One fun and interesting fact about the Louisiana Purchase is that the land in question sold for less than 3 cents per acre; another fun fact is that the U.S. didn't have sufficient funds to pay for it, so it had to borrow the money from two European banks. Since the money was loaned at a rate of 6 percent, and it took the U.S. 20 years to repay it, the total cost for the Louisiana Purchase was more than $23 million; the terms of the sale gave the French $11.25 million in cash and forgave $3.75 million in debt.Know More
Another fun fact about the Louisiana Purchase is that futurepresident and former governor of Virginia James Monroe, who was appointed as a special envoy to negotiate the sale with the French, had to sell off his porcelain plates, silver flatware and china tea set to afford the passage to France for the negotiations.
Not everyone was happy with the deal. On the French side, Napoleon's brothers were unhappy and tried to talk him out of the sale. When they went to talk to him, Napoleon famously fell backwards into a bathtub, purposely soaking his brothers. Many Americans also opposed the purchase of the land, including congressman Fisher Ames who said, "We are to give money of which we have too little for land of which we already have too much."Learn more about US History
According to History.com, when the U.S. stock market crashed in October 1929, many American banks began closing because consumers pulled all of their money out of the banks, including investments and cash accounts, and began to default on loans. Because the banks had to liquidate loans and sell assets to pay consumers withdrawing their funds, the banks began to fail due to lack of funds.Full Answer >
Territorial acquisition is the acquiring of territory or land along with all it contains through various means, including war, treaties and purchase. After the American Revolution, the 13 American colonies sought territorial acquisitions in an effort to expand boundaries.Full Answer >
The causes of westward expansion were the purchase of the Louisiana territory from France, the Lewis and Clark expedition, President Thomas Jefferson's vision of expanding into the available land to create an "empire of liberty" and a growing sense of American "manifest destiny." The effects included controversies over the slavery issue, which led to the Civil War, the persecution and extermination of Native Americans and the war with Mexico.Full Answer >
Advantages of nationalizing commercial banks in India include ensuring that all citizens are able to access funds, and improved regulation of how money is used by borrowers; a significant disadvantage of nationalization is reduced competition, meaning less incentive for the bank to modify services and rates. Proponents of a nationalized bank believe that because the bank is mandated to serve its citizens, it is more inclined to service the disadvantaged, such as low-income earners and remote communities.Full Answer >