FEBRUARY 28 –1754 Happy birthday Revolutionary spy Benjamin Tallmadge; 1893 Edward Acheson patents carborundum; 1867 U.S. and Vatican sever ties
FEBRUARY 28
1878 – The Silverrites make a comeback as congress overrides Hayes veto of the bland-Allison act.
The passing of the Coinage Act of 1873 by President Ulysses Grant took silver out of American currency, which had a huge impact in European markets causing the Panic of 1873. Many folks known as silverrites were clamoring to have it put back as legal tender, so Missouri Democrat Representative Richard Bland and Iowa Senator William Allison joined forces to propose a bill which would have the U.S. Treasury purchase between $2 and $4 million worth of silver every month from western mines, at market rates, instead of a predetermined ratio nailed to the value of gold, and mint the silver dollars as legal tender.
But President Rutherford Hays wasn’t from Iowa and he wasn’t from Missouri. The dark horse was from Cincy OH and was more sympathetic to the bankers, so on this day in 1878 he vetoed the act, saying “Expedience and justice both demand an honest currency.” The silverrites would get a break however, and win at the end of the day as Congress overrode President Hayes’ veto.
Miners in the west felt the bill didn’t go far enough, since it didn’t include free and unlimited coinage of silver they wanted, but it did give them a little break. If you collect coins, chances are you have some of these; they’re called Morgan silver dollars. Gold would win in the end, however, as Ruther fraud Hays only allowed the $2M minimum issuance of silver.
Economists such as Milton Friedman argues another reason it didn’t work is because almost immediately after passing of the law, one silver certificate would have buy more silver if redeemed in the open market than could it if it were bought by the government.
In any case, the laws would later be repealed, the economy was still in a tailspin, and as a result James Garfield would win the next presidential election. To be continued.
1993 – ATF RAID THE Branch Davidian compound in Waco, TX.
David Koresh was a cult leader of the Branch Davidians, a spinoff from Seven Day Adventist Church at the Mount Carmel Center ranch near Waco. After a deliveryman accoidentally dropped a box full of what turned out to be grenades, the authorities were alerted and the Bueuar of Alchohol, Tobacco and Firearms, or the ATF, were called in.
The raid was unsuccessful and resulted in fouragents and six cult members were killed. This would prompt a 51-day standoff, and on April 19 he fedss moved in with tear gas. A fire brokw outk, and Koresh and 76 Branch Davidians, including women and children, were killed. Years later this would lead to the Oklahoma City bombing.
INVENTIONS/PATENTS:
1893 – Edward Acheson from Pennsylvania patents an abrasive he named carborudum.
He worked for the Wizard of Menlo Park, Tommy Edison, which is where he came pu with the Acheson process made to use Silicon carbide to this day. He also came up with a conducting carbon Edison could use in his light bulbs.
In civil war news…
1864 – Kilpatric-Dahlgren affair beings.
It started out with Union General Hugh Judson Kilpatrick taking 3,500 men so rescue POWs from the lightly defended capitol of the Confederate states in Richmond, VA. He was hoping to spread the word of President Lincoln’s Proclamation of Amnesty and Reconstruction. This would have offered a pardon and restoration of property to Confederate fighters. It was a failure of epic proportions. 21-year old Col. Ulrich Dahlgren stopped him and routed his men eastward. Dahlgren was killed in the ambush and the Confederates found papers on him that, instead of talking about Amnesty for the rebels, it was instead had instructions to burn Richmond and kill Confederate President Jefferson Davis and his cabinet. This was taken to the press and published in the Richmond Daily Examiner, but its authenticity is obviously disputed. It’s been pointed out that they were likely forged by the Confederates to stir morale in Virginia.
1844 – Tyler barely escapes accidental death on the USS Princeton.
Captain John Stockton did much of the design on this ship and was looking forward to showing it off. On February 28,. President Tyler, several other political bigwigs and wealthy New Yorker David Gardiner and his 20 year old daughter Julia, whom President Tyler had a big crush on, were on board cruising the Potomac on the big Princeton test run. On it was a new canon called the Peacemaker. Although it had not been tested, Stockton fired a couple rounds of cannon to the oohs and ahhs and applause f everyone on board.
Then President Tyler went down below for refreshments. While he was down there, Tyler’s Secretary of War talked Stockton to firing a third round. This one exploded the canon and killed six people, including David Gardiner and injured dozens others. It also nearly killed the president. As the boat docked at the Washington Navy yard, Tyler scooped Julia Gardiner to safety in his arms. Julia fell in love with him, and they were soon married.