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Economic Crisis and American Literature, 1819-1857 Dissertation Economic Crisis and American Literature, 1819-1857 Dissertation Presented in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in the Graduate School of The Ohio State University By Andrew Kopec Graduate Program in English. The Ohio State University 2013 Dissertation Committee: Professor Elizabeth Hewitt, Advisor Professor Steven Fink Professor Jared Gardner Professor Elizabeth Renker Copyright by Andrew Kopec 2013 Abstract My dissertation demonstrates how literary responses to the United States’ first widespread financial crises—the Panics of 1819, 1837, and 1857—gave form to the abstract but increasingly violent forces governing the brave new economic world. Previous economic critics, working under the rubric of the New Historicism, tend to emphasize how literature rehearses arguments about the U.S. economy at the level of theme or plot. Such scholarship, however, obscures how literary form itself conveys economic policy. Over the course of this project’s five chapters, I argue that Washington Irving’s picturesque sketches (1819-20), James Fenimore Cooper’s discursive romances (1821-23), Ralph Waldo Emerson’s transcendentalist addresses (1837), Catharine Maria Sedgwick’s didactic allegories (1836-37), and Herman Melville’s anti-novel (1857) are fundamentally concerned with the economic problems of panics, including excess, abundance, and scarcity. This literary engagement with panic reveals itself, for example, in the sprawling style of Cooper’s The Spy advocates the expansion of trade to spur the economy in the early 1820s. Performing opposite work, the carefully controlled allegory of Sedgwick’s “Who, and What, Has Not Failed” attempts to contain the rapid growth of the money ii supply in 1837. Most radically, Melville’s The Confidence-Man, in resisting narrative closure, belies the blind optimism in market outcomes driving investment in 1857. Through readings of an array of panic-era literature, then, this project concludes that the coincidence of crises and important moments in U.S. literary history, typically mentioned in standard histories as incidental, is no accident: financial distress demanded artistry, and literature thrived as the market crashed. iii To my parents, Michael and Christine iv Acknowledgements Like the authors I examine here, I have accrued considerable debts as I completed this project. Many people and institutions have helped me, each in their own way allowing me to weather the storms of panic that seem necessarily to coincide with graduate education. The Ohio State University provided invaluable support at the beginning of my graduate career in the form of a University Fellowship and at the end of it in the form of a Presidential Fellowship. The Program in Early American Economy and Society at The Library Company of Philadelphia also provided a fellowship, which allowed me access to the collections of both the Library and the Historical Society of Pennsylvania. My thanks to Jim Green, Cathy Matson, and the staff of the Reading Room at the LCP. I am profoundly grateful to the members of my dissertation committee at Ohio State. My biggest professional debt is to Beth Hewitt, who inspired me to think seriously about early American literature and economic history during my first class as a Master’s student in 2006. Her mentorship, and her unflagging enthusiasm for my work, informs every sentence I write. In addition to asking challenging questions that pushed me to distill my arguments, Steve Fink also provided sage advice about teaching American literature. Jared Gardner’s ability to balance scholarly projects, dissertation advising, v teaching, and personal interests—and to make it all look so easy, no less—will always give me something to strive for. Finally, Elizabeth Renker offered tireless support during my graduate career; she challenges me still to be ambitious in the best of ways. Combined, the committee members’ belief in me has sustained me over the course of my time at OSU. I would like to thank other members of the faculty as well: Ryan Friedman, Sandra Macpherson, Roxann Wheeler, and especially Scott DeWitt and Aman Garcha for support during coursework and beyond. Kathleen Griffin always encouraged me, as did members of Frank Donoghue’s Dissertation Seminar. For support during graduate school, I am thankful for my colleagues at OSU: Lindsay DiCuirci, Josh Gass, Michael Harker, Tim Jensen, and Ali Salerno. Thanks especially to Adam Stier, a fellow Americanist and a true friend, for his countless hours of support. Finally, I would like to thank members of my family. Jason Stanley offered help—and hope—beyond academia. I am grateful to Matt Kopec and David Baur, Alex and Martha Mychkovsky, and Les Krisa. George and Chris Mychkovsky have taken me into their family and helped make Columbus a home. My parents, Mike and Chris Kopec, whose intellect, passion, and faith I always admire, have offered constant and unwavering love and support. I dedicate this dissertation to them. Finally, I would like to thank Lydia Kopec, whose enduring love, patience, and hard work has been an unbelievable boon to my life; these same qualities, no doubt, will also enrich the life of our first child, whom we are expecting as I finish this project. In the pages that follow, I discuss writers who struggled to stave off panic, but my task has been an easier one because of Lydia. vi Vita March 13, 1984……………………………………...Born—Kettering, Ohio. 2006………………………………………………....B.A. English and Economics, University of Dayton, summa cum laude. 2008…………………………………………………M.A. English, The Ohio State Univ. 2006-07……………………………………………...University Fellow, The Ohio State Univ. 2007-09; 2010-12……………………………………Graduate Teaching Associate, Dept. of English, The Ohio State Univ. 2009-10………………………………………………Writing Program Administrator, The Ohio State Univ. 2012-13………………………………………………Presidential Fellow, The Ohio State Univ. Publications “Irving, Ruin, and Risk.” Early American Literature 48, no. 3 (Winter 2013). “Collective Commerce and the Problem of Autobiography in Equiano’s Narrative.” Eighteenth Century: Theory and Interpretation 54, no. 4 (Winter 2013). “Going Nowhere in a Go-Ahead Age: Thoreau, Emerson, and Ambition.” Abstract. Emerson Society Papers 23, no. 2 (Autumn 2012): 12. Fields of Study Major Field: English vii Table of Contents Abstract ............................................................................................................................... ii Acknowledgements ............................................................................................................. v Vita .................................................................................................................................... vii Introduction ......................................................................................................................... 1 Chapter 1: Irving, Ruin, Risk ............................................................................................ 21 Chapter 2: James Fenimore Cooper and the Style of Panic .............................................. 69 Chapter 3: Emerson’s Transcendental Theory of Labor ................................................. 119 Chapter 4: Catharine Maria Sedgwick and the Character of Panic ................................ 160 Chapter 5: China Aster’s Bright Future; or, Melville’s Nonfutural Economics ............. 212 Afterword ........................................................................................................................ 260 Bibliography ................................................................................................................... 265 viii Introduction This dissertation investigates the relation between literature and moments of turbulence in the economic history of the antebellum United States. Combining the methods of psycho-biography, literary theory, and historicism, it argues that key texts in the U.S. literary tradition directly engaged with the nation’s first widespread financial crises in 1819, 1837, and 1857: that important events in America’s economic history were in fact crucial events in its literary history as well. A literary history of the nation’s first financial panics, of course, draws inspiration from the recent crisis in 2008, an event that reminds us that market crashes lead people to use form to identify, and then solve, otherwise abstract economic problems. In testimony to the House Oversight and Reform Committee in the fall of 2008, for example, a former U.S. government official used a metaphor to explain to Congress the economic dislocation: “I still do not understand exactly how it happened.” The official referred to a bewildering event that would rock the global economy in 2008 and lead to what the American news media dubbed the Great Recession. The man in question here is no less a figure than Alan Greenspan, the former Chairman of the Federal Reserve once hailed by a biographer as a “maestro” of the 1 market.1 Indeed, Greenspan’s avowed ignorance shocked the congressmen and -women. For one, Henry Waxman, a powerful California Democrat, bristled at this excuse, wondering if the purpose of government agencies was not “so you can see problems developing, and tell us about them, before the financial crisis. The reality is that there’s a long list of warning signs and prominent economists saying things should have been done.” What went wrong? The problem, as Greenspan would insist, had little to do with the Federal Reserve’s vigilance—or lack thereof—in watching
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