Known as the ‘Sailor King’ (for 10 years the young Prince William, brother of George IV, served in the Royal Navy), he was the third son of George III. Before his accession he lived with a Mrs. Jordan, an actress, by whom he had ten children. When Princess Charlotte died, he had to marry in order to secure the succession. He married Adelaide of Saxe-Coburg in 1818. He had two daughters but they did not live. He hated pomp and wanted to dispense with the Coronation. The people loved him because of his lack of pretension. During his reign Britain abolished slavery in the colonies in 1833. The Reform Act was passed in 1832, this extended the franchise to the middle-classes on a basis of property qualifications.
In 1830, Englishman Edwin Bear Budding was granted the patent for the first mechanical lawn mower, based on a tool used to uniformly cut carpet and comprised of a series of blades around a cylinder. Nearly 40 years later, the reel lawn mower came to the United States.
The Whig Party was a political party formed in 1834 by opponents of President Andrew Jackson and his Jacksonian Democrats. Led by Henry Clay, the name “Whigs” was derived from the English antimonarchist party and and was an attempt to portray Jackson as “King Andrew.” The Whigs were one of the two major political parties in the United States from the late 1830s through the early 1850s. While Jacksonian Democrats painted Whigs as the party of the aristocracy, they managed to win support from diverse economic groups and elect two presidents: William Henry Harrison and Zachary Taylor. The other two Whig presidents, John Tyler and Millard Fillmore, gained office as Vice Presidents next in the line of succession.
Chicago was incorporated as a town in 1833 and as a city in 1837, when its population reached 4,000. In 1848 Chicago got its first telegraph and railroad.
In 1835, German chemist Justus von Liebig developed a process for applying a thin layer of metallic silver to one side of a pane of clear glass.
Martin Van Buren was the eighth President of the United States (1837-1841), after serving as the eighth Vice President and the tenth Secretary of State, both under President Andrew Jackson.
John Pierpont Morgan was an American financier and banker who dominated corporate finance on Wall Street throughout the Gilded Age.
Victoria turned 18 on 24 May 1837, and a regency was avoided. Less than a month later, on 20 June 1837, William IV died at the age of 71, and Victoria became Queen of the United Kingdom.
Victoria was the only child of Princess Victoria of Saxe-Coburg and Edward Duke of Kent, fourth son of George III. The throne Victoria inherited was weak and unpopular. Her Hanoverian uncles had been treated with irreverence. In 1840 she married her cousin Albert of Saxe-Coburg. Albert exerted tremendous influence over the Queen and until his death was virtual ruler of the country. He was a pillar of respectability and left two legacies to the UK, the Christmas Tree and the Great Exhibition of 1851. With the money from the Exhibition several institutions were developed, the Victoria and Albert Museum, the Science Museum, Imperial College and the Royal Albert Hall. The Queen withdrew from public life after the death of Albert in 1861 until her Golden Jubilee in 1887. Her reign saw the British Empire double in size and in 1876 the Queen became Empress of India, the ‘Jewel in the Crown’. When Victoria died in 1901, the British Empire and British world power had reached their highest point. She had nine children, 40 grand-children and 37 great-grandchildren, scattered all over Europe
In this period, only state-chartered banks existed. They could issue bank notes against specie (gold and silver coins) and the states heavily regulated their own reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. These banks had existed since 1781, in parallel with the Banks of the United States. The Michigan Act (1837) allowed the automatic chartering of banks that would fulfill its requirements without special consent of the state legislature. This legislation made creating unstable banks easier by lowering state supervision in states that adopted it. The real value of a bank bill was often lower than its face value, and the issuing bank’s financial strength generally determined the size of the discount. By 1797 there were 24 chartered banks in the U.S.; with the beginning of the Free Banking Era (1837) there were 712.
During the free banking era, the banks were short-lived compared to today’s commercial banks, with an average lifespan of five years. About half of the banks failed, and about a third of which went out of business because they could not redeem their notes.(See also “Wildcat banking”.)
During the free banking era, some local banks took over the functions of a central bank. In New York, the New York Safety Fund provided deposit insurance for member banks. In Boston, the Suffolk Bank guaranteed that bank notes would trade at near par value, and acted as a private bank note clearinghouse
The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down; unemployment went up; and pessimism abounded.
The panic had both domestic and foreign origins. Speculative lending practices in the West, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Britain were all factors.
On May 10, 1837, banks in New York City suspended specie payments and so would no longer redeem commercial paper in specie at full face value. Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. From 1837 to 1844, generally speaking, deflation in wages and prices occurred
John Davison Rockefeller Sr. was an American business magnate and philanthropist. He is widely considered the wealthiest American of all time and the richest person in modern history. Rockefeller was born into a large family in upstate New York that moved several times before eventually settling in Cleveland, Ohio.