Near the end of the 1700s, the United States was forced to pay Barbary pirates an annual tribute equal to 16% of its entire budget.

The Barbary Wars were an early test of whether a president could wage war without a formal declaration from Congress

Jefferson sent naval forces against North African pirates without a congressional declaration of war, acting under his own authority. Years later, Madison took the opposite approach and formally sought congressional authorization.

The Tariff Act of 1789 was one of America's first acts.

The British Royal Navy—not the US military—enforced the Monroe Doctrine for most of the 19th century

In the early to mid-1800s, the US lacked the ships and military power to prevent European nations from colonizing the Americas. Britain enforced this to protect its commercial interests by keeping rival European powers out of Latin America.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

At its 1850s peak, the American whaling fleet numbered more than 600 ships, an industry later replaced entirely by petroleum and coal gas.

The federal government's decision to pay off the states' Revolutionary War debts required a new tax, which sparked an armed rebellion. 

Alexander Hamilton consolidated the states' debts, implemented a tax system, and established a national bank.

Opposition to British taxes, regulation of trade was key to American independence

The economic situation in the colonies formed the backbone of the central events of the Revolution. British war debts caused it to lay the first direct taxes on colonists, cease their westward expansion claims, and adhere to stringent trade regulations, leading to backlash and eventual separation.

The 1783 peace treaty with Britain formally ended the Revolutionary War and nearly doubled the size of the United States.

Where the world's most wanted pirate hid in the 1600s

Metal detectorists who discovered 500-year-old silver coins have helped support the theory that notorious 16th-century pirate Henry Every hid out in several American colonies.

Colonial Americans used tobacco, wampum, and land-backed notes to solve a chronic coin shortage

British coins rarely circulated in the colonies due to an unfavorable trade balance, forcing colonists to improvise. They traded in Spanish dollars, Native American shells, tobacco warehouse receipts, and eventually paper money backed by land rather than gold.

The trans-Atlantic slave trade brought over 10 million enslaved people to the Americas.

How massive cargo ships fight off modern pirates

Piracy on the high seas costs a reported $16 billion each year from either theft or damage incurred during an attempt to pirate massive cargo ships. This video breaks down several ways companies attempt to fend off would-be thieves. Pirate crews are...

A brief introduction to modern-day pirates

Modern piracy is rarely punished and costs over $35M per day. Unlike the pirates of the past who often spent their lives living at sea, today's pirates typically operate from shore.

Foreign policy and war defined Madison's presidency

During James Madison's presidency, disputes with Britain and France over trade, maritime rights, and impressment dominated foreign policy, culminating in the War of 1812 and shaping how the United States engaged with major European powers.

Listen to a podcast episode that outlines 250 years of world trade history.

The US has used a wide variety of different currencies between the 1690s and today

From colonial money to national banknotes, people have used all kinds of forms of currency throughout the history of the United States before settling on the dollar bills and quarters that we pay for things with today.

Hamilton created the First Bank of the United States

As Treasury secretary, Alexander Hamilton proposed the First Bank of the United States to stabilize national finances—serving as the government's fiscal agent, managing debt, and expanding credit through a public-private banking model.

The causes of American rebellion were multifaceted

British taxes on colonists to pay for the French and Indian War were just one element. Thousands of miles of separation between London and the Colonies, expanding territories, a distinct Colonial identity, and political conflicts combined to prompt the Revolution.

John Marshall gained national prominence during the XYZ Affair

In 1797, President John Adams sent Marshall to France amid seizures of American ships. French intermediaries demanded loans and bribes before talks, and Marshall refused. Publication of the dispatches fueled the Quasi-War and elevated his reputation in the United States.

Benjamin Franklin founded America's first lending library, the Library Company of Philadelphia, in 1731.

Tariffs once fueled the US economy, historically serving as a primary source of revenue and a means to protect domestic industries.

That time British slavers killed enslaved people and filed for insurance reimbursement

In 1781, a British slave ship tossed 132 enslaved Africans overboard, leaving them to drown. This 52-minute podcast explores the context behind the massacre and its implications. The slavers of the ship named Zong sought insurance reimbursement for...

Hamilton learned about global trade before he was a teenager

Before he moved to America, Hamilton worked as a clerk around age 12 at the Caribbean trading firm Beekman and Cruger, handling shipping documents, inspections, and port logistics. He eventually managed the day-to-day operations of a trading charter that immersed him early in Atlantic commerce.

The First Continental Congress did not meet to discuss independence from Britain

Tariffs are typically paid by the importing company or organization to the US Treasury.

Hamilton's tax on whiskey sparked the first armed rebellion against US federal authority

As Treasury secretary, Alexander Hamilton designed an excise tax on whiskey that provoked violent resistance in western Pennsylvania. The Whiskey Rebellion ended when George Washington mobilized state militias under federal authority to enforce the law.

The Compromise of 1790 broke a deadlock over debt and the national capital

In 1790, Alexander Hamilton, James Madison, and Thomas Jefferson reached an agreement that allowed Congress to assume the states' war debts and to approve a permanent national capital on the Potomac River.

Americans celebrated the end of the Revolutionary War with nationwide toasts

In 1783, citizens celebrated the signing of the Preliminary Articles of Peace with nationwide parties. Across the new country, many made 13 toasts to the 13 states. They also drank to George Washington. One poet in Boston wrote, “Health to his honor I’d freely drink, Had I a glass of wine; And whosoever with me shall think, May mix their toast with mine.”

The final shots of the Civil War were fired in the Arctic over 2 months after the South's surrender.

When the Treaty of Paris ended the Revolutionary War in 1783, British officials refused to pose for the portrait of the negotiations, leaving the painting partially unfinished.

Britain extracted nearly $45T from India during colonial rule

Between 1765 and 1938, Britain drained an estimated $45T in today’s dollars from India through taxes, resource extraction, and coerced trade—wealth that helped Britain’s economic rise while contributing to widespread poverty in the colony.

Hamilton built the foundations of the US financial system as the nation's first Treasury secretary

Appointed the nation's first Treasury secretary in 1789 by George Washington, Alexander Hamilton designed a powerful federal finance system—repaying war debts, creating new taxes, founding a national bank, and promoting economic development.

Slavery in the US: a timeline

In 1619, a ship with 20 captives landed at Point Comfort in Virginia, ushering in the era of American slavery. Scroll through this timeline to learn more about slavery in the US and its long lasting effects.

Jefferson feared European control in the West of North America

Jefferson pushed for the Louisiana Purchase to prevent France or Spain from dominating the western frontier, securing control of the Mississippi River and vast lands that he felt were essential to America’s strategic and economic future.

Read the financial advice America's founding fathers gave, including Benjamin Franklin, Thomas Jefferson, and Alexander Hamilton.

Colonial self-rule fostered strong autonomy and distrust of centralized power

American colonies were governed through a patchwork of different systems, ranging from Crown-run to locally controlled. Broad local autonomy—often followed by sudden imperial crackdowns—taught colonial leaders to prize home rule and distrust distant centralized power, attitudes that later informed US federalism.

Gambling and lotteries funded America's early expansion, funding infrastructure and capital projects.

Track how American tariffs have impacted different countries and industries.

The highest inflation ever recorded in US history was estimated at 30% in 1778, just after the Revolutionary War.

The Declaration of Independence was not only a statement of principles but also an appeal for military allies that the struggling colonists needed to survive.

The Americans abandoned Philadelphia to the British in 1777.

The 'Star-Spangled Banner' is based on a poem written by Francis Scott Key in 1814, while witnessing a battle during the War of 1812.

Madison was America's first president during a formally declared war

During James Madison's presidency, Congress formally declared war on Britain in 1812 over its practice of seizing American sailors, trade restrictions, and repeated violations of US sovereignty—marking the first time a sitting American president led the nation through a declared war.

Before Pearl Harbor, the US was a nonbelligerent ally to the Allied powers

Between September 1940 and December 7, 1941, the United States remained officially neutral—yet President Roosevelt incrementally shifted policy from “cash‑and‑carry” to Lend‑Lease, funneling critical military aid to Britain and other allies without entering the war.

Celebrations for America's 150th birthday in 1926 were a poorly organized mess that nearly bankrupted the host city of Philadelphia.

The Articles of Confederation were the first governing documents of the United States

Drafted in 1777 and ratified in 1781, the articles created a weak national government without the ability to tax or regulate commerce. This led to problems for the new nation, necessitating the Constitutional Convention in 1787.

Francis Scott Key initially opposed the War of 1812, the war that eventually inspired him to write the national anthem.

Around 380 underwater cables power the Internet across the world.

On July 29, 1858, two steam-powered battleships met in the middle of the Atlantic Ocean. There, they connected two ends of a 4,000 kilometer (2,500 mile) long, 1.5 centimeter (0.6 inch) wide cable, linking for the first time the European and North American continents by telegraph.

Revenue from tariffs goes to the US Treasury's general fund.