The US Marine Corps was founded in a Philadelphia tavern
the gist
The United States Marine Corps was founded on 10 November 1775 at Tun Tavern in Philadelphia by Samuel Nicholas, during the American Revolution. The Continental Congress authorised two battalions of Marines, to serve as infantry on ships. Today the Marine Corps is the naval infantry of the US armed forces, specialising in expeditionary and amphibious warfare, with its own infantry, artillery, aircraft and special operations units. It has been part of the Department of the Navy since 1834, and Marines celebrate 10 November as their birthday.
so what
The Corps began as soldiers who fought on warships and became a force that can land from the sea, a role that shaped many conflicts, including the Pacific War.
fun fact
The Corps was founded in a Philadelphia tavern, Tun Tavern, which was also a meeting place for colonists.
From Wikipedia, the free encyclopedia · text CC BY-SA 4.0
In 1909 D. W. Griffith made a 14-minute film about a speculator who corners the wheat market and doubles the price of bread. A farmer sows his field while a 'Wheat King' gambles in the Chicago wheat pit; bakers raise the loaf from five cents to ten and the poor line up for bread. Griffith cut back and forth between the farm, the feast and the breadline, a technique called parallel editing, so audiences saw both ends of the economy at once. The film drew on Frank Norris's stories and on a real scheme: months earlier Chicago financier James Patten had cornered wheat, sent bread prices up and made about $5 million, roughly $185 million today.
how it works
To corner a market, a trader buys up most of the available supply and the futures contracts that promise more. Anyone who has to deliver the commodity must then buy from the cornerer at whatever price is demanded. The trader profits until the stock is released or the scheme collapses.
so what
A century on, it still shows how markets can be rigged by someone who controls supply, and how the people at either end, farmers and eaters, pay for it. It also helped establish editing as a way to argue a point, not just tell a story.
the bigger pattern
Corners have recurred whenever supply could be locked up, from the Hunt brothers' attempt on silver in 1979 to 1980 to the 'Black Friday' gold panic of 1869. Many such schemes end by collapsing, and the response is often new rules on speculation.
fun fact
In the film the Wheat King dies by falling into a grain elevator and being buried in the wheat he hoarded, an ending borrowed from Norris's novel The Octopus.
more on this
background
A Corner in Wheat is a 1909 American short silent film which tells of a greedy tycoon who tries to corner the market in wheat, destroying the lives of the people who can no longer afford to buy bread. It was directed by D. W. Griffith and adapted by Griffith and Frank E. Woods from a novel and a short story by Frank Norris, titled The Pit and "A Deal in Wheat". Griffith may have had a real-life inspiration: six months earlier, James A. Patten had actually cornered the market in wheat, and in some cities, the price of bread doubled from five cents to ten, just as in the movie.
In 1994, A Corner in Wheat was selected for preservation in the United States National Film Registry by the Library of Congress as being "culturally, historically, or aesthetically significant".
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