Historical Dates
You can use historical dates by using the adodb date library. The adodb date library extends the valid date range from year 100 to year 3000. Without the library it is the usual 1970 to 2038. If this library is present in the Date module folder, historical dates will work. If it is not, they won't. The 'library' is a single file which you can download from http://phplens.com/phpeverywhere/adodb_date_library.
Note! If you want to use very old dates (earlier than 1901), you should use a Date field rather than a Datestamp field for your dates. Some databases have a limitation on the size of integer you can store which prevents them from being able to store dates older than the timestamp representation for December 1901.
Historical dates can be used in Views and presented in Timelines and Calendars.

Handling historic dates
I downloaded the suggested adodb_date_library and unzipped under modules/date directory. But still dates earlier than 1970 does not work. Do I need to do some configuration so that Date module can use this adodb library?
Also, how can I make the modification to Event module so that it can handle dates earlier than 1901? "Note" suggested using date instead of datestamp but I don't see any configuration to change it. Do I need to modify the source code?
Thanks...