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Highlights for February 25
1836: Samuel Colt Received Patent for Revolver
From early childhood, Samuel Colt was fascinated by the mechanics of firearms. As a teenager he worked as a shipping hand, and at the age of 16, aboard a ship bound for India, he carved a wooden model of a handgun with a revolving chamber. The idea was suggested to him by the wheel of the ship, with its mechanism of spokes aligned by a clutch.
After five years of development and refinement of his "revolver", he patented a working model in England and France, and the following year, on February 25, 1836, he received a U.S. patent. However, sales of the early revolvers were slow, and the company that was marketing them went bankrupt.
Colt's fortunes brightened in 1847 when the U.S. Army ordered 1,000 of the handguns for use in the Mexican War. From then on demand soared, and Colt set up the world's largest armory in his hometown of Hartford, Connecticut. Colt Firearms Company helped the South to build up its firearm supply prior to the Civil War, but once the war broke out, the company was fully devoted to supplying the Union Army. Samuel Colt died in 1862; his invention and company have since become American legends.
The U.S. Congress passes the Legal Tender Act, authorizing the use of paper notes to pay the government's bills. This ended the long-standing policy of using only gold or silver in transactions, and it allowed the government to finance the enormously costly war long after its gold and silver reserves were depleted.
Soon after the war began, the federal government began to run low on specie. Several proposals involving the use of bonds were suggested. Finally, Congress began printing money, which the Confederate government had been doing since the beginning of the war. The Legal Tender Act allowed the government to print $150 million in paper money that was not backed by a similar amount of gold and silver. Many bankers and financial experts predicted doom for the economy, as they believed that there would be little confidence in the scheme. There were also misgivings in Congress, as many legislators worried about a complete collapse of the nation's financial infrastructure.
These notes, called "greenbacks," worked much better than expected. It allowed the government to pay its bills and, by increasing the money in circulation, greased the wheels of northern commerce. The greenbacks were legal tender, which meant that creditors had to accept them at face value. The same year, Congress passed an income tax and steep excise taxes, both of which cooled the inflationary pressures created by the greenbacks.
Another legal tender act passed in 1863, and by war's end nearly a half-billion dollars in greenbacks had been issued. The Legal Tender Act laid the foundation for the creation of a permanent currency in the decades after the Civil War.
Other highlights from the American Civil War
On February 25, 1964, 22-year-old Cassius Clay
shocks the odds-makers by dethroning world heavyweight boxing champ Sonny Liston in a seventh-round technical knockout. The dreaded Liston, who had twice demolished former champ Floyd Patterson in one round, was an 8-to-1 favorite. However, Clay predicted victory, boasting that he would "float like a butterfly, sting like a bee" and knock out Liston in the eighth round. The fleet-footed and loquacious youngster needed less time to make good on his claim--Liston, complaining of an injured shoulder, failed to answer the seventh-round bell. A few moments later, a new heavyweight champion was proclaimed.Cassius Marcellus Clay Jr. was born in Louisville, Kentucky, in 1942. He started boxing when he was 12 and by age 18 had amassed a record of over 100 wins in amateur competition. In 1959, he won the International Golden Gloves heavyweight title and in 1960 a gold medal in the light heavyweight category at the Summer Olympic Games in Rome. Clay turned professional after the Olympics and went undefeated in his first 19 bouts, earning him the right to challenge Sonny Liston, who had defeated Floyd Patterson in 1962 to win the heavyweight title.
On February 25, 1964, a crowd of 8,300 spectators gathered at the Convention Hall arena in Miami Beach to see if Cassius Clay, who was nicknamed the "Louisville Lip," could put his money where his mouth was. The underdog proved no bragging fraud, and he danced and backpedaled away from Liston's powerful swings while delivering quick and punishing jabs to Liston's head. Liston hurt his shoulder in the first round, injuring some muscles as he swung for and missed his elusive target. By the time he decided to discontinue the bout between the sixth and seventh rounds, he and Clay were about equal in points. A few conjectured that Liston faked the injury and threw the fight, but there was no real evidence, such as a significant change in bidding odds just before the bout, to support this claim.
To celebrate winning the world heavyweight title, Clay went to a private party at a Miami hotel that was attended by his friend Malcolm X, an outspoken leader of the African American Muslim group known as the Nation of Islam. Two days later, a markedly more restrained Clay announced he was joining the Nation of Islam and defended the organization's concept of racial segregation while speaking of the importance of the Muslim religion in his life. Later that year, Clay, who was the descendant of a runaway Kentucky slave, rejected the name originally given to his family by a slave owner and took the Muslim name of Muhammad Ali.
Muhammad Ali would go on to become one of the 20th century's greatest sporting figures, as much for his social and political influence as his prowess in his chosen sport. After successfully defending his title nine times, it was stripped from him in 1967 after he refused induction into the U.S. Army on the grounds that he was a Muslim minister and therefore a conscientious objector. That year, he was sentenced to five years in prison for violating the Selective Service Act but was allowed to remain free as he appealed the decision. His popularity plummeted, but many across the world applauded his bold stand against the Vietnam War.
In 1970, he was allowed to return to the boxing ring, and the next year the U.S. Supreme Court overturned Ali's draft evasion conviction. In 1974, he regained the heavyweight title in a match against George Foreman in Zaire and successfully defended it in a brutal 15-round contest against Joe Frazier in the Philippines in the following year. In 1978, he lost the title to Leon Spinks but later that year defeated Spinks in a rematch, making him the first boxer to win the heavyweight title three times. He retired in 1979 but returned to the ring twice in the early 1980s. He was inducted into the International Boxing Hall of Fame in 1990.
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