On October 3, 1776, Congress gave its seal of approval to the nation's first debt.  The war wasn't cheap, so the colonial government borrowed $5 million at 4% interest.

On October 3, 1913, the Federal Income Tax was passed into law (with rates ranging from 1% to 6%).  On the same day, President Woodrow Wilson convened a special session of Congress to make a pitch for revising the nation's tariff laws.  Congress quickly passed the Underwood-Simmons Tariff Act, which lowered duties on 958 items, but that progress was short-lived.   

The 70s Malaise

On October 3, 1974, the Watergate trials began, and the Dow fell below 600 for the first time in 12 years, closing at 587.61, down from a peak of 1,052 in early 1973.   This day also marked the low point for the S&P 500 in the 1970s.  (The Dow bottom came on December 6, at 577.)

On October 3, 1978, gold hit a record $223.50 an ounce in London, up 540% from $35 in 1971.  From 1971 to 1978, the U.S. dollar fell by two-thirds against the German mark and Swiss franc.

1990s Benchmarks

On October 3, 1990, East and West Germany become a united and sovereign state for the first time since Germany's defeat in World War II, burying 45 years of Cold War tension. Nearly a million people gathered at the Reichstag in Berlin.  At midnight, they rang a replica of the American Liberty Bell, a gift from the United States, officially proclaiming their reunification.

Five years later, on October 3, 1995, O.J. Simpson was acquitted of the June 12, 1994, murder of his former wife, Nicole Brown Simpson, and a visitor, Ronald L. Goldman, in Los Angeles, Calif.

On October 3, 1997, the monthly jobs report kicked off a great day on Wall Street.  In the first five days of October, the Dow surged 233 points (3%), but very soon the Asian currency crisis sent the Dow down over 1,000 points in three weeks, from 8178 to 7161 by the end of October.

Presidents Proclaim a Day for Thanksgiving

On October 3, 1789, President Washington proclaimed the first national Thanksgiving Day, to take place on November 26, in thanks for delivering America from British tyranny.

On October 3, 1863, President Lincoln designated the last Thursday in November as America's official Thanksgiving Day, in thanks for the preservation of the union during Civil War.

Favorite Baby Boomer TV Programs Debut

• October 3, 1954: Father Knows Best premiered.
• October 3, 1955: Captain Kangaroo premiered on CBS-TV, as did the Mickey Mouse Club.
• October 3 1961: The Dick Van Dyke Show premiered on CBS-TV.

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