"Highyield"Bonds at History

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Pittsburgh History Spring 1993 ICIndustries and that ofConoco by about the American Establishment inition of the Early American fron- DuPont. After these and other take- and also establishes the place ofJews tier. McConnelPs study ofthe Ohio overs, Wasserstein left First Boston ofEast European origins within the Country illustrates how the region during the late '80s to establish his power structure of Wall Street. \u25a0 developed from inter-colonial and own investment group. inter- cultural contact ofpeoples and The authors also demonstrate that William Weisberger interests: traders, settlers, headmen, other members of the new crowd Butler County Community College warriors, missionaries, and diplo- were at the nexus of Wall Street mats. finance during the dynamic '80s. McConnell rescues the Upper Michael Milken, who did his mas- A Country Between: The Ohio Valley from the margins of ter's thesis on "highyield"bonds at history. Because ofa lack ofhistori- the University of Pennsylvania, is Upper Ohio Valley and its cal and archaeological records from depicted as the "Junk Bond King." Peoples, 1724-1774 the seventeenth and eighteenth cen- After graduating from Penn, Milken by Michael McConnell turies, modern histories have labelled headed the junk bond department Lincoln,Neb.: University ofNebraska the Upper Ohio Valley poorly of Drexel Burnham, utilizing these Press, 1992. Pp. 359. Illustrations, known; furthermore, the region has high yielding debt instruments to maps, bibliography, notes, index. $50 been minimized by two perspec- finance many corporate take-overs tives. One perspective was a Euro- and transforming this small firminto centric bias. Since Francis Parkman's a leading star on Wall Street. The A Country Between, Michael Montcalm and Wolfe (1909), schol- authors also explainhow IvanBoesky McConnell offers an insightful ars interested inthe French and In- and Dennis Levine derived enor- INand comprehensive analysis of dian War period have tended topush mous profits from arbitrage activi- the Ohio Country during the colo- Indians to the margins of frontier ties and illegal insider information nial and revolutionary periods. Mc- history. Historians have assumed, and how these scandals, along with Connell analyzes how Ohio Coun- incorrectly, that since Indians even- other ones during the late '80s, were try Indians "confronted the chal- tually lostcontrol ofthe Upper Ohio embarassing tomembers of the new lenges oflivingbetween competing Valley, their history could be readily crowd. Inthe epilogue, Ehrlich and colonies and empires from their ini- summarized or diminished. Refheld conclude that Jewish in- tialsettlement of the Ohio Country The other perspective whichmin- vestment bankers during the 1980s through Dunsmore's War."(p. 3) imized the region was an Indian greatly changed the operations of McConnell examines— how these na- bias. Ohio Country Indians have American finance. tive societies —Delaware, Shawnee, been overshadowed by the Iroquois This study has much to recom- and Seneca struggled to main- Confederacy. Although Francis Jen- mend it.The major thesis regarding tain their cultural and political sov- nings's works, including The Am- the behavior and roles ofEast Euro- ereignty. A Country Between illus- biguous Iroquois Empire: The Cove- pean Jews in American finance is trates how the Ohio Country Indi- nant Chain Confederation ofIndi- consistently developed throughout ans "were flexible in their dealings ans Tribes with English Colonies the book. Ehrlichand Rehfeld effec- with outsiders, developing a range (1984) has helped toerode the "im- tivelyuse the technique ofcollective of creative strategies from armed perial myth" of the Iroquois, the biography, based on many inter- resistance to accommodation in re- historical image of the early Ameri- views, and include extensive foot- sponse to ever-shifting" threats and can frontier is still shaped by the notes and a solid bibliography. The opportunities . (3) history and diplomacy of the con- book, however, is repetitious inplac- Historically, there has been a ten- federacy. Scholars have tended to es, suffers from some organizational dency within the field of colonial assign other Indian societies, includ- problems, and says littleeither about history to separate "Indian" history ing the Ohio Country Indians, a the features of "financial anti- from "colonial" history; however, subordinate status inrelation to the Semitism" orabout the implications recent historical studies such as James Iroquois Confederacy. ofillegalinsider trading. Insum, this Merrell's The Indians* New World: InA Country Between, McCon- book, which is intended for both Catawbas and their Neighbors from nell successfully steps outside these general readers and scholars, is im- European Contact through the Era of two perspectives which limit the portant, for itgives further credence Removal{\9%9)2in& Daniel Unser's analysis of the Ohio Country. Mc- and clarity to the theories ofE. Dig- Indians,Settlers, and Slaves ina Fron- Connell approaches developments by Baltzell and G.WilliamDomhoff tier Exchange Economy: The Lower in the region from a western, fron- (Baltzell, The Protestant Establish- Mississippi ValleyBefore 1783 {1992) tier perspective which reveals "how ment: Aristocracy &Caste inAmer- illustrate how "Indian" and "colo- littleoutsiders, particularly the Brit- ica [New York, 1964]; Domhoff, nial" history are intwined. With A ish government and its Six Nations The Higher Circles: The Governing Country Between, McConnell adds allies were able to impose their will Class inAmerica[NcwYork, 1971]) the Upper OhioValley to this redef- on the frontier and native societ- 44 Reviews ies."(4) Although foreign armies and historical rivalries among native gins ofthe FirstBritishEmpire( 1991), occupied the Ohio Country from societies made regional cooperation Bernard Bailyn and Philip D. Mor- 1753 to 1772, the region's native difficultand tenuous atbest. ACoun- gan argue "that the history of En- societies were not conquered; for tryBetween illustrates howinter-eth- glish expansion was preeminently a example, the French wanted to fos- nic and regional factionalism greatly history of'shifting' frontiers. There ter alliances withnative societies rath- determined the Ohio Indians' re- were no firmly set boundaries ofany er than subordinate them. The Brit- sponse to outside pressures; for ex- definition. Relationships were in ish maintained a tenuous hold upon constant motion. "(19) Cultural the Ohio Country Indians, despite spheres ofcontact included language, the official British rhetoric that the A Country Between economic activity, warfare, and reli- region's Indians were British sub- gion. Inhis essay inStrangers With- jects; furthermore, A Country Be- explores the degree in the Realm, "The Customes of tween reveals that the Ohio Country ofpolitical and Our Countrey," James Merrell ana- was never a central concern to the lyzes the cultural frontier between SixNations Iroquois Confederacy as cultural autonomy native -Americans and colonists in a whole. among Ohio Indian British America. Merrell concludes Inanalyzing the structure ofeigh- that a frontier ran longitudinally teenth-century native societies inthe societies. through North America. On one Ohio Country, McConnell presents side of this cultural divide, native- these societies not as monolithic Americans set the terms ofcultural entities or tribes, but as distinct ample, after George Washington's contact, while on the other side col- groups ofnative-Americans. Astrong defeat at Great Meadows and the onists did. sense ofregional identity, a reliance French occupation of the region, The most compelling analysis of upon kinship and family networks, the Ohio Indians' response was di- McConnelPs study is his interpreta- and face-to-face negotiations among verse. Some Indians accommodated tionofthe Ohio Country as a cultur- Indians structured native societies in to the French; however, within na- alfrontier. McConnell examines the the Ohio Country; for example, tive societies that "persisted inseek- themes of language, the economy, when the British sent Christian Fre- ing a way to dislodge the French and religion among native societies derick Post, a Moravian missionary, invaders," native action split along in the region. A Country Between west to open peace negotiations to ethnic and racial lines. The Wyan- convincingly argues that native- end the Seven Years War, Tamaqua, dots advocated armed resistance Americans set the terms of cultural a Delaware headman who had led against the French. The Delawares contact in Western Pennsylvania the peace movement, gained pres- and Shawnees, led by headmen throughout the eighteenth-centu- tige and authority among Ohio Tamaqua and Shingas, sought "as- ry. In his innovative and insightful Country native societies. To build sistance from Pennsylvania while chapter, "The OhioIndians' World," his peace faction, Tamaqua relied urging the Six Nations to help na- McConnell studies how "the Ohio upon kinship networks and face-to- tives against the French aggres- Indians [creatively] confronted enor- face negotiations; however, in the sors."( 15 )Ohio Indians wereunim- mous challenges to their political midst ofarranging Post's visit,Tama- pressed withPennsylvania's response autonomy and cultural integrity" qua was faced with factional divi- to their request, forcing Tamaqua from settlers, missionaries, soldiers, sions within the Ohio Country. He to deal with native suspicions and and traders.(207) was
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