Monday, April 3 — Critics of federal spending initiatives often allude with some disdain to the government’s ability to create money. It’s pure coincidence, though, that the first federal building commissioned under the country’s new constitution was intended to do just that.
On this date in 1792, President George Washington and Congress established the National Mint in the then capital city of Philadelphia. The mint issued the gold, silver and copper coinage as the legal tender of the young republic. Since building the mint at 7th and Arch Streets, the government moved to Washington and raised many more buildings — a process that continues.
In November of last year alone, federal office construction was valued at $2.4 billion out of total federal construction worth nearly $23 billion.
You can find current data on the country’s economy by downloading the ‘America’s Economy’ mobile application here.