The Panic of 1907 was a financial crisis that occurred in the United States when its stock market fell close to 50 percent from its peak the previous year. Primary causes of the run included a retraction of market liquidity by a number of New York City banks, a loss of confidence among depositors, and the absence of a statutory lender of last resort. The crisis occurred after the failure of an attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs which later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City’s third-largest trust. The collapse of the Knickerbocker spread fear throughout the city’s trusts as regional banks withdrew reserves from New York City banks. The panic would have deepened if not for the intervention of financier J.P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. By November the contagion had largely ended. The following year, Senator Nelson W. Aldrich established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System.

• … that Operation Power Flite, in which three U.S. Air Force B-52s flew non-stop around the world (route pictured), was made to show that “the United States had the ability to drop a hydrogen bomb anywhere in the world”?
• … that the United States Supreme Court has ruled that interscholastic athletic associations have police power?
• … that the Bacon Deluxe sandwich from Wendy’s topped a list of the five most unhealthful gourmet burgers sold by national fast food restaurant chains in the United States?

Jim Bowie played a prominent role in the Texas Revolution, culminating in his death at the Battle of the Alamo. Countless stories of him as a fighter and frontiersman, both real and fictitious, have made him a legendary figure in Texas history.

His rise to fame began in 1827 on reports of the Sandbar Fight. What began as a duel between two other men deteriorated into a melee in which Bowie, having been shot and stabbed, killed the sheriff of Rapides Parish with a large knife. This and other stories of Bowie’s prowess with the knife led to the widespread popularity of the Bowie knife.

Bowie’s reputation was cemented by his role in the Texas Revolution. After moving to Texas in 1830, Bowie became a Mexican citizen and married the daughter of the vice governor of the province. At the outbreak of the Texas Revolution, Bowie joined the Texas militia, leading forces at the Battle of Concepcion and the Grass Fight. In January 1836, he arrived at the Alamo, where he commanded the volunteer forces until an illness left him bedridden. Bowie died with the other Alamo defenders on March 6. Despite conflicting accounts of the manner of his death, the “most popular, and probably the most accurate” accounts maintain that he died in his bed after emptying his pistols into several Mexican soldiers.

• 1809 – Abraham Lincoln, 16th President of the United States, is born three miles south of Hodgenville, Kentucky.
• 1914 – In Washington, D.C., the first stone of the Lincoln Memorial (pictured) is put into place.
• 1946 – African American United States Army veteran Isaac Woodard is severely beaten by a South Carolina police officer to the point where he loses his vision in both eyes. The incident later galvanizes the Civil Rights Movement and partially inspires Orson Welles‘ film Touch of Evil.
• 1999 – President Bill Clinton is acquitted by the United States Senate in his impeachment trial.
• 2004 – The city of San Francisco begins issuing marriage licenses to same-sex couples in response to a directive from Mayor Gavin Newsom.