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Banking and Finance from the Revolution to the Civil War  

Sharon Ann Murphy

In creating a new nation, the United States also had to create a financial system from scratch. During the period from the Revolution to the Civil War, the country experimented with numerous options. Although the Constitution deliberately banned the issuance of paper money by either Congress or the states, states indirectly reclaimed this power by incorporating state-chartered banks with the ability to print banknotes. These provided Americans with a medium of exchange to facilitate trade and an expansionary money supply to meet the economic needs of a growing nation. The federal government likewise entered into the world of money and finance with the incorporation of the First and Second Banks of the United States. Not only did critics challenge the constitutionality of these banks, but contemporaries likewise debated whether any banking institutions promoted the economic welfare of the nation or if they instead introduced unnecessary instability into the economy. These debates became particularly heated during moments of crisis. Periods of war, including the Revolutionary War, the War of 1812, and the Civil War, highlighted the necessity of a robust financial system to support the military effort, while periods of economic panic such as the Panic of 1819, the Panics of 1837 and 1839, and the Panic of 1857 drew attention to the weaknesses inherent in this decentralized, largely unregulated system. Whereas Andrew Jackson succeeded in destroying the Second Bank of the United States during the Bank War, state-chartered commercial banks, savings banks, and investment banks still multiplied rapidly throughout the period. Numerous states introduced regulations intended to control the worst excesses of these banks, but the most comprehensive legislation occurred with the federal government’s Civil War-era Banking Acts, which created the first uniform currency for the nation.

Article

Economic Thought and Practice in America  

Christopher W. Calvo

The conspicuous timing of the publication of Adam Smith’s The Wealth of Nations and America’s Declaration of Independence, separated by only a few months in 1776, has attracted a great deal of historical attention. America’s revolution was in large part motivated by the desire to break free from British mercantilism and engage the principles, both material and ideological, found in Smith’s work. From 1776 to the present day, the preponderance of capitalism in American economic history and the influence of The Wealth of Nations in American intellectual culture have contributed to the conventional wisdom that America and Smith enjoy a special relationship. After all, no nation has consistently pursued the tenets of Smithian-inspired capitalism, mainly free and competitive markets, a commitment to private property, and the pursuit of self-interests and profits, more than the United States. The shadow of Smith’s The Wealth of Nations looms large over America. But a closer look at American economic thought and practice demonstrates that Smith’s authority was not as dominant as the popular history assumes. Although most Americans accepted Smith’s work as the foundational text in political economy and extracted from it the cardinal principles of intellectual capitalism, its core values were twisted, turned, and fused together in contorted, sometimes contradictory fashions. American economic thought also reflects the widespread belief that the nation would trace an exceptional course, distinct from the Old World, and therefore necessitating a political economy suited to American traditions and expectations. Hybrid capitalist ideologies, although rooted in Smithian-inspired liberalism, developed within a dynamic domestic discourse that embraced ideological diversity and competing paradigms, exactly the kind expected from a new nation trying to understand its economic past, establish its present, and project its future. Likewise, American policymakers crafted legislation that brought the national economy both closer to and further from the Smithian ideal. Hybrid intellectual capitalism—a compounded ideological approach that antebellum American economic thinkers deployed to help rationalize the nation’s economic development—imitated the nation’s emergent hybrid material capitalism. Labor, commodity, and capital markets assumed amalgamated forms, combining, for instance, slave and free labor, private and public enterprises, and open and protected markets. Americans constructed different types of capitalism, reflecting a preference for mixtures of practical thought and policy that rarely conformed to strict ideological models. Historians of American economic thought and practice study capitalism as an evolutionary, dynamic institution with manifestations in traditional, expected corners, but historians also find capitalism demonstrated in unorthodox ways and practiced in obscure corners of market society that blended capitalist with non-capitalist experiences. In the 21st century, the benefits of incorporating conventional economic analysis with political, social, and cultural narratives are widely recognized. This has helped broaden scholars’ understanding of what exactly constitutes capitalism. And in doing so, the malleability of American economic thought and practice is put on full display, improving scholars’ appreciation for what remains the most significant material development in world history.

Article

Federalism  

Alison L. LaCroix

Federalism refers to the constitutional and political structure of the United States of America, according to which political power is divided among multiple levels of government: the national level of government (also referred to as the “federal” or “general” government) and that of the states. It is a multilayered system of government that reserves some powers to component entities while also establishing an overarching level of government with a specified domain of authority. The structures of federalism are set forth in the Constitution of the United States, although some related ideas and practices predated the founding period and others have developed since. The balance between federal and state power has shifted throughout U.S. history, with assertions of broad national power meeting challenges from supporters of states’ rights and state sovereignty. Federalism is a fundamental value of the American political system, and it has been a controversial political and legal question since the founding period.

Article

Indigenous Peoples and Euro-American Frontiers, Borderlands, and Borders in North America  

Brenden W. Rensink

On July 27, 1882, a group of at least seventy-five “Turtle Mountain Indians from Canada” crossed the US–Canada border near Pembina, Dakota Territory, ordered white settlers off the land, and refused to pay customs duties assessed against them. “We recognize no boundary line, and shall pass as we please,” proclaimed their leader, Chief Little Shell. Native to the Red River region long before the Treaty of 1818 between the United States and Great Britain drew imaginary cartographies across the region or the 1872 International Boundary Survey left physical markers along the 49th parallel, Little Shell’s Chippewas and Métis navigated expansive homelands bounded by the natural environment and surrounding Native peoples, not arbitrary latitudinal coordinates. Over a century later, Indigenous leaders from the United States, Canada, and Mexico formed the Tribal Border Alliance and hosted a “Tribal Border Summit” in 2019 to assert that “Tribes divided by international borders” had natural inherent and treaty-bound rights to cross for various purposes. These Indigenous sentiments, expressed over centuries, reveal historic and ongoing conflicts born from the inherent incongruity between Native sovereignty and imposed non-Native boundaries and restrictions. Issues of land provide a figurative bedrock to nearly all discussion of interactions between and boundary making by non-Native and Native peoples in North America. Indigenous lands and competing relations to it, natural resources and contest over their control, geography and territoriality: these issues underpin all North American history. Adjacent to these more familiar topics are complex stories of boundaries and borders that were imposed, challenged, ignored, violated, or co-opted. Native histories and experiences at the geographic edges of European empires and nation-states uncover rough and untidy processes of empire-building and settler colonial aspirations. As non-Natives drew lines across maps, laying claim to distant Indigenous lands, they also divided the same in arbitrary manners. They rarely gave serious consideration to Native sovereignty or rights to traditional or evolving relationships to homelands and resources. It is a wonder, therefore, that centuries of non-Natives have been surprised when Indigenous peoples refused to recognize the authority of imposed borders or co-opted their jurisdictional “power” for their own uses. Surveying examples of Indigenous peoples and their histories across imposed boundaries in North America forces historians to ask new questions about intercultural exchange, geopolitical philosophies, and the histories of nations, regions, and peoples. This is a worthy, but complex, pursuit that promises to greatly enrich all intersecting topics and fields.

Article

The Posse Comitatus Doctrine in Early America  

Gautham Rao

Courts and legislatures in colonial America and the early American republic developed and refined a power to compel civilians to assist peace and law enforcement officers in arresting wrongdoers, keeping the peace, and other matters of law enforcement. This power to command civilian cooperation was known as the posse comitatus or “power of the county.” Rooted in early modern English countryside law enforcement, the posse comitatus became an important police institution in 18th- and 19th-century America. The posse comitatus was typically composed of able-bodied white male civilians who were temporarily deputized to aid a sheriff or constable. But if this “power of the county” was insufficient, law enforcement officers were often authorized to call on the military to serve as the posse comitatus. The posse comitatus proved particularly important in buttressing slavery in the American South. Slaveholders pushed for and especially benefited from laws that required citizens to assist in the recapture of local runaway slaves and fugitive slaves who crossed into states without slavery. Though slave patrols were rooted in the posse comitatus, the posse comitatus originated as a compulsory and noncompensated institution. Slaveholders in the American South later added financial incentives for those who acted in the place of a posse to recapture slaves on the run from their owners. The widespread use of the posse comitatus in southern slave law became part of the national discussion about slavery during the early American republic as national lawmakers contemplated how to deal with the problem of fugitive slaves who fled to free states. This dialogue culminated with the Fugitive Slave Law of 1850, in which the US Congress authorized officials to “summon and call to their aid the bystanders, or posse comitatus” and declared that “all good citizens are hereby commanded to aid and assist in the prompt and efficient execution of this law, whenever their services may be required.” During Reconstruction, the Radical Republican Congress used the posse comitatus to enforce laws that targeted conquered Confederates. After the end of Reconstruction in 1877, Southern states pushed Congress to create what would come to be known as the “Posse Comitatus Act,” which prohibited the use of federal military forces for law enforcement. The history of the posse comitatus in early America is thus best understood as a story about and an example of the centralization of government authority and its ramifications.

Article

The Jewish Experience in the American South  

Josh Parshall

Jews began to arrive in the present-day South during the late 17th century and established community institutions in Charleston, South Carolina, and Savannah, Georgia, in the colonial era. These communities, along with Richmond, Virginia, accounted for a sizable minority of American Jews during the early 19th century. As Jewish migration to the United States increased, northern urban centers surpassed southern cities as national centers of Jewish life, although a minority of American Jews continued to make their way to southern market hubs in the mid-19th century. From Reconstruction through the “New South” era, Jews played a visible role in the development of the region’s commercial economy, and they organized Jewish institutions wherever they settled in sufficient numbers. In many respects, Jewish experiences in the South mirrored national trends. Jewish life developed similarly in small towns, whether in Georgia, Wisconsin, or California. Likewise, relationships between acculturated Jews and east European newcomers in the late 19th and early 20th centuries played out according to similar dynamics regardless of region. Perhaps the most distinctive feature of Jewish life in the South resulted from Jewish encounters with the region’s particular history of race and racism. The “classical” era of the Civil Rights movement highlights this fact, as southern Jews faced both heightened scrutiny from southern segregationists and frustration from northern coreligionists who supported the movement. Since the 1970s, overall trends in southern history have once again led to changes in the landscape of southern Jewry. Among other factors, the continued migration from rural to urban areas undermined the customer base for once-ubiquitous small-town Jewish retail businesses, and growing urban centers have attracted younger generations of Jewish professionals from both inside and outside the region. Consequently, the 21st-century Jewish South features fewer of the small-town communities that once typified the region, and its larger Jewish centers are not as identifiably “southern” as they once were.