ContractsProf Blog

Editor: Myanna Dellinger
University of South Dakota School of Law

Saturday, February 26, 2005

Today in history--February 26

1797: The Bank of England issues the first one-pound banknote.

1808: Honoré Daumier, the French illustrator whose legal prints grace almost as many law offices as the ABA Journal, is born at Marseilles.

1829: Levi Strauss, future San Francisco gold rush dry-goods merchant and inventor of copper-riveted denim work pants, is born at Buttenheim, Bavaria.

1863: President Abraham Lincoln signs the National Currency Act, which creates the Office of the Comptroller of the Currency.

1870: Alfred Beach opens a pneumatic subway in New York, but the technology is disappointing and the venture is a failure.

1921: Economist and lawyer Carl Menger, whose Grundsätze der Volkswirtschaftslehre in 1871 is regarded by many as the start of the "Austrian School," dies at 81.

1932: Singer Johnny Cash is born at Kingsland, Arkansas.  Auditioning for Sam Phillips at Sun Records in 1954, he will sing gospel songs.  Phillips will tell him to "go home and sin, then come back with a song I can sell."

1991: Timothy John Berners-Lee develops the WorldWideWeb while working for the European Organization for Nuclear Research.

1995: England's oldest merchant bank, Barings Bank (founded in 1762) collapses after a single trader loses $1.4 billion gambling on derivatives.  It subsequently is sold to ING for £1.

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