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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.

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Women and Politics in the Era of the American Revolution  

Sheila L. Skemp

Historians once assumed that, because women in the era of the American Revolution could not vote and showed very little interest in attaining the franchise, they were essentially apolitical beings. Scholars now recognize that women were actively engaged in the debates that accompanied the movement toward independence, and that after the war many sought a more expansive political role for themselves. Moreover, men welcomed women’s support for the war effort. If they saw women as especially fit for domestic duties, many continued to seek women’s political guidance and help even after the war ended. Granted, those women who wanted a more active and unmediated relationship to the body politic faced severe legal and ideological obstacles. The common law system of coverture gave married women no control over their bodies or to property, and thus accorded them no formal venue to express their political opinions. Religious convention had it that women, the “weaker sex,” were the authors of original sin. The ideology associated with “republicanism” argued that the attributes of independence, self-reliance, physical strength, and bravery were exclusively masculine virtues. Many observers characterized women as essentially selfish and frivolous creatures who hungered after luxuries and could not contain their carnal appetites. Nevertheless, some women carved out political roles for themselves. In the lead up to the war, many women played active, even essential roles in various non-consumption movements, promising to refrain from purchasing English goods, and attacking those merchants who refused to boycott prohibited goods. Some took to the streets, participating in riots that periodically disturbed the tranquility of colonial cities. A few published plays and poems proclaiming their patriotic views. Those women, who would become loyalists, were also active, never reluctant, to express their disapproval of the protest movement. During the war, many women demonstrated their loyalty to the patriot cause by shouldering the burdens of absent husbands. They managed farms and businesses. First in Philadelphia, and then in other cities, women went from door to door collecting money for the Continental Army. Some accompanied husbands to the battlefront, where they tended to the material needs of soldiers. A very few disguised themselves as men and joined the army, exposing as a lie the notion that only men had the capacity to sacrifice their lives for the good of the country. Loyalist women continued to express their political views, even though doing so brought them little more than physical suffering and emotional pain. African American women took advantage of wartime chaos to run away from their masters and forge new, independent lives for themselves. After the war, women marched in parades, lobbied and petitioned legislators, attended sessions of Congress, and participated in political rallies—lending their support to particular candidates or factions. Elite women published novels, poems, and plays. Some hosted salons where men and women gathered to discuss political issues. In New Jersey, single property-owning women voted. By the end of the century, however, proponents of women’s political rights lost ground, in part because new “scientific” notions of gender difference prepared the way for the concept of “separate spheres.” Politics became more organized, leaving little room for women to express their views “out of doors,” even as judges and legislators defined women as naturally dependent. Still, white, middle class women in particular took advantage of better educational opportunities, finding ways to influence the public sphere without demanding formal political rights. They read, wrote, and organized benevolent societies, laying the groundwork for the antebellum reform movements of the mid-19th century.