On 11 December 1815, the United States Senate created a committee that governed finance and uniform national currency. This committee would later become the United States Senate Committee on Finance.

The United States Senate Committee on Finance concerns itself with taxation and other revenue measures and other matters such as deposit of public money, revenue sharing, and health programs under the Social Security Act such as Medicare and Medicaid. Today, it is regarded as one of the most powerful committees in Congress.

However, back in 1815, the committee was much less powerful. It was originally created to solve the rising economic issues from the War of 1812. It gradually rose to power as it handled some of the most debated topics of the Era including re-chartering of the Second Bank of the United States under the Andrew Jackson Administration. The committee’s biggest accomplishment, however, was the Legal Tender Act of 1862 which was when the nation first started to rely on paper currency as a form of payment.

The Legal Tender Act helped the government in a number of ways. First, it caused the long standing policy of gold and silver to be used in transactions to be abolished. Second, it solved the government’s problem to finance the enormously costly Civil War even after its gold and silver reserves were depleted. Third, it gave a much easier method of payment that was not so cumbersome as gold and silver.
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So this day marks an important day in history, where money became the dollar bills we still use today instead of lugging gold and silver around. Could you imagine going shopping holding gold and silver instead of your wallet? Without December 11th, that might’ve been a possibility.

–Cody Widlak

Meet the Author

I am currently attending Schoolcraft Community College. My hobbies include reading, drawing, and playing sports with friends. I am currently writing my first book which I plan on being a graphic novel.