In the first naval battle between ironclad, the USS Monitor and CSS Virginia clash at the Battle of Hampton Roads. Due to the designs of the ironclads, neither ship caused serious damage to each other, resulting in a stalemate. The battle did signify the end of wooden warships.
The Emergency Banking Relief Act is signed by President Franklin D. Roosevelt. Introduced in Congress on the same day, the act followed up with the federal bank holidays and only allowed Federal Reserve-approved institutions to reopen on March 13.
