It's The Turn Of The Century

1900

US National debt $2,136,961,091.

1901

USA

J. P. Morgan incorporates United States Steel as the first billion-dollar company.

McKinley is assassinated and Theodore Roosevelt becomes president.

1907

USA

The "Panic of 1907" begins with a run on Knickerbocker Trust Company stock October 22nd sets events in motion that will lead to a depression in the United States. The recession would last until 1908.

"All this trouble could be averted if we appointed a committee of six or seven men like J. P. Morgan to handle the affairs of our country." — Woodrow Wilson

"Those not favourable to the money trust could be squeezed out of business and the people frightened into demanding changes in the banking and currency laws which the Money Trust would frame." — Rep. Charles A. Lindbergh (R-MN)

1908

USA

The Glass-Owen Act was passed in response to the Panic of 1907. Its purpose was to provide for the issue of emergency currency during widespread financial crisis. The National Monetary Commission was also established under this act to develop a more durable solution to the nation's problematic financial and banking practices.

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