Friedrich Wolfgang Beckey (14 January 1923 – 30 October 2017), known as Fred Beckey , was an American rock climber, mountaineer and book author, who in seven decades of climbing achieved hundreds of first ascents of some of the tallest peaks and most important routes throughout Alaska, the Canadian Rockies and the Pacific Northwest . Among the Fifty Classic Climbs of North America , seven were established by Beckey, often climbing with some of the best known climbers of each generation.
131-674: Beckey was born in 1923 near Düsseldorf , Germany to Klaus Beckey, a surgeon, and Marta Maria Beckey who was an opera singer. In 1925 economic hardships due to hyperinflation in the Weimar Republic forced his family to emigrate to the United States, settling in Seattle , Washington . His brother, Helmut "Helmy" Beckey, was born in Seattle in 1926 and would later become Fred's frequent climbing partner. At age twelve, Fred Beckey climbed Boulder Peak in
262-581: A concentration camp at Fort Snelling . Minneapolitans reportedly threatened more than once to attack the camp. In 1863, the US "abrogated and annulled" all treaties with the Dakota. With Governor Alexander Ramsey calling for their extermination, most Dakota were exiled from Minnesota. While the Dakota were being expelled, Franklin Steele laid claim to the east bank of Saint Anthony Falls , and John H. Stevens built
393-636: A national historic district , and the upper St. Anthony lock and dam is permanently closed. Columnist Don Morrison says that after the milling era waned a "modern, major city" emerged. Around 1900, Minneapolis attracted skilled workers who leveraged expertise from the University of Minnesota. In 1923, Munsingwear was the world's largest manufacturer of underwear. Frederick McKinley Jones invented mobile refrigeration in Minneapolis, and with his associate founded Thermo King in 1938. In 1949, Medtronic
524-472: A vicious cycle . The government and the banks had two unacceptable alternatives. If they stopped inflation, there would be immediate bankruptcies, unemployment, strikes, hunger, violence, collapse of civil order, insurrection and possibly even revolution. If they continued the inflation, they would default on their foreign debt. However, attempting to avoid both unemployment and insolvency ultimately failed when Germany had both. The hyperinflation episode in
655-495: A White Minneapolis police officer, knelt on his neck and back for more than nine minutes. Reporting on the local reaction , The New York Times said that "over three nights, a five-mile stretch of Minneapolis sustained extraordinary damage" —destruction included a police station that demonstrators overran and set on fire. Floyd's murder sparked international rebellions, mass protests, and locally, years of ongoing unrest over racial injustice. As of 2024, protest continued daily at
786-781: A center at the Northrup-King building, and it presents the Art-A-Whirl open studio tour every May. Minneapolis has hosted theatrical performances since the end of the American Civil War. Early theaters included Pence Opera House , the Academy of Music, Grand Opera House, Lyceum, and later the Metropolitan Opera House, which opened in 1894. Fifteen of the fifty-five Twin Cities theater companies counted in 2015 by Peg Guilfoyle had
917-517: A facility in economically depressed north Minneapolis, bringing jobs and good publicity. A University of Minnesota computing group released Gopher in 1991; three years later, the World Wide Web superseded Gopher traffic. In many ways, the 20th century in Minneapolis was a difficult time of bigotry and malfeasance, beginning with four decades of corruption. Known initially as a kindly physician, mayor Doc Ames made his brother police chief, ran
1048-494: A few companions seeking out America's last unclimbed peaks or striking routes considered too difficult to climb. He often climbed 40 or 50 different summits a year, and over the decades managed to achieve nearly one thousand first ascents. In the late 1940s, he asked The Mountaineers of Seattle to publish his first climbing guidebook for the local peaks. They turned him down, and the American Alpine Club agreed to print
1179-726: A few thousand copies for a flat fee. Between climbs, he wrote several books, most notably the Cascade Alpine Guide , the definitive three-volume description of the Cascades from the Columbia River to the Fraser River , now in its third edition, published by The Mountaineers. In 2003, his 563-page book on the history of the region, Range of Glaciers , was published by the Oregon Historical Society Press. According to
1310-615: A home on the west bank. In the Dakota language , the city's name is Bde Óta Othúŋwe ('Many Lakes Town'). Residents had divergent ideas on names for their community. Charles Hoag proposed combining the Dakota word for 'water' ( mni ) with the Greek word for 'city' ( polis ), yielding Minneapolis . In 1851, after a meeting of the Minnesota Territorial Legislature , leaders of east bank St. Anthony lost their bid to move
1441-478: A human-relations council that interceded on behalf of minorities. However, the lives of Black people had not been improved. In 1966 and 1967—years of significant turmoil across the US —suppressed anger among the Black population was released in two disturbances on Plymouth Avenue. Historian Iric Nathanson says young Blacks confronted police, arson caused property damage, and "random gunshots" caused minor injuries in what
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#17328453666001572-673: A large waterfall that eroded upriver past the confluence of the Mississippi River, where it left a 75-foot (23-meter) drop in the Mississippi. This site is located in what is now downtown Saint Paul. The new waterfall, later called Saint Anthony Falls, in turn, eroded up the Mississippi about eight miles (13 kilometers) to its present location, carving the Mississippi River gorge as it moved upstream. Minnehaha Falls also developed during this period via similar processes. Minneapolis
1703-590: A lot of time climbing mountain ranges in the Northwest and desert rock formations in the Southwest. After graduation in 1949 he worked for the Seattle Post-Intelligencer and became a print shop sales representative. However, he soon discovered that his work interfered with his climbing. For a time, he worked as a delivery truck driver, which left him time for climbing. As time went on, he decided that climbing
1834-418: A means to stabilize German currency. In August 1923, an economist, Karl Helfferich , proposed a plan to issue a new currency, the "Roggenmark" ("rye mark"), to be backed by mortgage bonds indexed to the market price of rye grain. The plan was rejected because of the greatly fluctuating price of rye in paper marks. Agriculture Minister Hans Luther proposed a plan that substituted gold for rye and led to
1965-456: A military fort and trading post there and the Dakota would retain their usufructuary rights. In 1819, the US Army built Fort Snelling to direct Native American trade away from British-Canadian traders and to deter war between the Dakota and Ojibwe in northern Minnesota. Under pressure from US officials in a series of treaties, the Dakota ceded their land first to the east and then to the west of
2096-433: A national trend, the metro area's next largest group after Christians is the 23-percent non-religious population. At the same time, more than 50 denominations and religions are present in Minneapolis, representing most of the world's religions. Temple Israel was built in 1928 by the city's first Jewish congregation, Shaarai Tov, which formed in 1878. By 1959, a Temple of Islam was located in north Minneapolis. In 1971,
2227-510: A nearly 17-fold increase. After Germany failed for the thirty-fourth time in thirty-six months to pay an instalment of in-kind reparations of coal, in January 1923 French and Belgian troops occupied the Ruhr valley , Germany's main industrial region. 900 million gold marks of reparations were ultimately secured this way. The German government's response was to order a policy of passive resistance in
2358-739: A political landscape dominated by the Minnesota Democratic–Farmer–Labor Party (DFL), with Jacob Frey serving as mayor since 2018. Two Indigenous nations inhabited the area now called Minneapolis. Archaeologists have evidence that since 1000 A.D., they were the Dakota (one half of the Sioux nation), and, after the 1700s, the Ojibwe (also known as Chippewa, members of the Anishinaabe nations). Dakota people have different stories to explain their creation. One widely accepted story says
2489-489: A preliminary warning of the extreme postwar inflation. This strategy failed as Germany lost the war, which left the new Weimar Republic saddled with massive war debts that it could not afford: the national debt stood at 156 billion marks in 1918. The debt problem was exacerbated by printing money without any economic resources to back it. John Maynard Keynes characterised the inflationary policies of various wartime governments in his 1919 book The Economic Consequences of
2620-757: A principle, "a mark is worth a mark", which had been recognized, the nominal value principle. The law was challenged in the Supreme Court of the German Reich ( Reichsgericht ), but its 5th Senate ruled, on 4 November 1925, that the law was constitutional, even according to the Bill of Rights and Duties of Germans (Articles 109, 134, 152 and 153 of the Constitution). The case set a precedent for judicial review in German jurisprudence. Historians and economists differ over
2751-587: A rate one-third that of White families. Statewide by 2022, the gap between White and Black home ownership declined from 51.5 percent to 48 percent. Statewide, alongside this small improvement was a sharp increase in the Black-to-White comparative number of deaths of despair (e.g., alcohol, drugs, and suicide). The Minneapolis income gap in 2018 was one of the largest in the country, with Black families earning about 44 percent of what White families earned annually. Statewide in 2022 using inflation-adjusted dollars,
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#17328453666002882-535: A reported 150 persons attended classes at a Hindu temple near the University of Minnesota. In 1972, the Twin Cities' first Shi'a Muslim family resettled from Uganda. Somalis who live in Minneapolis are primarily Sunni Muslim . In 2022, Minneapolis amended its noise ordinance to allow broadcasting the Muslim call to prayer five times per day. The city has about seven Buddhist centers and meditation centers. Early in
3013-450: A resumption of effective taxation in a still-devastated economy triggered a wave of corporate bankruptcies . One of the important issues of the stabilization of a hyperinflation is the revaluation . The term normally refers to the raising of the exchange rate of one national currency against other currencies. As well, it can mean revalorization , the restoration of the value of a currency depreciated by inflation. The German government had
3144-445: A return of hyperinflation and, after 1930, Germany protested that reparations payments were deflationary . Inflation also enabled the German government to pay off its substantial domestic debts, particularly war debts, in devalued marks. One point on which historians tend to agree is that the printing of cash by the German government to make payments to striking workers in the Ruhr, who were refusing to make reparations deliveries to
3275-827: A reviewer, he did much of the research for the volume in Washington, D.C. , at the Library of Congress and the National Archives, scouring files of the State Department, U.S. Geological Survey and other agencies. Beckey also perused the Canadian archives in Ottawa , Ontario; Hudson's Bay Co. archives in Winnipeg, Manitoba ; British Columbia archives in Victoria, British Columbia ; records of
3406-675: A second ascent of Mount Waddington , which was then considered the most difficult climb in North America. Beckey followed that with many more first ascents of summits in the Olympic and North Cascade ranges. In 1942 he joined 10th Mountain Division , based in Colorado, and served as an instructor. After the war, Beckey studied business administration at the University of Washington , while still spending
3537-454: A secret military Japanese-language school that trained interpreters and translators. Following World War II, some Japanese and Japanese Americans remained in Minneapolis, and by 1970, they numbered nearly 2,000, forming part of the state's largest Asian American community. In the 1950s, the US government relocated Native Americans to cities like Minneapolis, attempting to dismantle Indian reservations . Around 1970, Koreans arrived, and
3668-599: A sign "Will belay for food". His reputation is well known among many climbers, captured in a T-shirt "Beware of Beckey: He will steal your woman, steal your route." Hyperinflation in the Weimar Republic Hyperinflation affected the German Papiermark , the currency of the Weimar Republic , between 1921 and 1923, primarily in 1923. The German currency had seen significant inflation during
3799-884: A single payment of 1 billion gold marks was paid (roughly 1.4% of Germany's nominal 1925 GNP) , until the agreement of the Dawes plan in late 1924, only relatively small cash payments were made by Germany, though partial in-kind payments continued. For example, of the 300 million gold marks due under a variable annuity in November 1921, only 13 million was paid, and of the roughly 3 billion gold marks total due under payments in 1922, only 435 million were paid in cash. Germany's leadership claimed that, with its gold depleted, inflation resulted during 1921–23 due to attempts to buy foreign currency with German currency in an effort to make cash payments as reparations. This would be equivalent to selling German currency in exchange for payment in foreign currency, but
3930-476: A third of their conversion value in Rentenmarks. On 30 August 1924, a monetary law permitted the exchange of a 1-trillion paper mark note to a new Reichsmark , worth the same as a Rentenmark. By 1924 one dollar was equivalent to 4.2 Rentenmark. Eventually, some debts were reinstated to compensate creditors partially for the catastrophic reduction in the value of debts that had been quoted in paper marks before
4061-468: A time in the 19th century, Minneapolis was the lumber and flour milling capital of the world, and as home to the Federal Reserve Bank of Minneapolis , it has preserved its financial clout into the 21st century. A Minneapolis Depression-era labor strike brought about federal worker protections. Work in Minneapolis contributed to the computing industry, and the city is the birthplace of General Mills ,
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4192-527: Is 108 °F (42 °C) in July 1936 while the lowest is −41 °F (−41 °C) in January 1888. The snowiest winter on record was 1983–1984, when 98.6 in (250 cm) of snow fell. The least-snowy winter was 1930–1931, when 14.2 inches (36 cm) fell. According to the National Oceanic and Atmospheric Administration , the annual average for sunshine duration is 58 percent. The Minneapolis area
4323-482: Is connected by the Grand Rounds National Scenic Byway . Dakota people originally inhabited the site of today's Minneapolis. European colonization and settlement began north of Fort Snelling along Saint Anthony Falls —the only natural waterfall on the Mississippi River. Location near the fort and the falls' power—with its potential for industrial activity—fostered the city's early growth. For
4454-473: Is located in south-central Minneapolis on the 10-acre (4 ha) former homestead of the Morrison family. McKim, Mead & White designed a vast complex meeting the ambitions of the founders for a cultural center with spaces for sculpture, an art school, and orchestra. One-seventh of their design was built and opened in 1915. Additions by other firms from 1928 to 2006 achieved much of the original scheme. Today
4585-405: Is near the confluence of Minnehaha Creek with the Mississippi River. Sources disagree on the exact location and elevation of the city's highest point, which is cited as being between 967 and 985 feet (295 and 300 m) above sea level. Minneapolis has 83 neighborhoods and 70 neighborhood organizations. In some cases, two or more neighborhoods act together under one organization. Around 1990,
4716-418: Is provided by Metro Transit , and the international airport, serving the Twin Cities region, is located towards the south on the city limits. Residents adhere to more than fifty religions. Despite its well-regarded quality of life, Minneapolis has stark disparities among its residents—arguably the most critical issue confronting the city in the 21st century. Governed by a mayor-council system, Minneapolis has
4847-605: Is sited above an artesian aquifer and on flat terrain. Its total area is 59 square miles (152.8 square kilometers) of which six percent is covered by water. The city has a 12-mile (19 km) segment of the Mississippi River, four streams, and 17 waterbodies—13 of them lakes, with 24 miles (39 km) of lake shoreline. A 1959 report by the US Soil Conservation Service listed Minneapolis's elevation above mean sea level as 830 feet (250 meters). The city's lowest elevation of 687 feet (209 m) above sea level
4978-564: The Minneapolis Spokesman led a year-long consumer boycott of four area breweries that refused to hire Blacks. Employment improved during World War II, but housing discrimination persisted. Between 1950 and 1970, the Black population in Minneapolis increased by 436 percent. After the Rust Belt economy declined in the 1980s, Black migrants were attracted to Minneapolis for its job opportunities, good schools, and safe neighborhoods. In
5109-684: The American Indian Movement (AIM) in Minneapolis. Begun as an alternative to public and Bureau of Indian Affairs schools , AIM's Heart of the Earth Survival School taught Native American traditions to children for nearly twenty years. A same-sex Minneapolis couple appealed all the way to the US Supreme Court but their marriage license was denied. They managed to get a license and marry in 1971, forty years before Minnesota legalized same-sex marriage . Immigration helped to curb
5240-562: The First World War due to the way in which the German government funded its war effort through borrowing, with debts of 156 billion marks by 1918. This national debt was substantially increased by 50 billion marks of reparations payable in cash and in-kind (e.g., with coal and timber) under the May 1921 London Schedule of Payments agreed after the Versailles treaty . This inflation continued into
5371-678: The Gilded Age , the Walker Art Center began as a private art collection in the home of lumberman T. B. Walker , who extended free admission to the public. Around 1940, the center's focus shifted to modern and contemporary art. In partnership with the Minneapolis Park and Recreation Board , the Walker operates the adjacent Minneapolis Sculpture Garden , which has about forty sculptures on view year-round. The Minneapolis Institute of Art (Mia)
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5502-608: The Great Depression , seeing the two separate events as one big economic crisis that encompassed both rapidly rising prices and mass unemployment. The hyperinflated, worthless marks became widely collected abroad. The Los Angeles Times estimated in 1924 that more of the decommissioned notes were spread about the US than existed in Germany. Firms responded to the crisis by focusing on those elements of their information systems they identified as essential to continuing operations. In
5633-1229: The Human Rights Campaign gave Minneapolis 94 points out of 100 on the Municipal Equality Index of support for the LGBTQ+ population. Twin Cities Pride is held in May. Minneapolis is the largest city in Minnesota and the 46th-largest city in the United States by population as of 2023. According to the 2020 US Census , Minneapolis had a population of 429,954. Of this population, 44,513 (10.4 percent) identified as Hispanic or Latinos . Of those not Hispanic or Latino, 249,581 persons (58.0 percent) were White alone (62.7 percent White alone or in combination), 81,088 (18.9 percent) were Black or African American alone (21.3 percent Black alone or in combination), 24,929 (5.8 percent) were Asian alone, 7,433 (1.2 percent) were American Indian and Alaska Native alone, 25,387 (0.6 percent) some other race alone, and 34,463 (5.2 percent) were multiracial . The most common ancestries in Minneapolis according to
5764-658: The Pillsbury brand, Target Corporation , and Thermo King mobile refrigeration. The city's major arts institutions include the Minneapolis Institute of Art , the Walker Art Center , and the Guthrie Theater . Four professional sports teams play downtown. Prince is survived by his favorite venue, the First Avenue nightclub . Minneapolis is home to the University of Minnesota 's main campus. The city's public transport
5895-671: The Treaty of Versailles , which included an agreement to pay substantial reparations to the Allied powers both in hard cash and in in-kind shipments of goods such as coal and timber. By then, 48 paper marks were required to buy a US dollar. In May 1921 the amount to be paid by the Central Powers as a whole was fixed at 132 billion gold marks under the London Schedule of payments which set quarterly deadlines for payments. Of this, 50 billion gold marks
6026-787: The 1890s and 1900s, and Slovak and Czech immigrants settled in the Bohemian Flats area on the west bank of the Mississippi River. Ukrainians arrived after 1900, and Central European migrants made their homes in the Northeast neighborhood. Chinese began immigration in the 1870s and Chinese businesses centered on the Gateway District and Glenwood Avenue. Westminster Presbyterian Church gave language classes and support for Chinese Americans in Minneapolis, many of whom had fled discrimination in western states. Japanese Americans , many relocated from San Francisco, worked at Camp Savage ,
6157-423: The 1990s, immigrants from the Horn of Africa began to arrive, from Eritrea , Ethiopia , and particularly Somalia . Immigration from Somalia slowed significantly following a 2017 national executive order . As of 2022, about 3,000 Ethiopians and 20,000 Somalis reside in Minneapolis . The Williams Institute reported that the Twin Cities had an estimated 4.2-percent LGBT adult population in 2020. In 2023,
6288-431: The 19th century nearly concurrently, and each came to prominence for about fifty years. In 1884, the value of Minneapolis flour milling was the world's highest. In 1899, Minneapolis outsold every other lumber market in the world. Through its expanding mill industries, Minneapolis earned the nickname "Mill City". Due to the occupational hazards of milling, six companies manufactured artificial limbs. Disasters struck in
6419-573: The 2017 Banff Mountain Film Festival ; the Best Mountaineering Film at the 2017 Kendal Mountain Film Festival ; and, the People's Choice Award at the 2017 Banff Mountain Book Festival . Mount Beckey, a previously unnamed, 8,500-foot peak in remote West-Central Alaska Range ( 62°51′20″N 152°8′15″W / 62.85556°N 152.13750°W / 62.85556; -152.13750 ), was named after Beckey, after he, Calvin Hebert and John Middendorf climbed it in 1996. Fred Beckey died of congestive heart failure , in Seattle, on October 30, 2017 at
6550-421: The 2021 American Community Survey (ACS) were German (22.9 percent), Irish (10.8 percent), Norwegian (8.9 percent), Subsaharan African (6.7 percent), and Swedish (6.1 percent). Among those five years and older, 81.2 percent spoke only English at home, while 7.1 percent spoke Spanish and 11.7 percent spoke other languages, including large numbers of Somali and Hmong speakers. About 13.7 percent of
6681-511: The 2024 city budget. In 2018, the Minneapolis City Council approved the Minneapolis 2040 Comprehensive Plan, which resulted in a citywide end to single-family zoning . Slate reported that Minneapolis was the first major city in the US to make citywide such a revision in housing possibilities. At the time, 70 percent of residential land was zoned for detached, single-family homes, though many of those areas had "nonconforming" buildings with more housing units. City leaders sought to increase
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#17328453666006812-443: The 2040 plan, and declaring racism a public health emergency in 2020. Twin Cities residents are 70 percent Christian according to a Pew Research Center religious survey in 2014. Settlers who arrived in Minneapolis from New England were for the most part Protestants , Quakers , and Universalists . The oldest continuously used church, Our Lady of Lourdes Catholic Church , was built in 1856 by Universalists and soon afterward
6943-432: The Allies, contributed to hyperinflation. The occupation of the Ruhr also caused German output to fall. Regardless of the reason for the declining value of the German currency, the decline caused prices of goods to rise rapidly, increasing the cost of operating the German government, which could not be financed by raising taxes because those taxes would be payable in the ever-falling German currency. The resulting deficit
7074-407: The Cascades by himself, after wandering off on a family camping trip. Afterwards, his family signed him up with the Boy Scouts where he learned the basic concepts of climbing. Later he joined The Mountaineers . In 1939, at sixteen, Fred and two friends climbed 7,292-foot Mount Despair in the North Cascades, which was considered unclimbable at the time. In 1942, the teenage Beckey brothers snatched
7205-441: The Dakota emerged from Bdóte , the confluence of the Minnesota and Mississippi rivers . Dakota are the only inhabitants of the Minneapolis area who claimed no other land; they have no traditions of having immigrated. In 1680, cleric Louis Hennepin , who was probably the first European to see the Minneapolis waterfall the Dakota people call Owámniyomni , renamed it the Falls of St. Anthony of Padua for his patron saint. In
7336-518: The Dakota. Facing starvation a faction of the Dakota declared war in August and killed settlers. Serving without any prior military experience, US commander Henry Sibley commanded raw recruits, volunteer mounted troops from Minneapolis and Saint Paul with no military experience. The war went on for six weeks in the Minnesota River valley. After a kangaroo court , 38 Dakota men were hanged. The army force-marched 1,700 non-hostile Dakota men, women, children, and elders 150 miles (240 km) to
7467-419: The Great Depression, the Citizens' Alliance , an association of employers, refused to negotiate with teamsters . The truck drivers union executed strikes in May and July–August. Charles Rumford Walker said that Minneapolis teamsters succeeded in part due to the "military precision of the strike machine". The union victory ultimately led to 1935 and 1938 federal laws protecting workers' rights. From
7598-467: The Indigenous population during the 19th century, they claimed the city's land, and Kirsten Delegard of Mapping Prejudice explains that today's disparities evolved from control of the land. Discrimination increased when flour milling moved to the East Coast and the economy declined. The foundation laid by racial covenants on residential segregation, property value, homeownership, wealth, housing security, access to green spaces, and health equity shapes
7729-402: The Mississippi, the river that runs through Minneapolis. Dakota leaders twice refused to sign the next treaty until they were paid for the previous one. In the decades following these treaty signings, the federal US government rarely honored their terms. At the beginning of the American Civil War, annuity payments owed in June 1862 to the Dakota by treaty were late, causing acute hunger among
7860-422: The Northwest Boundary Survey at Yale University ; and records of the Northern Pacific and Great Northern railroads in Minneapolis . Beckey continued climbing when over 90 years old. His life was the subject of a 2017 documentary, directed by David O'Leske and produced by Patagonia , called Dirtbag: The Legend of Fred Beckey . The film won over 26 international awards, including: the Best Feature Mountain Film at
7991-428: The Peace as follows: The inflationism of the currency systems of Europe has proceeded to extraordinary lengths. The various belligerent Governments, unable, or too timid or too short-sighted to secure from loans or taxes the resources they required, have printed notes for the balance. The value of the German currency continued to fall in the immediate aftermath of the war. By late 1919, the German government had signed
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#17328453666008122-475: The Ruhr, with workers being told to do nothing which helped the French and Belgians in any way. While this policy, in practice, amounted to a general strike to protest the occupation, the striking workers still had to be given financial support. The government paid these workers by printing more and more banknotes, with Germany soon being swamped with paper money, exacerbating the hyperinflation even further. A loaf of bread in Berlin that cost around 160 marks at
8253-434: The Twin Cities metropolitan area tied with Boston as having the eighth-highest concentration of major corporate headquarters in the US. Five Fortune 500 corporations were headquartered within the city limits of Minneapolis: Target Corporation , U.S. Bancorp , Xcel Energy , Ameriprise Financial , and Thrivent . The metro area's gross domestic product was $ 323.9 billion in 2022 ($ 337 billion in 2023). During
8384-425: The US and co-cathedral of the Roman Catholic Archdiocese of Saint Paul and Minneapolis , was named by Pope Pius XI in 1926. The Billy Graham Evangelistic Association was headquartered in Minneapolis from the 1950s until 2001. Christ Church Lutheran in the Longfellow neighborhood was the final work in the career of Eliel Saarinen , and it has an education building designed by his son Eero . Aligning with
8515-419: The US average of 11.1 percent. As of 2022, 90.8 percent of residents age 25 years or older had earned a high school degree compared to 89.1 percent nationally, and 53.5 percent had a bachelor's degree or higher compared to the 34.3 percent US national average. US veterans made up 2.8 percent of the population compared to the national average of 5 percent in 2023. In Minneapolis in 2020, Blacks owned homes at
8646-450: The Weimar Republic in the early 1920s was not the first or even the most severe instance of inflation in history. However, it has been the subject of the most scholarly economic analysis and debate. The hyperinflation drew significant interest, as many of the dramatic and unusual economic behaviors now associated with hyperinflation were first documented systematically: exponential increases in prices and interest rates, redenomination of
8777-406: The age of 94. Partial list of notable first ascents: Timothy Egan captures Fred Beckey's personality in a chapter of The Good Rain . Beckey named Vasiliki Ridge , by Washington Pass, after his one true love. Beckey was a quintessential dirtbag climber , well captured by a classic portrait of him by Corey Rich from 2004 Patagonia 's Fall catalog, where he is trying to hitchhike while holding
8908-458: The beginning the focus was on adjusting sales and procurement arrangements, modifications to financial reporting, and the use of more nonmonetary information in internal reporting. With the continuous acceleration of inflation, human resources were redeployed to the most critical corporate functions, in particular those involved in the remuneration of labor. There is evidence that some parts of corporate accounting systems fell into disrepair, but there
9039-470: The capital from Saint Paul, but they eventually won the state university. In 1856, the territorial legislature authorized Minneapolis as a town on the Mississippi's west bank. Minneapolis was incorporated as a city in 1867, and in 1872, it merged with St. Anthony. Minneapolis originated around a source of energy: Saint Anthony Falls, the only natural waterfall on the Mississippi. Each of the city's two founding industries—flour and lumber milling—developed in
9170-425: The catastrophic fall in the value of the mark had effectively wiped out debts owed, some debts (e.g. mortgages) were revalued so that the lenders could recoup some of their money. Hyperinflation caused considerable internal political instability in the country. Historians and economists are divided on the causes of this hyperinflation, particularly the extent to which it was caused by reparations payments. To pay for
9301-422: The causes of the German hyperinflation, particularly on the subject of whether it was caused by reparations payments. The Treaty of Versailles had imposed an undefined debt on Germany, which the London Schedule of Payments agreed in May 1921 had determined to be essentially 50 billion marks in A and B bonds payable partly in-kind with goods like coal and timber, and partly in gold and hard-cash. From June 1921, when
9432-421: The choice of a revaluation law to finish the hyperinflation quickly or of allowing sprawling and the political and violent disturbances on the streets. The government argued in detail that the interests of creditors and debtors had to be fair and balanced. Neither the living standard price index nor the share price index was judged as relevant. The calculation of the conversion relation was considerably judged to
9563-450: The city became more and more racially divided. Though such language was prohibited by state law in 1953 and by the federal Fair Housing Act of 1968 , restrictive covenants against minorities remained in many Minneapolis deeds as of the 2020s. In 2021, the city gave residents a means to discharge them. Minneapolis has a history of structural racism and has racial disparities in nearly every aspect of society. As White settlers displaced
9694-410: The city into crime, and tried to leave town in 1902. The Ku Klux Klan was a force in the city from 1921 until 1923. The gangster Kid Cann engaged in bribery and intimidation between the 1920s and the 1940s. After Minnesota passed a eugenics law in 1925, the proprietors of Eitel Hospital sterilized people at Faribault State Hospital . During the summer of 1934 and the financial downturn of
9825-592: The city set up the Neighborhood Revitalization Program (NRP), in which every one of the city's eighty-some neighborhoods participated. Funded for 20 years through 2011, with $ 400 million tax increment financing ($ 542 million in 2023), the program caught the eye of UN-Habitat , who considered it an example of best practices . Residents had a direct connection to government in NRP, whereby they proposed ideas appropriate for their area, and NRP reviewed
9956-484: The city's defining physical characteristic. Long periods of glaciation and interglacial melt carved several riverbeds through what is now Minneapolis. During the last glacial period , around 10,000 years ago, ice buried in these ancient river channels melted, resulting in basins that filled with water to become the lakes of Minneapolis . Meltwater from Lake Agassiz fed the Glacial River Warren , which created
10087-492: The city's history, millers were required to pay for wheat with cash during the growing season and then to store the wheat until it was needed for flour. The Minneapolis Grain Exchange was founded in 1881; located near the riverfront, it is the only exchange as of 2023 for hard red spring wheat futures . Along with cash requirements for the milling industry, the large amounts of capital that lumbering had accumulated stimulated
10218-421: The city's mid-20th century population decline. But because of a few radicalized persons, the city's large Somali population was targeted with discrimination after 9/11 , when its hawalas or banks were closed. In 2020, 17-year-old Darnella Frazier recorded the murder of George Floyd ; Frazier's video contradicted the police department's initial statement. Floyd, a Black man, suffocated when Derek Chauvin ,
10349-470: The collection of more than 90,000 artworks spans six continents and about 5,000 years. Frank Gehry designed Weisman Art Museum , which opened in 1993, for the University of Minnesota . A 2011 addition by Gehry doubled the size of the galleries. The Museum of Russian Art opened in a restored church in 2005, and it hosts a collection of 20th-century Russian art and special events. The Northeast Minneapolis Arts District hosts 400 independent artists and
10480-455: The currency , consumer flight from cash to hard assets and the rapid expansion of industries that produced those assets. Since the hyperinflation, German monetary policy has retained a central concern with the maintenance of a sound currency, a concern that had an effect on the European sovereign debt crisis . According to one study, many Germans conflate hyperinflation in the Weimar Republic with
10611-419: The currency and budgetary reform that could have addressed hyperinflation was seen as advantageous. Whilst ruinous to the economy and politically destabilising, hyperinflation had advantageous aspects for the German government as, although the war reparations were not listed in paper currency, domestic debts owed from the war were listed, meaning that inflation greatly reduced this debt relative to revenues. In
10742-405: The dollar index as well as to the wholesale price index . In principle, the German government followed the line of market-oriented reasoning that the dollar index and the wholesale price index would roughly indicate the true price level in general over the period of high inflation and hyperinflation. In addition, the revaluation was bound on the exchange rate mark and United States dollar to obtain
10873-503: The end of 1922 cost 200,000,000,000 or 200 billion (2×10 ) marks by late 1923. By November 1923, one US dollar was worth 4,210,500,000,000 or 4.2 trillion (4.2105×10 ) German marks. German monetary economics was at that time heavily influenced by Chartalism and the German Historical School , which conditioned the way the hyperinflation was analysed. The hyperinflation crisis led prominent economists and politicians to seek
11004-555: The end of World War I in 1918 until 1950, antisemitism was commonplace in Minneapolis— Carey McWilliams called the city the antisemitic capital of the US. Starting in 1936, a fascist hate group known as the Silver Shirts held meetings in the city. In the 1940s, mayor Hubert Humphrey worked to rescue the city's reputation and helped the city establish the country's first municipal fair employment practices and
11135-675: The falls. Lumbering's decline began around the turn of the century, and sawmills in the city including the Weyerhauser mill closed by 1919. After depleting Minnesota's white pine, some lumbermen moved on to Douglas fir in the Pacific Northwest . In 1877, Cadwallader C. Washburn co-founded Washburn-Crosby, the company that became General Mills . Washburn and partner John Crosby sent Austrian civil engineer William de la Barre to Hungary where he acquired innovations through industrial espionage . De la Barre calculated and managed
11266-585: The first Filipinos came to attend the University of Minnesota . Vietnamese , Hmong (some from Thailand ), Lao , and Cambodians settled mainly in Saint Paul around 1975, but some built organizations in Minneapolis. In 1992, 160 Tibetan immigrants came to Minnesota, and many settled in the city's Whittier neighborhood. Burmese immigrants arrived in the early 2000s, with some moving to Greater Minnesota . The population of people from India in Minneapolis increased by 1,000 between 2000 and 2010, making it
11397-606: The first half of 1921. Because the Western Front of the war had been mostly fought in France and Belgium , Germany came out of the war with most of its industrial infrastructure intact, leaving it in a better place economically than neighbouring France and Belgium. The first payment of one billion gold marks was made when it came due in June 1921. At this point, customs posts in the west of Germany were occupied by Allied officials, so that
11528-461: The first half of 1922, the mark stabilized at about 320 marks per dollar. International conferences were held. One, in June 1922, was organized by US investment banker J. P. Morgan, Jr. The meetings produced no workable solution, and inflation erupted into hyperinflation, the mark falling to 7,400 marks per US dollar by December 1922. The cost-of-living index was 41 in June 1922 and 685 in December,
11659-467: The housing disparities created the educational disparities that we still live with today." Professor Samuel Myers Jr. says of redlining , "Policing policies evolved that substituted explicit racial profiling with scientific management of racially disparate arrests. ... racially discriminatory policies became institutionalized and 'baked in' to the fabric of Minnesota life." Government efforts to address these disparities included zoning changes passed in
11790-449: The hyperinflation. A decree of 1925 reinstated some mortgages at 25% of face value in the new currency, effectively 25,000,000,000 times their value in the old paper marks, if they had been held for at least five years. Similarly, some government bonds were reinstated at 2.5% of face value, to be paid after reparations were paid. Mortgage debt was reinstated at much higher rates than government bonds were. The reinstatement of some debts and
11921-481: The intersection where Floyd died, now known as George Floyd Square , with the slogan "No justice, no street". Minneapolis gathered ideas for the square and through community engagement promised final proposals for the end of 2024, that could be implemented by 2026 or thereafter. Protesters continued to ask for twenty-four reforms—many now met; a sticking point was ending qualified immunity for police. The history and economic growth of Minneapolis are linked to water,
12052-517: The issuance of the Rentenmark ("mortgage mark"), backed by bonds indexed to the market price of gold. The gold bonds were indexed at the rate of 2,790 gold marks per kilogram of gold, the same as the pre-war gold marks . Rentenmarks were not redeemable in gold but only indexed to the gold bonds. The plan was adopted in monetary reform decrees on 13–15 October 1923. A new bank, the Rentenbank ,
12183-459: The issue was strictly controlled to conform to current commercial and government transactions. The Rentenbank refused credit to the government and to speculators who were not able to borrow Rentenmarks, because Rentenmarks were not legal tender. On 16 November 1923, the new Rentenmark was introduced to replace the worthless paper marks issued by the Reichsbank. Twelve zeros were cut from prices, and
12314-469: The large costs of the First World War , Germany suspended the gold standard (the convertibility of its currency to gold) when the war broke out in 1914. Unlike France , which imposed its first income tax to pay for the war, German Emperor Wilhelm II and the Reichstag decided unanimously to fund the war entirely by borrowing . The government believed that it would be able to pay off the debt by winning
12445-564: The largest concentration of Indians living in the state. The population of Minneapolis grew until 1950 when the census peaked at 521,718—the only time it has exceeded a half million. The population then declined for decades; after World War II, people moved to the suburbs and generally out of the Midwest. By 1930, Minneapolis had one of the nation's highest literacy rates among Black residents. However, discrimination prevented them from obtaining higher-paying jobs. In 1935, Cecil Newman and
12576-532: The late 19th century: the Eastman tunnel under the river leaked in 1869; twice, fire destroyed the entire row of sawmills on the east bank; an explosion of flour dust at the Washburn A mill killed eighteen people and demolished about half the city's milling capacity; and in 1893, fire spread from Nicollet Island to Boom Island to northeast Minneapolis, destroyed twenty blocks, and killed two people. The lumber industry
12707-517: The lives of people in the 21st century. The city wrote in a decennial plan that racially discriminatory federal housing policies starting in the 1930s "prevented access to mortgages in areas with Jews, African-Americans and other minorities" and "left a lasting effect on the physical characteristics of the city and the financial well-being of its residents". Discussing a Federal Reserve Bank of Minneapolis report on how systemic racism compromises education in Minnesota, Professor Keith Mayes says, "So
12838-742: The local banking industry and made Minneapolis a major financial center. The Federal Reserve Bank of Minneapolis serves Minnesota, Montana , North and South Dakota , and parts of Wisconsin and Michigan ; it has the smallest population of the twelve districts in the Federal Reserve System , and it has one branch in Helena, Montana . Minneapolis area employment is primarily in trade, transportation, utilities, education, health services, and professional and business services. Smaller numbers of residents are employed in government, manufacturing, leisure and hospitality, and financial activities. In 2022,
12969-499: The median income for a Black family was $ 34,377 less than a White family's median income, an improvement of $ 7,000 since 2019. Before 1910, when a developer wrote the first restrictive covenant based on race and ethnicity into a Minneapolis deed, the city was relatively unsegregated with a Black population of less than one percent. Realtors adopted the practice, thousands of times preventing non-Whites from owning or leasing properties; this practice continued for four decades until
13100-689: The plan, and then securing its survival. Ultimately in 2024, the state legislature passed a bill approving the city's 2040 plan. Minneapolis experiences a hot-summer humid continental climate ( Dfa in the Köppen climate classification ) that is typical of southern parts of the Upper Midwest ; it is situated in USDA plant hardiness zone 5a. The Minneapolis area experiences a full range of precipitation and related weather events, including snow, sleet, ice, rain, thunderstorms, and fog. The highest recorded temperature
13231-581: The plans and provided implementation funds. The city's Neighborhood and Community Relations department took NRP's place in 2011 and is funded only by city revenue. In 2019, the city released the Neighborhoods 2020 program, which reworked neighborhood funding with an equity-focused lens. This reduced guaranteed funding, and several neighborhood organizations have since struggled with operations or merged with other neighborhoods due to decreased revenue. Base funding for every neighborhood organization increased in
13362-503: The population was born abroad , with 53.2 percent of them being naturalized US citizens . Most immigrants arrived from Africa (40.6 percent), Latin America (25.2 percent), and Asia (24.6 percent), with 34.6 percent of all foreign-born residents having arrived in 2010 or earlier. Comparable to the US average of $ 70,784 in 2021, the ACS reported that the 2021 median household income in Minneapolis
13493-586: The post-war period, particularly when in August 1921 the German central bank began buying hard cash with paper currency at any price, which they claimed was to pay reparations in hard cash, though little in the way of cash reparations payments were made until 1924. The currency stabilised in early 1922, but then hyperinflation took off: the exchange value of the mark fell from 320 marks per dollar in mid 1922 to 7,400 marks per US dollar by December 1922. This hyperinflation continued into 1923, and by November 1923, one US dollar
13624-418: The power at the falls and encouraged steam for auxiliary power. Charles Alfred Pillsbury and the C. A. Pillsbury Company across the river hired Washburn-Crosby employees and began using the new methods. The hard red spring wheat grown in Minnesota became valuable, and Minnesota "patent" flour was recognized at the time as the best bread flour in the world. In 1900, fourteen percent of America's grain
13755-585: The prices quoted in the new currency remained stable. When the president of the Reichsbank, Rudolf Havenstein, died on 20 November 1923, Schacht was appointed to replace him. By 30 November 1923, there were 500,000,000 Rentenmarks in circulation, which increased to 1,000,000,000 by January 1, 1924, and to 1,800,000,000 Rentenmarks by July 1924. Meanwhile, the old paper Marks continued in circulation. The total paper marks increased to 1.2 sextillion (1,200,000,000,000,000,000,000) in July 1924 and continued to fall in value to
13886-422: The resulting increase in the supply of German marks on the market caused the German mark to fall rapidly in value. British and French experts claimed that the German leadership were purposefully stoking inflation as a way of avoiding paying reparations, as well as a way of avoiding budgetary reforms – a view later supported by analysis of Reich Chancellery record showing that tax reform and currency stabilisation
14017-510: The river's west bank included woolen mills, iron works, a railroad machine shop, and mills for cotton, paper, sashes, and wood-planing. Minneapolis supplied the materials for farmsteads and settlement of rapidly expanding cities on the prairies that lacked wood. White pine milled in Minneapolis built Miles City, Montana ; Bismarck, North Dakota ; Sioux Falls, South Dakota ; Omaha, Nebraska ; and Wichita, Kansas . Growing use of steam power freed lumbermen and their sawmills from dependence on
14148-473: The schedule of payments could be enforced. However, following the first payment the Allied officials were withdrawn from everywhere but Düsseldorf , and whilst some payments in kind continued, only small cash payments were subsequently made for the remainder of 1921–22. From August 1921, the president of the Reichsbank, Rudolf Havenstein , began a strategy of buying foreign currency with marks at any price, without any regard for inflation, and it only increased
14279-497: The second half of the 20th century. Between 1958 and 1963, Minneapolis demolished " skid row ". Gone were 35 acres (10 ha) with more than 200 buildings, or roughly 40 percent of downtown, including the Gateway District and its significant architecture such as the Metropolitan Building . Opened in 1967, I-35W displaced Black and Mexican neighborhoods in south Minneapolis. In 1968, relocated Native Americans founded
14410-409: The space of sixty years, the US seized all of the Dakota land and forced them out of their homeland. Purchasing most of modern-day Minneapolis, Zebulon Pike made the 1805 Treaty of St. Peter with the Dakota. Pike bought a 9-square-mile (23 km ) strip of land—coinciding with the sacred place of Dakota origin —on the Mississippi south of Saint Anthony Falls, with the agreement the US would build
14541-456: The speed of the collapse in value of the mark. German officials claimed this was in order to make cash payments owed to the Allies using foreign currency. British and French experts stated that this was in an effort to ruin the German currency and, as well as escaping the need for budgetary reform, avoid paying reparations altogether, a claim supported by Reich Chancellery records showing that delaying
14672-427: The summit. Beckey descended in the blizzard to get help, but was later blamed by his teammates for abandoning his partner, who was rescued by others. Consequently although Beckey seemed a likely choice as a member for first American Everest Expedition in 1963, he was never invited by his ex-teammates. Afterwards Beckey shied away from the large team efforts abroad, preferring smaller alpine-style undertakings alone or with
14803-661: The supply of housing so more neighborhoods would be affordable and to decrease the effects single-family zoning had caused on racial disparities and segregation. The Brookings Institution called it "a relatively rare example of success for the YIMBY agenda". From 2022 until 2024, the Minnesota Supreme Court , the US District Court , and the Minnesota Court of Appeals arrived at competing opinions, first shutting down
14934-467: The surrounding area are collectively known as the Twin Cities , a metropolitan area with 3.69 million residents. Minneapolis is built on an artesian aquifer on flat terrain and is known for cold, snowy winters and hot, humid summers. Nicknamed the "City of Lakes", Minneapolis is abundant in water, with thirteen lakes , wetlands, the Mississippi River , creeks, and waterfalls. The city's public park system
15065-646: The turn of the 21st century, Latinos were the state's largest and fastest-growing immigrant group. Immigrants from Sweden , Norway , and Denmark found common ground with the Republican and Protestant belief systems of the New England migrants who preceded them. Irish , Scots , and English immigrants arrived after the Civil War; Germans and Jews from Central and Eastern Europe , as well as Russia , followed. Minneapolis welcomed Italians and Greeks in
15196-554: The value of the Goldmark . Finally, the Law on the Revaluation of Mortgages and other Claims of 16 July 1925 ( Gesetz über die Aufwertung von Hypotheken und anderen Ansprüchen or Aufwertungsgesetze ) included only the ratio of the paper mark to the gold mark for the period from 1 January 1918, to 30 November 1923, and the following days. The galloping inflation thus caused the end of
15327-501: The war and imposing war reparations on the defeated Allies. This was to be done by annexing resource-rich industrial territory in the west and east and imposing cash payments to Germany, similar to the French indemnity that followed German victory over France in 1870. However, the exchange rate of the mark against the US dollar steadily devalued from 4.2 to 7.9 marks per dollar between 1914 and 1918,
15458-436: Was $ 69,397 ($ 78,030 in 2023), It was $ 97,670 for families, $ 123,693 for married couples, and $ 54,083 for non-family households. In 2023, the median Minneapolis rent was $ 1,529, compared to the national median of $ 1,723. Over 92 percent of housing units in Minneapolis were occupied. Housing units in the city built in 1939 or earlier comprised 43.7 percent. Almost 17 percent of residents lived in poverty in 2023, compared to
15589-456: Was a "relatively minor incident" in Minneapolis compared to the loss of life and property in similar incidents in Detroit and Newark. A coalition reached a peaceful outcome but again failed to solve Black poverty and unemployment. In the wake of unrest and voter backlash, Charles Stenvig , a law-and-order candidate, became mayor in 1969, and governed for almost a decade. Disparate events defined
15720-529: Was acquired by a French Catholic congregation. St. Mary's Orthodox Cathedral was founded in 1887; it opened a missionary school and in 1905 created a Russian Orthodox seminary. Edwin Hawley Hewitt designed St. Mark's Episcopal Cathedral and Hennepin Avenue United Methodist Church , both of which are located south of downtown. The nearby Basilica of Saint Mary , the first basilica in
15851-553: Was also innovation. Minneapolis Minneapolis is a city in and the county seat of Hennepin County, Minnesota , United States. With a population of 429,954, it is the state's most populous city as of the 2020 census . Located in the state's center near the eastern border, it occupies both banks of the Upper Mississippi River and adjoins Saint Paul , the state capital of Minnesota. Minneapolis, Saint Paul, and
15982-465: Was built around forests in northern Minnesota, largely by lumbermen emigrating from Maine 's depleting forests. The region's waterways were used to transport logs well after railroads developed; the Mississippi River carried logs to St. Louis until the early 20th century. In 1871, of the thirteen mills sawing lumber in St. Anthony, eight ran on water power, and five ran on steam power. Auxiliary businesses on
16113-446: Was delayed in 1922–23 in the hope of reductions in reparations. Particularly, Allied analysis of German statistics showed that printing of paper currency was being used to maintain tax rates much lower than in Allied countries, to fund relatively high levels of state expenditure, and that this effect was being worsened by unrestricted capital flight from Germany. Reparations payments continued more or less in full from 1924 to 1931 without
16244-409: Was financed by some combination of issuing bonds and simply creating more money: both increasing the supply of German mark-denominated financial assets on the market and so further reducing the currency's price. When the German people realized that their money was rapidly losing value, they tried to spend it quickly. That increased monetary velocity and caused an ever-faster increase in prices, creating
16375-582: Was founded in a Minneapolis garage. Minneapolis-Honeywell built a south Minneapolis campus where their experience regulating control systems earned them military contracts for the Norden bombsight and the C-1 autopilot . In 1957, Control Data began in downtown Minneapolis, where in the CDC 1604 computer they replaced vacuum tubes with transistors . A highly successful business until disbanded in 1990, Control Data opened
16506-490: Was his life's focus. He never married or had children, he never pursued a professional career, he never sought money or financial security as a goal—his goal was to climb mountains. In 1955 Beckey joined the International Himalayan Expedition to climb the world’s fourth-highest peak, Lhotse . During the expedition his tentmate developed cerebral edema at 23,000 feet on the night before they were to attempt
16637-482: Was listed in A and B bonds payable under the quarterly deadlines in the schedule; the remaining sum, about 82 billion gold marks, was listed as C bonds that were somewhat hypothetical and not payable under the schedule but instead left to an undefined future date, with the Germans being informed that they realistically would not have to pay them. The German currency was relatively stable at about 90 marks per dollar during
16768-509: Was milled in Minneapolis and about one third of that was shipped overseas. Overall production peaked at 18.5 million barrels in 1916. Decades of soil exhaustion , stem rust , and changes in freight tariffs combined to quash the city's flour industry. In the 1920s, Washburn-Crosby and Pillsbury developed new milling centers in Buffalo, New York , and Kansas City, Missouri , while maintaining their headquarters in Minneapolis. The falls became
16899-727: Was originally occupied by Dakota bands, particularly the Mdewakanton , until European Americans moved westward. In the 1840s, new settlers arrived from Maine , New Hampshire , and Massachusetts , while French-Canadians came around the same time. Farmers from Illinois , Indiana , Ohio , and Pennsylvania followed in a secondary migration. Settlers from New England had an outsized influence on civic life. Mexican migrant workers began coming to Minnesota as early as 1860, although few stayed year-round. Latinos eventually settled in several neighborhoods in Minneapolis, including Phillips , Whittier , Longfellow and Northeast . Before
17030-464: Was set up by Hans Luther when he became Finance Minister. After 12 November 1923, when Hjalmar Schacht became currency commissioner, Germany's central bank (the Reichsbank ) was not allowed to discount any further government Treasury bills , which meant the corresponding issue of paper marks also ceased. The discounting of commercial trade bills was allowed and the amount of Rentenmarks expanded, but
17161-513: Was worth 4,210,500,000,000 marks. Various measures were introduced by German authorities to address this, including a new currency called the Rentenmark , backed by mortgage bonds, later itself replaced by the Reichsmark, and the blocking of the national bank from printing further paper currency. By 1924 the currency had stabilised and German reparations payments began again under the Dawes Plan . As
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