On This Day March 16
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1802 – President Thomas Jefferson signs legislation establishing the U.S. Military Academy at West Point, New York to train officers for the United States Army. The Academy’s motto is “Duty, Honor, Country.”
1850 – The Scarlet Letter, Nathaniel Hawthorne’s novel about adultery and betrayal in colonial America, is published and vaults the struggling author to fame. The work is considered a masterpiece of American literature and a classic moral study.
2008 – The first domino falls in what comes to be known as the Great Recession — the worst panic to grip Wall Street since the Great Depression of the early 1930s. Bear Stearns, the 85-year-old investment bank, is acquired by J.P. Morgan Chase and Co. at the dramatically deflated price of $2 per share.
1970 – Motown singer Tammi Terrell — who had 10 hit duets with Marvin Gaye, including “Your Precious Love,” “You’re All I Need to Get By” and “Ain’t No Mountain High Enough” — dies of a brain tumor at the age of 24. Terrell’s battle with cancer began in 1967, when she collapsed in Gaye’s arms during a performance.
1996 – The Mariah Carey-Boyz II Men duet, “One Sweet Day,” concludes an incredible 16-week ride on top of the singles chart. The track earns Grammy nominations for Best Pop Collaboration with Vocals and Record of the Year.