NOVEMBER 7 1931 – PUBLISHED LETTER TO THE EDITOR OF ALBERT EINSTEIN IN BERLINER TAGEBLATT

1931 – PUBLISHED LETTER TO THE EDITOR OF ALBERT EINSTEIN IN BERLINER TAGEBLATT
“The gold standard has, in my opinion, the serious disadvantage that a shortage in the supply of gold automatically leads to a contraction of credit and also of the amount of currency in circulation… The natural remedies to our troubles are, in my opinion...Control of the amount of money in circulation and of the volume of credit in such a way as to keep the price level steady, abolishing any monetary standard.”

NOVEMBER 7 1846 - AMENDMENT TO ARKANSAS CONSTITUION ADOPTED

1846 - AMENDMENT TO ARKANSAS CONSTITUION ADOPTED
Among the first acts of the new state was chartering two private banking corporations. A depression, lasting from approximately 1834 to 1844, was in progress at the time, including the famous panic of 1837, causing inflation, speculation and “wildcat banking."  As a result of these failures, the first amendment to the Constitution of Arkansas of 1836, ratified by the state legislature on November 17, 1846 read: "No bank or banking institution shall be hereafter incorporated or established in this State,” which lasted until after the Civil War.

NOVEMBER 7 1775 - QUAKERS OF PHILADELPHIA REFUSE TO ACCEPT “CONTINENTALS”

1775 - QUAKERS OF PHILADELPHIA REFUSE TO ACCEPT “CONTINENTALS”
The Continental Congress issued their own money, “continentals,” to facilitate economic transactions during the time of the American Revolution. The money was used in large part to pay for the war, since British and Spanish money was in short supply. Continentals helped the colonists win the war. As pacificts, however, Quakers of Philadelphia argued beginning on this day they couldn't touch money created to fight a war.