Our Initial Saving Money Framework Essay

12. Describe an alternative investment that you might invest in someday, and explain why this investment is appealing to you. (2-4 sentences. 2.0 points) Peer-to-peer lending. It's a high return investment but also high risk. There are ways to invest in Peer-to-peer to minimize risk. It's a great alternative investment option.

The bank provided credit to growing enterprises, issued bank notes which served as a dependable medium of exchange throughout the country, and it exercised a restraining effect on the less well manages state banks. Nicholas Biddle, who ran the Bank, tried to put the institution on a sound and prosperous basis. But Andrew Jackson was always determined to destroy it (Brinkley, 249). The Bank had two opposition groups: the “soft-money” faction and the “hard-money” faction. Soft money advocates objected to the Bank of the United States because it restrained the state banks from issuing notes freely. Hard money advocates believed that coin was the only safe currency, and they condemned all banks that issued bank notes.

Throughout all of history there have been many presidents. In this paper I will be explaining about how the 7th president Andrew Jackson created Andrew Jackson and the Whig Party were similar in many ways, but Jackson started the Spoils System, Indian Removal Act, The Bank War, and created the Whig Party, which then followed him throughout his presidency. So what was Andrew Jackson’s life like before he became the 7th president of the United States of America. Andrew Jackson was born along the border of North and South Carolina and was born on March 15th, 1767.

When the idea of the first U.S bank was proposed in 1790 the antifederalists believed that the banks should be primarily controlled by the states according to the 9th Amendment, while federalist believed that those kinds of powers should be held by the government. In one of his letters Hamilton stated, “If all the public creditors receive their dues from one source [the government]…their interest[s] will [be] the same. And having the same interests, they will unite in support of the fiscal arrangements of the government.”1 This showed that Hamilton, and the federalists, believed that if financial matters were controlled by one bank more loaners would support the government. The political parties’ opposing views on topics such as this made the process of approval more

After Congress refused to open a National Bank prior to the war, the states began establishing their own banks. This resulted in numerous amounts of currency that varied from state to state. People were confused as to which currency have the most value. The Second Bank of the United States was created to provide some structure to the currency system. This bank was designed to support congressman of the western and southern parts of the United States. John Calhoun drafted a bill regarding the Second Bank of the United States (Schultz

It was one of the earliest monetary policies to institute the circulation of paper money on a national level. Customers would deposit their gold coins for storage into a bank for a small fee. In return, they received bank receipts, which were then used as paper money in place of valuable elements like gold. The idea of using bank notes as paper money quickly gained popularity because they were, of course, much easier and more convenient to transport and exchange than heavy gold coins.

In the early years of the Republic, states came often in front of the Supreme Court to resolve disputes of issue of the supremacy of the National Government. In 1803 the case Marbury v. Madison held that Congress cannot pass laws that are contrary to the Constitution, and it is the role of the Judicial System to interpret what the Constitution permits. The discrepancies between the Federal Government and the States occurred often, as the States were not happy to give up their power to the Federal Government. Late 1810 raised the issue of the financial stability of the states, banks were comprehended as the symbol of power and privilege, and were despised by the vast majority of the people. During the Anglo-American War in 1812, many banks collapsed under the tough economic atmosphere. Survival Banks chartered by the states were also not in good position. They lacked sufficient credit to support during the War-time and in the post-war situation also. In 1811, the charter of the First Bank of the United States has been expired, and the federal government found itself not able to finance the war. In 1816, Congress accorded a charter to the Second Bank of the United States and contributed with one-fifth of the bank’s capital of $35 million. Before the Federal Governemnt chartered the Second Bank of the United States, and before a single form of currency was set, the state chartered banks had less government restrictions and were able to speculate on their bank policies. They

In 1764 The Currency Act was passed. The act banned the use of paper money in all colonies. In passing this, the British government was attempting to stop inflation and create uniform currency. This Act made paper money worthless. The British government didn't give the colonies enough time to exchange their money and it’s lack of process created chaos and inconsistency. Britain should have given the colonies more time to trade their money since it was Britain's idea to make such a tremendous adjustment to their system (Martin, The Events That Led to the American Revolution).

The primitive monetary instruments had a profoundly dynamic assistant nature, had no inborn quality. Their operation did not suggest the utilization of any particular item, but rather just the reference to a theoretical money related unit. Regardless of the possibility that the unique money related unit were symbolized by a given particular stock, this stock never took an interest in the operations, since what was implied was to make a conceptual reference to its worth, and not to trade different merchandise for it. Hence, currency was not, subsequently, created by a flash of brilliance, but rather originated from a need, and its development has reflected, at every time, the readiness of man to orchestrate its currency features to the reality of its economy. Perhaps even more importantly, invention of currency was the mother step in a new monetary system that has led to the birth of electronic banking and credit cards. To infer, pretty much as human advancement from viciousness to development has relied on upon the invention of currency, future advancement will rely on another definition and utilization of

The United States Mint is responsible for producing and circulating all coinage for use in economic trade or commerce. However, few are actually aware of the history behind this financial intuition. In the beginning of America’s days as a colony, each state produced its own currency or accepted foreign coins as a means of payment. Massachusetts was the first of the colonies to produce a paper currency, which later gave rise to Continental Currency in an effort to finance the Revolutionary War. However, these paper notes had no solid backing of any kind other than predicted taxes revenue collected from each colony. In 1781, The Continental Congress sought to increase confidence in its currency through the establishment of The Bank of North America in Philadelphia, which was then the capital. The printing of money was left to private banks who printed notes of all kinds. As a result, paper notes and coins were easily counterfeited. Silver bullion coins were easily pressed and engaged with images and the exchange rate varied throughout each colony.

1. Early currency issues in America-In 1690, early Americans in the Massachusetts Bay Colony were the first to issue paper money in the colonies to meet the high demand for trade,also a response to the shortage of coins, which were primarily used as money at the time.

Issuing currency was not just limited to the banks now there were many other industries that could as well such as the railroad industry. These issues of banknotes created some major problems. One problem was that because of the different currency there was different sizes and designs on them which made them confusing to read at times. Another problem was that many of the notes traded at a discount, this means that it trades for less than its face value. The amount that the note would be discounted was determined by two key factors. The first was the distance between the issuing bank and the paying bank. The second was the perception the paying bank had about the issuing bank. To try to bring some standard to this, printers would publish banknote reporters. These banknote reporters would allow businessmen to have a better way of measuring the value of the currency that was out there (Philadelphia). Even though there were these banknotes it was still

For the Saving Money Project I decided to buy a hover board for $399.99. The amount of money I actually got was $324.64. I needed to earn $75.35 more. I was not frivolous with my money, in fact I think that I saved the most money possible. When I could I would buy the cheaper item or earn more money or earn money instead of spending money. So, I do not think there was anything I could have done better, the problem was only that the max amount of money was not enough to get the amount of money that I needed. The only problem that I had difficulty with was the one on December 18, the second babysitting problem. I did not understand that the chart had a completely different pattern than the one that I thought it was so when I tried to make

The U.S monetary system started in 1690 before America was a new nation in 1776. In these colonial times, paper currency was recognized. The Massachusetts Bay Colony used the currency as a response to shortage of coin. In addition, the colony also used paper currency to pay for military expeditions. (Philadelphiafed.org). Colonial cash quickly lost its worth because colonist could not redeem it for gold or silver. Colonies would issue too much of this paper money resulting in inflation and in turn would make the bills worthless because of the loss of commodity backing. (Philadelphiafed.org).

The history of paper money in the United States is a fascinating topic. For much of history, money itself was valuable, because it was made of gold or silver or another precious resource. In order to use paper money, a government must have a way of backing it, or giving it a perceived value that people can trust. One particular thing to consider in this broad topic is how this system affected national debt. The government started this system to pay off debt, but in reality it only caused more debt.