In , the Constitution enshrined in American law the principle that an author of a work may reap the fruits of his or her intellectual creativity for a limited amount of time. Copyright protects through law original works of authorship including literary, dramatic, musical, architectural, cartographic, choreographic, pantomimic, pictorial, graphic, sculptural, and audiovisual creations.
Today, copyright provides to an author the exclusive right to reproduce and distribute his or her work. Four of the original seven faculty members came from Philadelphia.
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But during the period immediately following the Revolution, the Continental Navy was demobilized in by an economy-minded Congress. The dormancy of American seapower lasted barely a decade when, in , President George Washington persuaded the Congress to authorize a new naval force to combat the growing menace of piracy on the high seas.
The first vessels of the new U. Navy were launched in ; among them were the United States, the Constellation, and the Constitution. In , President John Quincy Adams urged Congress to establish a Naval Academy "for the formation of scientific and accomplished officers.
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It was a school ship for the training of teenage naval apprentice volunteers who would hopefully be inspired to make the Navy a career. However, discipline deteriorated on the Somers and it was determined by a court of inquiry aboard ship that Midshipman Philip Spencer and his two chief confederates, Boatswains Mate Samuel Cromwell and Seaman Elisha Small, were guilty of a "determined attempt to commit a mutiny. The three were hanged at the yardarm and the incident cast doubt over the wisdom of sending midshipmen directly aboard ship to learn by doing.
News of the Somers mutiny shocked the country. Through the efforts of the Secretary of the Navy George Bancroft, the Naval School was established without Congressional funding, at a acre Army post named Fort Severn in Annapolis, Maryland, on October 10, , with a class of 50 midshipmen and seven professors. By more than 10, different bank notes circulated throughout the country.
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Commerce suffered as a result. Counterfeiting was epidemic. Hundreds of banks failed.
Throughout the country there was an insistent demand for a uniform national currency acceptable anywhere without risk. In response, Congress passed the National Currency Act in These laws established a new system of national banks and a new government agency headed by a Comptroller of the Currency. The Comptroller's job was to organize and supervise the new banking system through regulations and periodic examinations.
The new system worked well. National banks bought U.
By being lent to borrowers, the notes gradually entered circulation. On the rare occasion that a national bank failed, the government sold the securities held on deposit and reimbursed the note holders. No owner of a national bank note ever lost his or her money. National bank notes were produced and distributed through an involved process. Once the basic engraving and printing were done at first by private printers, later by the U. Bureau of Engraving and Printing , the notes were entered on the books of the Office of the Comptroller of the Currency, then returned to the printer where the seal of the Treasury Department was stamped on each.
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Next, the notes were shipped to the bank whose name appeared on them, where they were signed by two senior bank officers. The notes were then ready for circulation. National bank notes were the mainstay of the nation's money supply until Federal Reserve notes appeared in National bank notes featured elaborate scenes and portraits drawn from American history. The complexity of their design was intended to foil counterfeiters.
Today, collectors prize national bank notes as outstanding examples of the engraver's art. The onset of the worldwide depression in was a disaster for the banking system.