March 14

On March 14, 1794, Eli Whitney received U.S. Patent No. 72 for the cotton gin. His invention mechanized the separation of cotton fibers from seeds, vastly increasing efficiency. The cotton gin transformed the agricultural economy of the American South. It led to the rapid expansion of cotton plantations and intensified demand for enslaved labor. Whitney struggled to profit from his invention due to widespread patent infringements. Nonetheless, the cotton gin became one of the most influential technologies of the early Industrial Revolution.

On March 14, 1900, the Gold Standard Act was ratified, establishing gold as the sole basis of U.S. currency. The act defined the dollar in terms of a fixed weight of gold, aiming to stabilize the monetary system. It followed years of debate over bimetallism and the use of silver in coinage. Supporters argued that a gold-backed dollar would curb inflation and boost investor confidence. The legislation ended the minting of silver coins and anchored the dollar’s value firmly to gold reserves. This policy dominated American finance until the Great Depression when the U.S. abandoned the gold standard in 1933 under President Franklin D. Roosevelt. The act’s legacy influenced global monetary systems and set a precedent for modern currency policies.

On March 14, 1991, Escondida, a major copper mine in Chile's Atacama Desert, was formally inaugurated. The site would go on to become the world's most productive copper mine. Developed jointly by international mining companies and the Chilean government, Escondida leveraged state-of-the-art extraction technology to tap into vast ore deposits. The mine's opening bolstered Chile's economy and reinforced its status as a leading copper exporter. Over subsequent decades, Escondida would produce millions of tons of copper annually, playing a critical role in global metal markets.