Category: Today

In Law #46 of February 25, 1947, the Allied Control Council formally proclaimed the dissolution of Prussia.

On February 24 1803, the Supreme Court, in Marbury v. Madison, established the principle of judicial review.

On February 23, 1898, Émile Zola was imprisoned in France after writing “J’accuse,” a letter accusing the French government of anti-Semitism and wrongfully imprisoning Captain Alfred Dreyfus.

Fifty-eight years earlier, Austrian economist Carl Menger was born.

Menger would go on to contribute to the development of the theory of marginal utility, which supplanted cost-of-production theories of value in economics, in his first book, translated into English as “Principles of Economics.” Though expert in mathematics (he served as tutor in economics and statistics to Archduke Rudolf von Habsburg, the Crown Prince of Austria not long after the publication of the Principles), his approach to marginal theory was the least mathematical of his famous “co-discovers” of the principle, William Stanley Jevons and Leon Walras. Rooted in a subjective theory of value, it was the most realistic and least model-based of the marginalist revolutionaries, and he was most interested in price formation, not “price determination,” which focused almost exclusively on equilibrium conditions. He developed an evolutionary theory of money, as well.

Menger’s second book was a defense of a particular kind of general theory in social science, and an explanation of the importance of “invisible hand” processes in the social world. The first theme caused a firestorm of debate in the German-speaking world, where “socialists of the chair” and other opponents of laissez faire went ballistic regarding the possibility of permanence of finding laws in the social world that were not of their own constructing. The second theme developed ideas found in Adam Smith, and extended them.

Menger inspired two major followers, Friedrich Freiherr von Wieser and Eugen von Böhm-Bawerk. The former named “marginal utility” and developed the first rigorous view of cost as opportunities foregone; the second advanced a time-preference theory of interest and theory of the structure of production. Later followers of this “Austrian School” included Ludwig von Mises and F.A. Hayek.

 On Feb. 22, 1943, brother and sister Hans and Sophie Scholl, and their colleague in the White Rose resistance organization, Christoph Probst, stood trial before the Volksgericht — the People’s Court that tried political offenses against the Nazi German state. Found guilty of treason by Roland Freisler, head judge of the court, the three were executed that same day. The method of capital punishment was guillotine.

On Feb. 21, 1848, The Communist Manifesto, written by Karl Marx with help from Friedrich Engels, was published in London by a group of German-born revolutionary socialists known as the Communist League.

On Feb. 21, 1916, the Battle of Verdun began with German bombardment of the city of Verdun, France.  For ten months, the longest single engagement of World War II, German forces attacked the French along a 20-kilometer front crossing the Meuse River. When the battle ended, with no change in the strategic position of either army, the combined death toll was over 300,000 (out of over 700,000 casualties).

On Feb. 21, 1965, Malcolm X was gunned down by rival Black Muslims while addressing his Organization of Afro-American Unity in New York City.

For something a tad more upbeat, on this date in 1952 the British government, under Winston Churchill, abolished identity cards in the UK to “set the people free.”

Beginning on Feb. 20, 1944, and lasting through Feb. 25, 1944, the United States Strategic Air Forces (USSTAF) launched a series of missions against the Third Reich that became known as “Big Week.” In six days, the Eighth Air Force bombers based in England flew more than 3,000 sorties and the Fifteenth Air Force based in Italy more than 500. Together they dropped roughly 10,000 tons of bombs. The daylight bombing campaign was also supported by RAF Bomber Command operating against the same targets at night. The campaign helped the Allies achieve air superiority, so the invasion of Europe could proceed. While U.S. industrial might could entirely replace losses during the “Big Week,” Germany was unable to do so.

On Feb. 19, 1942, was a sad day for constitutional rights, with President Franklin D. Roosevelt signing Executive Order 9066, authorizing the Secretary of War to prescribe certain areas of the country as military zones. These zones were used to incarcerate Japanese Americans in internment camps.

On Feb. 16, 1878, the Bland-Allison Act, which provided for a return to the minting of silver coins, became U.S. law. Today, the value of American money is secured only by public faith in the stability of the government, but during the 19th Century, money was backed by actual deposits of silver and gold.

Five years earlier, when Congress had stopped buying silver and minting silver coins — following the lead of European nations — a financial panic ensued. Reasons for the suspension, and at the heart of the panic, lay in the fact that the exchange value of silver and gold was fixed at a rate that favored silver producers. Had the United States Treasury let the two standards free float, making a distinction between silver dollars and gold dollars, none of the political strife over bimetallism would have occurred.

In 1893, in the midst of another financial panic, this time as a result of depletion of gold reserves in the U.S. Treasury, President Grover Cleveland called a special session of Congress to repeal the bimetallic standard. He was successful, though agrarian inflationists took over the Democratic Party and offered up, for the next election, William Jennings “Cross of Gold” Bryan as a counter to Cleveland’s old-fashioned fiscal conservative/social liberalism.

On Feb. 15, 1898, the USS Maine, a battleship, exploded in the Cuba’s Havana harbor, killing 260 American sailors. An official U.S. Naval Court of Inquiry ruled in March 1898 that the ship was blown up by a mine, without directly blaming Spain. Nonetheless, Congress declared war and, within three months, the U.S. had decisively defeated Spanish forces. On December 12, 1898, the Treaty of Paris was signed between the U.S. and Spain, granting the United States its first overseas empire with the ceding of such former Spanish possessions as Puerto Rico, Guam, and the Philippines. In 1976, a team of American naval investigators concluded that the Maine explosion was likely caused by a fire that ignited its ammunition stocks, not by a Spanish mine or act of sabotage.