Beginning of the China Trade, as the American Ship Empress of China, sailing from New York, arrives at Canton, China. The ship will return with exotic goods, including silks and tea, spurring large numbers of American merchants to enter the trade.
Americans suffer post-war economic depression including the short storage of currency, high taxes, nagging creditors, farm foreclosures and bankruptcies
Angry representatives from 50 towns in Massachusetts meet to discuss money problems including the rising number of foreclosures, the high cost of lawsuits. heavy land and poll taxes, high salaries for state officials, and demands for new paper money as a means of credit.
Congress establishes the United States mint.
Amid calls for a stronger central government, due in part to Shay's Rebellion, Congress endorses a resolution calling for a constitutional convention to be held in Philadelphia, beginning in May.
February 21, 1787
June 19, 1787
Rather than revise the Articles of Confederation, delegates at the constitutional convention vote to create an entirely new form of national government separated into three branches - The legislative, executive and judicial - thus dispersing power with checks and balances, and competing factions, as a measure of protection against tyranny by a controlling majority.
Commodity prices stabilize, spurring economic recovery and a gradual return to pre-wars levels of prosperity
October- December 1788
April 30, 1789
On the balcony of New York's Federal Hall, George Washington, at age 57, is sworn in as the first president of the United States. He then enters the Senate chamber to deliver his inaugural address.
Congress passes the Tonnage Act of 1789 levying a 50 cents per ton tax on foreign ships entering American ports, 30 cents per ton on American built but foreign owned ships, and 6 cents per ton on American ships.
July 4, 1789
July 20, 1789
Congress passes its first tax, an 8.5% protective tax on 30 different items, with items arriving on American ships charged at a lower rate than foreign ships.