May 10

On May 10, 1837, several major banks in New York City halted payments in gold and silver, or specie, to meet mounting financial pressures. This suspension shattered public confidence and precipitated a nationwide credit collapse. Businesses failed, unemployment soared, and agricultural prices plummeted, marking one of the most severe depressions in American history. The crisis was fueled by speculative lending, land booms, and international financial strains. President Martin Van Buren grappled with limited policy tools, adopting the independent treasury system in response. Recovery was slow, with hardship persisting until the mid-1840s. The Panic of 1837 remains a key cautionary tale about banking regulation and economic stability.

On May 10, 1876, the Centennial Exposition officially opened in Fairmount Park, Philadelphia, marking the 100th anniversary of the United States' Declaration of Independence. This World's Fair spanned more than 285 acres and featured contributions from over thirty nations. Visitors marveled at groundbreaking inventions like the telephone and typewriter, alongside elaborate art exhibits and architectural feats such as the Main Exhibition Building. The exposition attracted millions of attendees who experienced cultural performances, agricultural displays, and scientific demonstrations. It served as a showcase for American innovation, industrial might, and artistic achievement during the Gilded Age. Organizers aimed to foster national pride and international goodwill, forging new diplomatic and trade relationships. The Centennial Exposition left a lasting legacy in museum culture and public engagement with technology and the arts.

On May 10, 1904, August Horch officially established Horch & Cie. Motorwagenwerke AG in Ehrenfeld, Germany, marking the birth of a new automobile manufacturer. Horch, an engineer by training, had previously founded his own company but departed following disagreements with investors. Under his leadership, the new firm focused on high-quality luxury vehicles and innovative engineering solutions. Early models showcased advanced features such as overhead valves and sturdy chassis designs that set them apart from competitors. Success on European racing circuits further enhanced the brand's reputation for performance and reliability. Legal battles over the use of Horch's name eventually led to the creation of the Audi brand in 1910, derived from the Latin translation of his surname. Today, Audi stands as one of the world's leading premium automakers, tracing its heritage directly to that 1904 founding moment.

On May 10, 1975, Sony introduced the Betamax system, the world’s first commercially available videocassette recorder for consumers. The Betamax format used compact cassettes capable of recording up to one hour of video with superior picture quality compared to existing reel-to-reel systems. Its launch heralded the beginning of the home video era, allowing families to record television broadcasts and watch pre-recorded movies at will. Betamax’s innovative design spurred the development of a thriving video rental industry. Despite its technical strengths, Betamax eventually faced fierce competition from JVC’s VHS format, leading to a well-known format war. The loss in market dominance did not diminish Sony’s pioneering role in consumer electronics. Betamax technology set the standard for later video formats and laid the groundwork for modern digital recording devices. The format’s legacy persists among collectors and enthusiasts of vintage audio-visual equipment.