March 24 has seen numerous significant events throughout American history, from major military battles to social movements and legislative actions. This article explores these events in detail, covering a wide range of topics that have shaped the history of the United States. Each section will present a historical event that occurred on March 24, outlining its significance and providing context for its impact on American society.
What Happened on March 24 in American History?
1. March 24, 1837: The Founding of the Chicago Board of Trade (CBOT)
The Chicago Board of Trade (CBOT) was founded on March 24, 1837, by a group of merchants and traders. It was created to standardize the trading of grain, which was a key commodity in the region. The founding of CBOT played a crucial role in the development of futures trading and set the stage for Chicago to become a major financial hub in the United States.
At the time, Chicago was already a bustling city with a growing population, and its location near the Great Lakes made it an ideal center for the grain trade. The establishment of CBOT provided a formal structure for traders to buy and sell grain, ensuring that prices were consistent and that transactions were secure.
Over time, the CBOT expanded its scope, eventually offering futures contracts for various commodities such as livestock, metals, and energy. Today, the Chicago Board of Trade is part of the CME Group, one of the largest financial exchanges in the world. The creation of CBOT marked the beginning of a new era in American finance, influencing global trade and commodity markets.
2. March 24, 1864: The Raid of the American Civil War – The St. Albans Raid
On March 24, 1864, Confederate raiders launched a daring attack on the town of St. Albans, Vermont, during the American Civil War. This raid was a part of a larger strategy by the Confederacy to conduct operations in Union territory, aiming to disrupt the Union’s economy and spread fear among civilians.
A group of 21 Confederate soldiers, led by Lieutenant Bennett Young, crossed into Vermont from Canada, where they had taken refuge. They targeted St. Albans because it was a strategic point for Union supply lines and transportation. The raiders entered the town and attacked the local bank, looting a significant amount of money before escaping back to Canada. The raid was relatively successful, with the Confederate raiders taking over $200,000 (equivalent to millions today) in cash.
Though no significant battles were fought during this raid, it marked one of the most audacious Confederate operations in the North. The raid instilled fear and anxiety in Northern citizens, who had already been dealing with the ongoing Civil War. However, the event also demonstrated the Confederate government’s willingness to act aggressively in Union territory, showcasing the lengths to which both sides would go to achieve victory.
3. March 24, 1944: The Great Escape – Prisoners of War Escape from Stalag XIII-C
March 24, 1944, marked the beginning of one of the most famous escape attempts during World War II. On this day, a group of Allied prisoners of war (POWs) held at Stalag XIII-C, a German POW camp, began their daring escape. The event became known as “The Great Escape,” and it has since become a symbol of bravery and resourcefulness in the face of oppression.
Stalag XIII-C was located in Nuremberg, Germany, and housed mostly British and American prisoners. The escape plan was masterminded by a group of POWs, who dug a tunnel over several months, using makeshift tools to avoid detection. On the night of March 24, 1944, they began to crawl through the tunnel, hoping to make it to freedom.
However, the escape was far from perfect. While several prisoners did manage to escape, the majority were caught before they could make it to safety. Out of the 76 prisoners who managed to get out of the camp, only three successfully reached Allied lines. The rest were recaptured by the Germans, and many of them were executed as a result of the failed escape attempt.
The story of “The Great Escape” became widely known after the war, partly due to the popular 1963 film starring Steve McQueen. Despite the high cost of the operation, the escape is remembered as a testament to the prisoners’ determination and ingenuity. It also highlighted the conditions that POWs had to endure during the war.
4. March 24, 1965: President Lyndon B. Johnson’s Speech on Civil Rights
On March 24, 1965, President Lyndon B. Johnson delivered a pivotal speech on civil rights in the United States. This speech was delivered after the Selma to Montgomery marches, which had been a significant turning point in the Civil Rights Movement. The marches, led by figures like Dr. Martin Luther King Jr., were a response to the violent repression faced by African Americans trying to exercise their right to vote.
In his speech, President Johnson urged Congress to pass the Voting Rights Act, a landmark piece of legislation that would eliminate discriminatory voting practices, such as literacy tests and poll taxes, which were used to disenfranchise African Americans in the South. He famously said, “We shall overcome,” echoing the slogan of the Civil Rights Movement and reinforcing the federal government’s commitment to ensuring equal voting rights for all citizens.
The Voting Rights Act was signed into law on August 6, 1965, and it became one of the most important pieces of civil rights legislation in U.S. history. Johnson’s speech was instrumental in gathering support for the Act, and it helped to solidify his legacy as a champion of civil rights.
5. March 24, 1989: The Exxon Valdez Oil Spill
On March 24, 1989, one of the worst environmental disasters in American history occurred when the Exxon Valdez, an oil tanker, struck a reef off the coast of Alaska, spilling approximately 11 million gallons of crude oil into Prince William Sound. The spill devastated the local marine ecosystem, killing thousands of animals and affecting the livelihoods of local communities.
The Exxon Valdez disaster exposed the risks associated with oil transportation and led to widespread criticism of the oil industry’s safety practices. The spill caused long-lasting environmental damage, as the oil spread across thousands of miles of coastline, damaging fish populations, sea otters, and birds. Cleanup efforts were extensive but proved largely ineffective, and the effects of the spill are still felt in the region to this day.
The incident prompted significant changes in U.S. environmental policy, including the passage of the Oil Pollution Act of 1990, which strengthened the federal government’s ability to respond to oil spills and required oil companies to take greater responsibility for preventing spills.
6. March 24, 1990: The Hubble Space Telescope is Launched into Orbit
On March 24, 1990, the United States launched the Hubble Space Telescope aboard the Space Shuttle Discovery. This event marked a major milestone in space exploration and opened up new frontiers in our understanding of the universe. The Hubble Space Telescope allowed astronomers to capture images of distant galaxies, nebulae, and other celestial bodies with unprecedented clarity.
Before Hubble, most astronomical observations were limited by the Earth’s atmosphere, which distorted the view of objects in space. The Hubble Telescope, located in orbit above Earth’s atmosphere, provided clear and detailed images of space, revolutionizing the study of astronomy. It allowed scientists to make groundbreaking discoveries about the age of the universe, the existence of black holes, and the nature of distant stars and galaxies.
Although the telescope faced initial challenges, such as a flaw in its mirror that was later corrected by a spacewalk mission, Hubble’s contributions to science have been immeasurable. Its discoveries have significantly expanded our knowledge of the cosmos and have inspired generations of scientists, engineers, and space enthusiasts.
7. March 24, 2008: The Collapse of Bear Stearns
On March 24, 2008, Bear Stearns, a major American investment bank, announced that it was facing a financial collapse. The news came as a result of the bank’s exposure to subprime mortgage-backed securities, which had lost value during the global financial crisis of 2007–2008. The collapse of Bear Stearns was one of the first signs of the broader financial meltdown that would follow, eventually leading to the Great Recession.
In a dramatic move to prevent further panic in the financial markets, the U.S. government arranged for Bear Stearns to be sold to JPMorgan Chase at a fraction of its previous value. The collapse of Bear Stearns sent shockwaves through the financial world and highlighted the vulnerability of large financial institutions during times of economic instability.
The event was a turning point in the 2008 financial crisis, which led to widespread economic hardship, a collapse in the housing market, and mass unemployment. The government’s intervention to stabilize the financial system would later be criticized and debated, but it was seen as necessary to prevent a more severe collapse of the global economy.
Conclusion
March 24 has witnessed many pivotal moments in American history, each shaping the course of the nation in profound ways. From economic developments like the founding of the Chicago Board of Trade to landmark social changes, such as President Johnson’s civil rights speech and the environmental catastrophe of the Exxon Valdez oil spill, these events illustrate the diverse and often transformative nature of American history.
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