816- The Provident Institute For Saving is chartered in Boston, becoming the first savings bank in the US.