ECONOMICS (CBSE/UGC NET)

ECONOMICS

MONEY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What was created by President Abraham Lincoln to combat counterfeiting?
A
Secret Service
B
Federal Reserve System
C
Bureau of Engraving and Printing
D
Mutilated Currency Division
Explanation: 

Detailed explanation-1: -The Secret Service has grown from a small bureau staffed by a few operatives commissioned by the Treasury Department in 1865. President Abraham Lincoln established the Secret Service to suppress widespread counterfeiting, as it was then estimated nearly one-third of all circulating currency was bogus.

Detailed explanation-2: -The Secret Service was originally created in July 1865 to combat counterfeiters and its job of protecting the president became full-time after President William McKinley’s assassination in 1901.

Detailed explanation-3: -Lincoln’s legacy is based on his momentous achievements: he successfully waged a political struggle and civil war that preserved the Union, ended slavery, and created the possibility of civil and social freedom for African-Americans.

There is 1 question to complete.