Today is Betsy Ross’s birthday and I found an article on Have Fun With History about Betsy!

From havefunwithhistory.com:

Betsy Ross, born on January 1, 1752, in Philadelphia, Pennsylvania, is a prominent figure in American history known for her role in the creation of the first American flag. While her life and contributions are often celebrated, some aspects remain shrouded in legend and debate. This brief introduction provides a glimpse into the life of Betsy Ross, a woman whose association with the American flag has left an indelible mark on the nation’s history and identity.

Betsy Ross Facts

1 Born on January 1, 1752, in Philadelphia, Pennsylvania

Betsy Ross was born as Elizabeth Griscom in the bustling colonial city of Philadelphia. She was one of 17 children in her family, and her Quaker parents, Samuel Griscom and Rebecca James, raised her in the Quaker faith.

2 Married John Ross in 1773

In 1773, Betsy Ross married John Ross, who was an Anglican vestryman and an upholsterer by trade. Together, they established an upholstery business in Philadelphia. However, their marriage was short-lived due to John Ross’s untimely death in 1776 during the early years of the American Revolutionary War. Despite the brevity of their marriage, Betsy Ross continued to work in the upholstery trade after his passing.

3 Known for her role in creating the first American flag

Betsy Ross is most renowned for her association with the creation of the first American flag. According to legend, she was approached by a committee consisting of George Washington, George Ross (John Ross’s uncle), and Robert Morris in June 1776. They presented her with a rough design of the American flag, which had 13 stars and 13 stripes, representing the 13 American colonies. Betsy Ross is said to have suggested changes to the design, including the use of a five-pointed star and the arrangement of stars in a circle. While the exact historical accuracy of this story remains debated, it has become a cherished part of American folklore, and Betsy Ross is widely recognized for her association with the creation of the American flag.

4 Traditionally credited with suggesting design modifications for the flag

As previously mentioned, Betsy Ross is traditionally credited with suggesting design modifications to the American flag presented to her by George Washington and the committee. According to the legend, she proposed using a five-pointed star instead of a six-pointed one, as well as arranging the stars in a circular pattern. This circular arrangement made it easier to create the stars, as opposed to the more complex design of a star within a star.  While there is some debate among historians about the accuracy of this specific account, there is no doubt that Betsy Ross was an accomplished flag maker, and her contributions to early American flag design are celebrated.

5 The first American flag she created had 13 stars and 13 stripes

Betsy Ross’s most famous creation was the first American flag, which she is believed to have sewn in 1776. This flag had 13 stars, representing the 13 original colonies, and 13 stripes, alternating red and white, symbolizing the same colonies. The design was intended to reflect the united efforts of the American colonies in their struggle for independence from British rule. The stars and stripes have since become iconic symbols of the United States and its history.

6 Operated an upholstery business with her first husband, John Ross

Betsy Ross and her first husband, John Ross, ran an upholstery business together in Philadelphia. Upholstery involved the crafting and repair of furniture, making draperies, and creating various fabric-based items. While John Ross was also involved in the early stages of the American Revolution, Betsy’s skills as a seamstress and upholsterer became particularly valuable during this time. After John’s death in 1776, Betsy continued to manage and operate the upholstery business on her own. Her ability to work with fabrics and textiles likely contributed to her involvement in flag-making, and she remained an active and skilled craftsman throughout her life.

7 Married three times in her lifetime

Betsy Ross had a complex personal life, marked by three marriages. Her first marriage was to John Ross in 1773. After his death in 1776, she married Joseph Ashburn in 1777. Tragically, Ashburn died while imprisoned by the British during the Revolutionary War. Betsy’s third marriage was to John Claypoole in 1783, and together they had five daughters. Betsy’s marriages were intertwined with the challenges and turmoil of the Revolutionary period.

8 Widowed multiple times, her husbands had ties to the Revolutionary War

All three of Betsy Ross’s husbands had direct or indirect connections to the American Revolutionary War. John Ross died early in the war, Joseph Ashburn was a sailor who suffered the hardships of wartime captivity, and John Claypoole was a veteran of the Continental Army. Betsy’s personal life was deeply affected by the conflicts and challenges of the Revolutionary period.

9 Died on January 30, 1836, at the age of 84

Betsy Ross lived a long life and passed away at the age of 84. Her death occurred on January 30, 1836, in Philadelphia, Pennsylvania. Her legacy, particularly her association with the creation of the American flag, continued to be celebrated after her death, and she remains a notable figure in American history.

10 Buried at the Free Quaker Burying Ground in Philadelphia

Betsy Ross was buried at the Free Quaker Burying Ground in Philadelphia, Pennsylvania. The Free Quakers were a group of Quakers who broke away from the mainstream Quaker community during the American Revolution because they supported the American cause. Betsy Ross’s burial at this historic site is a testament to her affiliation with the Free Quakers and her enduring connection to the Revolutionary period.

SOURCE: HAVEFUNWITHHISTORY.COM

Jimmy Carter believed in UFOs

In 1973, four years before becoming the 39th president of the United States, Jimmy Carter filed a report of a UFO sighting in Georgia in 1969. He called it “the darnedest thing I’ve ever seen.” He promised, if elected president, to disclose government information about UFOs, but backpedaled while in office.

Abraham Lincoln was a licensed bartender

Before he became the 16th president, Abraham Lincoln was a bartender and bar owner. He partnered with a friend to buy a bar in Illinois but gave it up to become a lawyer shortly thereafter. He remains officially the only U.S. president to be a licensed bartender.

John Adams named his dog Satan

Plenty of U.S. presidents have had dogs as pets in the White House, but only one had a dog named after the devil himself. Satan was one of the pooches belonging to the second U.S. president, John Adams. No word on whether Satan lived up to its name.

We had a 24-hour president

Ever hear of President David Rice Atchison? If the answer is no, that’s probably because he was only president for a day. In 1849, the inauguration of Zachary Taylor landed on a Sunday, and the religious incumbent refused to be sworn in on a holy day. He had Atchison stand in for him.

James Monroe attacked his rival with red-hot tongs

After backing down from running against James Monroe in the presidential election, William H. Crawford accepted a position as his secretary of the Treasury. During a fight between the two men, the fifth U.S. president chased the politician out while brandishing a set of tongs from his fireplace.

Thomas Jefferson had a comically positioned bed

Jefferson famously served out his tenure at his estate, Monticello. Though his home was vast in size, he preferred to squeeze his bed into a tiny alcove that provided zero room at the foot and head of the bed. He’s thought to be the originator of the alcove bed layout.

Presidents Day is technically called Washington’s Birthday

Presidents Day has a more complex history than one might think. After George Washington died in 1799, his supporters recognized his birthday as a day of remembrance. In 1885, his birthday became a federal holiday for the country. Later, in 1968, a new bill made certain federal holidays on Mondays and combined birthday celebrations for Washington and Lincoln into Presidents Day. According to the United States Code, however, that February holiday is technically still called Washington’s Birthday and never officially changed to Presidents Day. Federal code permits local governments and private businesses to name federal holidays whatever they want, so most states call it Presidents Day.

Three presidents married while in office

President John Tyler remarried in 1844 after the death of his first wife. Woodrow Wilson also remarried after the death of his wife, in 1915. And before his wedding, Grover Cleveland was one of two White House bachelors. (The other was James Buchanan, who never married.) Cleveland is also the only U.S. president to marry in a White House ceremony.

Martin Van Buren made “OK” popular

Experts don’t definitively know the origin of “OK.” People suggest it has origins in Native American language or Sub-Saharan African language, among other possibilities. They do know that Martin Van Buren helped popularize the expression. One of his nicknames was “Old Kinderhook,” the town he was from in New York. During his election campaign in 1840, people held signs with, and chanted, “OK.”

“Billy Possums” was meant to replace “Teddy Bears”

President Theodore Roosevelt inspired the name “Teddy Bears.” Roosevelt chose not to shoot a bear on a hunting trip, asking to put down the already injured bear humanely instead. Newspapers made cartoons of the event, and Morris Michtom, a candy shop owner, asked Roosevelt’s permission to sell stuffed bears in his shop and call them “Teddy Bears.” Once William H. Taft became president, toy makers worried that the bears wouldn’t be as popular. They came up with an alternative toy to name after Taft—”Billy Possums.” In 1909, the U.S. president ate possum in Georgia, inspiring the rival toy that never came close to the popularity of the Teddy Bear.

Ronald Regan consulted with an astrologist while in the White House

Joan Quigley was Ronald and Nancy Reagan’s astrologist while they were in the White House. Quigley only met the president once, but she did communicate regularly with the first lady. Quigley was reportedly responsible for timing conferences, speeches, takeoffs and landings, and even the State of the Union address. The president kept a color-coded calendar of good and bad days according to astrological rules and circumstances, based on information from Quigley. In her book, Quigley even claims she could have predicted the assassination attempt on his life—but at the time she hadn’t drawn up his charts.

George H.W. Bush inspired a Japanese slang word

In 1992, George H.W. Bush vomited on the prime minister of Japan at a state dinner in Tokyo while in Asia for a 12-day trip. After the incident, the term Bushu-suru—”do a bush”—became a popular Japanese slang word for vomiting.

John Quincy Adams kept a detailed, 51-volume diary

Here’s the last of our president facts: John Quincy Adams began keeping his 14,000-page journal in 1779 at the age of 12. He continued until shortly before his death in 1848. People can read the whopping 51 volumes online.

SOURCE: READERSDIGEST

November 20, 1910–November 30, 1910

In November 1910, six men – Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg – met at the Jekyll Island Club, off the coast of Georgia, to write a plan to reform the nation’s banking system. The meeting and its purpose were closely guarded secrets, and participants did not admit that the meeting occurred until the 1930s. But the plan written on Jekyll Island laid a foundation for what would eventually be the Federal Reserve System.

The Need for Reform

At the time, the men who met on Jekyll Island believed the banking system suffered from serious problems. The Jekyll Island participants’ views on this issue are well known, since before and after their conclave several spoke publicly and others published extensively on the topic. Collectively, they encapsulated their concerns in the plan they wrote on Jekyll Island and in the reports of the National Monetary Commission.

Like many Americans, these men were concerned with financial panics, which had disrupted economic activity in the United States periodically during the nineteenth century. Nationwide panics occurred on average every fifteen years. These panics forced financial institutions to suspend operations, triggering long and deep recessions. American banks held large required reserves of cash, but these reserves were scattered throughout the nation, held in the vaults of thousands of banks or as deposits in financial institutions in designated reserve and central reserve cities. During crises, they became frozen in place, preventing them from being used to alleviate the situation. During booms, banks’ excess reserves tended to flow toward big cities, especially New York, where bankers invested them in call loans, which were loans repayable on demand to brokers. The brokers in turn loaned the funds to investors speculating in equity markets, whose stock purchases served as collateral for the transactions. This American system made bank reserves immobile and equity markets volatile, a recipe for financial instability.

In Europe, in contrast, bankers invested much of their portfolio in short-term loans to merchants and manufacturers. This commercial paper directly financed commerce and industry while providing banks with assets that they could quickly convert to cash during a crisis. These loans remained liquid for several reasons. First, borrowers paid financial institutions – typically banks with which they had long-standing relationships – to guarantee repayment in case the borrowers could not meet their financial obligations. Second, the loans funded merchandise in the process of production and sale and that merchandise served as collateral should borrowers default. The Jekyll Island participants also worried about the inelastic supply of currency in the United States. The value of the dollar was linked to gold, and the quantity of currency available was linked to the supply of a special series of federal government bonds. The supply of currency neither expanded nor contracted with seasonal changes in demands for cash, such as the fall harvest or the holiday shopping season, causing interest rates to vary substantially from one month to the next. The inelastic supply of currency and limited supplies of gold also contributed to long and painful deflations.

Furthermore, Jekyll Island participants believed that an array of antiquated arrangements impeded America’s financial and economic progress. For example, American banks could not operate overseas. Thus, American merchants had to finance imports and exports through financial houses in Europe, principally London. American banks also struggled to collectively clear checks outside the boundaries of a single city. This increased costs of inter-city and interstate commerce and required risky and expensive remittances of cash over long distances.

In an article published in the New York Times in 1907, Paul Warburg, a successful, German-born financier who was a partner at the investment bank Kuhn, Loeb, and Co. and widely regarded as an expert on the banking systems in the United States and Europe, wrote that the United States’ financial system was “at about the same point that had been reached by Europe at the time of the Medicis, and by Asia, in all likelihood, at the time of Hammurabi” (Warburg 1907). 

Just months after Warburg wrote those words, the country was struck by the Panic of 1907. The panic galvanized the US Congress, particularly Republican senator Nelson Aldrich, the chair of the Senate Finance Committee. In 1908, Aldrich sponsored a bill with Republican representative Edward Vreeland that, among other things, created the National Monetary Commission to study reforms to the financial system. Aldrich quickly hired several advisers to the commission, including Henry Davison, a partner at J.P. Morgan, and A. Piatt Andrew, an economics professor at Harvard University. Over the next two years, they studied banking and financial systems extensively and visited Europe to meet with bankers and central bankers.

The Duck Hunt

By the fall of 1910, Aldrich was persuaded of the necessity of a central bank for the United States. With Congress ready to begin meeting in just a few weeks, Aldrich — most likely at Davison’s suggestion — decided to convene a small group to help him synthesize all he had learned and write down a proposal to establish a central bank.

The group included Aldrich; his private secretary Arthur Shelton; Davison; Andrew (who by 1910 had been appointed assistant Treasury secretary); Frank Vanderlip, president of National City Bank and a former Treasury official; and Warburg.

A member of the exclusive Jekyll Island Club, most likely J.P. Morgan, arranged for the group to use the club’s facilities. Founded in 1886, the club’s membership boasted elites such as Morgan, Marshall Field, and William Kissam Vanderbilt I, whose mansion-sized “cottages” dotted the island. Munsey’s Magazine described it in 1904 as “the richest, the most exclusive, the most inaccessible” club in the world.

Aldrich and Davison chose the attendees for their expertise, but Aldrich knew their ties to Wall Street could arouse suspicion about their motives and threaten the bill’s political passage. So he went to great lengths to keep the meeting secret, adopting the ruse of a duck hunting trip and instructing the men to come one at a time to a train terminal in New Jersey, where they could board his private train car. Once aboard, the men used only first names – Nelson, Harry, Frank, Paul, Piatt, and Arthur – to prevent the staff from learning their identities. For decades after, the group referred to themselves as the “First Name Club.”

An additional member of the First Name Club was Benjamin Strong, vice president of the Bankers Trust Company and the future founding chief executive officer (then called governor, now called president) of the Federal Reserve Bank of New York. But it is unlikely Strong attended the meeting on Jekyll Island. In his autobiography, Vanderlip recalls him attending, but no other account indicates Strong’s presence. Most scholars and journalists who have written about the issue, including Bertie Charles (B.C.) Forbes — the founder of Forbes magazine and the journalist who first revealed the meetings in an article in 1916 — have concluded Strong did not attend (Forbes 1916). Strong had worked closely with the Jekyll Island attendees in other venues, however, and his ideas were certainly present at the meeting even if he was not there in person. After the meeting, as the First Name Club revised the plan and prepared it for publication, Strong was frequently consulted and according to Forbes, “joined the ‘First-Name Club’ as ‘Ben’” (Forbes 1922).

The Plan Takes Shape

Aldrich and his colleagues quickly realized that while they agreed on some broad principles — establishing an elastic currency supplied by a bank that held the reserves of all banks — they disagreed on details. Figuring out those details was a “desperately trying undertaking,” in Warburg’s words. Completely secluded, the men woke up early and worked late into the night for more than a week. “We had disappeared from the world onto a deserted island,” Vanderlip recalled in his autobiography. “We put in the most intense period of work that I have ever had.”

By the end of their time on Jekyll Island, Aldrich and his colleagues had developed a plan for a Reserve Association of America, a single central bank with fifteen branches across the country. Each branch would be governed by boards of directors elected by the member banks in each district, with larger banks getting more votes. The branches would be responsible for holding the reserves of their member banks; issuing currency; discounting commercial paper; transferring balances between branches; and check clearing and collection. The national body would set discount rates for the system as a whole and buy and sell securities.

Shortly after returning home, Aldrich became ill and was unable to write the group’s final report. So Vanderlip and Strong traveled to Washington to get the plan ready for Congress. Aldrich presented it to the National Monetary Commission in January 1911 without telling the commission members how the plan had been developed. A final report, along with legislative text, went to Congress a year later with a few minor changes, including naming the new institution the National Reserve Association.

In a letter accompanying the report, the Commission said it had created an institution “scientific in its method, and democratic in its control.” But many people, especially Democrats, objected to the version of democracy it presented, which could have allowed the largest banks to exert outsized influence on the central bank’s leadership. With a presidential election coming up, the Democrats made repudiating the Aldrich plan a part of their platform. When Woodrow Wilson won the presidency and the Democrats took control of both houses, Aldrich’s National Reserve Association appeared to be shelved.

Leaders of the Democratic Party, however, also were interested in reform, including President Wilson and the chairs of the House and Senate Committees on Banking and Currency, Carter Glass and Robert Owen, respectively. Glass and Owen both introduced proposals to form a central banking system based on draft legislation supported by Wilson. Glass, Owen, and their staffs directly consulted with Warburg, whose technical expertise was respected by Democratic and Republican politicians alike. Wilson’s chief political adviser, Col. E. M. House, met and corresponded with Warburg to discuss banking reform in general and the Glass and Owen plans in particular. So did William McAdoo and Henry Morgenthau, senior political and policy advisers to Wilson who served in his administration. Morgenthau assured Warburg “that he sent his copy of the [January 10, 1913] memorandum to President Wilson” (Warburg 1930, p. 90). Together, these ideas formed the basis of the final Federal Reserve Act, which Congress passed and the president signed in December 1913. The technical details of the final bill closely resembled those of the Aldrich Plan. The major differences were the political and decision-making structures, which was a compromise acceptable to both the progressive and populist wings of the Democratic Party.

Postscript

B.C. Forbes somehow learned about the Jekyll Island trip and wrote about it in 1916 in an article published in Leslie’s Weekly (October 19, 1916 p. 423), which was recapitulated a few months later in an article in the magazine Current Opinion. In 1917, Forbes again described the meeting in Men Who Are Making America, a collection of short biographies of prominent entrepreneurs, including Davison, Vanderlip, and Warburg. Not many people noticed the revelation, and those who did dismissed it as “a mere yarn,” according to Aldrich’s biographer.

The participants themselves denied the meeting had occurred for twenty years, until the publication of Aldrich’s biography in 1930. The impetus for coming clean was probably the publication in 1927 of Carter Glass’s memoir, An Adventure in Constructive Finance. In it, Glass, by now a senator, claimed credit for the key ideas in the Federal Reserve Act, which prompted the Jekyll Island participants to reveal their roles in creating the Federal Reserve.

Warburg was especially critical of Glass’s description of events. In 1930, he published a two-volume book describing the origins of the Fed, including a line-by-line comparison of the Aldrich bill and the Glass-Owen bill to prove their similarity. In the introduction, he wrote, “I had gone to California for a three months’ rest when the appearance of a series of articles written by Senator Glass…impelled me to lay down in black and white my recollections of certain events in the history of banking reform.” Warburg’s book does not mention Jekyll Island specifically, although he states that

“In November, 1910, I was invited to join a small group of men who, at Senator Aldrich’s request, were to take part in a several days’ conference with him, to discuss the form that the new banking bill should take. … when the conference closed … the rough draft of what later became the Aldrich Bill had been agreed upon … The results of the conference were entirely confidential. Even the fact that there had been a meeting was not permitted to become public. … Though eighteen years have gone by, I do not feel free to give a description of this most interesting conference concerning which Senator Aldrich pledged all participants to secrecy. I understand, however, a history of Senator Aldrich’s life … will contain an authorized account to of this episode” (Warburg 1930, pp. 58-60).

Disagreements over authorship of the Federal Reserve Act received widespread publicity in the late 1920s. Glass defended his claim for the lion’s share of the credit in speeches, in his book, and in submissions to prominent publications including the New York Evening Post and the New York Times. Critics responded in similar venues and academic journals. For example, Samuel Untermyer, former counsel to the House Committee on Banking and Currency, published a pamphlet titled “Who is Entitled to the Credit for the Federal Reserve Act? An Answer to Senator Carter Glass,” in which he asserted that Glass’s claims of primary authorship were “fiction,” “fable,” and a “work of imagination” (Untermyer 1927). In 1914, Edwin Seligman, a prominent professor at Columbia University, wrote that “in its fundamental features the Federal Reserve Act is the work of Mr. Warburg more than of any other man.” In 1927, Seligman and Glass debated this point in a series of letters published in the New York Times.

The Jekyll Island Club never bounced back from the Great Depression, when many of its members resigned, and it closed in 1942. Today, its former clubhouse and cottages are National Historic Landmarks. But the debates at and about the conference on Jekyll Island remain relevant today.

Source: federalreservehistory.org