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Conceived in Liberty Five Book.Indb Th e Mises Institute dedicates this volume to all of its generous Supporters and wishes to thank these, in particular: BENEFACTORS: Anonymous, Remy Demarest, Michael H. Denyer, MD Prof. Dr. Hans-Hermann Hoppe and Dr. A. Gülçin Imre Hoppe James E. Kluttz, in memory of Earle C. and Mary Katharine Fisher Kluttz Mr. and Mrs. Mark Stephens Murrah, in honor of Lew Rockwell William S. Ramagosa, Jr., Mr. and Mrs. Gary J. Turpanjian PATRONS: Abdelhamid Abdou, Matthew P. Allen, Dr. John Bartel, Steven R. Berger Karl R. Blasius, Carl S. Creager, Tony Delserone, Don Dillon, Dr. Stephen Dincher Christopher D. Engl, Dr. Larry J. Eshelman, Christopher Georgacas, Juliana and Hunter Hastings Albert L. Hillman, Jr., Hunter Lewis and Elizabeth Sidamon-Eristoff , Arthur L. Loeb Naju G. Mancheril, Joseph Edward Paul Melville, in memory of Stanley Paul & Anne Marie Melville James Nardulli, Robert S. Ralston, Th omas Ressler, top dogTM, James M. Rodney Keith and Darla Smith, Steven and Cassandra Torello, Allan Vogel, Don and Evy Warmbier William P. Weidner, Dr. Th omas L. Wenck, Ronald B. Williams, Brian J. Wilton Mr. and Mrs. Walter F. Woodul III DONORS: Sarfarazali Naushad Abbas, J. Ryan and Elizabeth Alford, Mr. and Mrs. Harvey Allison Dr. Lee Allison, Anonymous, Jorge F. Roca Arteta, Yuri Babich, Mr. and Mrs. Jeff rey F. Barr George S. Baugh, Gennaro P. Bianchi, Mr. and Mrs. Klint Blasi, Richard B. Bleiberg, in memory of Robert M. Bleiberg who likewise taught me the true value of psychic income Dr. Carlo Albert Bosello, Bob and Rita Bost, Roger and Angela Box, Donald Burger John Lucius Buttolph, III, Colby Callahan, Prof. Paul Cantor, David Capshaw, Robert Cook Peter Cooper, Prof. and Mrs. James M. Cox, Dr. Kirby Cundiff , Dr. Ernest Curtis, D. Allen Dalton Ryan Th omas DeRaleau, Paul J. Dietrich, Randall Dollahon and Kathleen Lacey, Karin Domrowski William Eaton, David J. Emery, Mr. and Mrs. Dario Fernandez, in honor of John David Fernandez, a true genius in the Columbia U. tradition of M. Rothbard, Donna and Willard Fischer Jean-Luc Doucet, David and Toshiko Fusato, Dietmar Georg, Joel Gompert Marven Goodman, in memory of Leonard Goodman, Guarneri Family Richard Gullotti, Andrew Hahn, Charles F. Hanes, Wayne Harley, Jeff rey and DeAnn Harris Charles H. Hartman, Mr. and Mrs. Jule R. Herbert, Jr., Dr. Frederic Herman, Adam W. Hogan Greg E. Hood, James A. Howe, Samuel J. Kain, Dr. John A. Kasch, Richard J. Kossmann, MD Jeff Leskovar, Floy Lilley, Maylin Lin, in memory of Susan Shieh, Knoxville, TN, John Livingston Dr. Antonio A. Lloréns-Rivera, Tim Lorenzen in Memory of David Alfred Lorenzen Dr. Charles W. Martin, David R. Mason, Mark McGrath, Michael D. McGregor, Brian E. Millsap Robert A. Moore, Gary J. Myre, Dr. Michael Nelson, Jacob Nemchenok, David Nolan One Horizon Foundation, Diana V. Orrock, Ernest L. Ortiz, Andrew Packer Dr. and Mrs. Timothy W.C. Pattison, Paul F. Peppard, Jay Peters, Plus Minus Inc. Wiley A. Rariden, In honor of NH Senator John Reagan, Richard Rochelle, Peter A. Roof Th omas S. Ross, Chase Roycroft, Dr. and Mrs. Murray Sabrin, Th ad and Cyndy Salmon Albert Schrautemyer, Henri Etel Skinner, Carlton M. Smith, Mr. and Mrs. Dennis A. Sperduto Michael and Cheryl Stack, Charles E. Staff ord, Sr., Richard L. Stees, Jeff rey A. Steinport David B. Stern, Robert E. Stewart, in memory of Gloria H. Stewart, Dirck W. Storm Ted Tobey, Jacob T. Townson, John F. Tubridy, Joseph VonLehman Mark Walker, Dr. J. Stanley Warford, Mark G. Warner, Wayne G. Whitmore Robert Yarbrough, William B. Zieburtz, Jr. Volume V Th e New Republic, 1784–1791 Murray N. Rothbard Edited by Patrick Newman Foreword by Judge Andrew P. Napolitano Preface by Th omas E. Woods, Jr. M ISESI NSTITUTE AUBURN, ALABAMA The Mises Institute, founded in 1982, is a teaching and research center for the study of Austrian economics, libertarian and classical liberal politi- cal theory, and peaceful international relations. In support of the school of thought represented by Ludwig von Mises, Murray N. Rothbard, Henry Ha- zlitt, and F.A. Hayek, we publish books and journals, sponsor student and professional conferences, and provide online education. Mises.org is a vast resource of free material for anyone in the world interested in these ideas. We seek a radical shift in the intellectual climate, away from statism and toward a private property order. For more information, see Mises.org, write us at [email protected], or phone us at 1.800.OF.MISES. Published 2019 by the Mises Institute. Th is work is licensed under a Cre- ative Commons Attribution-NonCommercial-NoDerivs 4.0 International License. http://creativecommons.org/licenses/by-nc-nd/4.0/ Mises Institute 518 West Magnolia Ave. Auburn, Ala. 36832 mises.org ISBN: 978-1-61016-708-6 Liberty, the greatest of all earthly blessings—give us that precious jewel, and you may take every thing else! But I am fearful I have lived long enough to become an old-fashioned fellow. … Twenty-three years ago was I supposed a traitor to my country? I was then said to be the bane of sedi- tion, because I supported the rights of my country. I may be thought sus- picious when I say our privileges and rights are in danger. … Guard with jealous attention the public liberty. Suspect every one who approaches that jewel. Unfortunately, nothing will preserve it but downright force. Whenever you give up that force, you are inevitably ruined. … Consider what you are about to do before you part with the government. Take longer time in reckoning things; revolutions like this have happened in al- most every country in Europe; similar examples are to be found in ancient Greece and ancient Rome—instances of the people losing their liberty by their own carelessness and the ambition of a few. ~ Patrick Henry, 1788 Th e meeting at Philadelphia in 1787 for the sole and express purpose of revising the Articles of Confederation, got the name of a Convention (I believe before long that of a Conspiracy would have been more Sig- nifi cant), [and] paid no more regard to their orders and credentials than Caesar when he passed the Rubicon. Under an Injunction of Secrecy they carried on their works of Darkness until the Constitution passed their usurping hands. ~ Abraham Yates, 1789 Contents Foreword by Judge Andrew P. Napolitano . Preface by Th omas E. Woods, Jr. .21 Introduction by Patrick Newman . .25 Part I—Th e Economic Legacy of the American Revolution . 45 1. Changes in Foreign Trade . 47 2. Th e Depression of the 1780s and the Banking Struggle. 52 3. Th e Drive for State and Federal Protective Tariff s . 57 4. Th e Burdens of State Public Debt . 66 5. Th e Issuance of State Paper Money . 73 6. Th e Burdens of Federal Public Debt . 78 Part II—Th e Western Lands and Foreign Policy. 83 7. Th e Old Northwest . 85 8. Th e Old Southwest . 93 9. Th e Jay-Gardoqui Treaty and the Mississippi River . 97 10. Th e Diplomacy of the Confederation . 105 Part III—Th e Nationalists Triumph: Th e Constitutional Convention. 109 11. Shays’ Rebellion . 111 12. Th e Annapolis Convention . 127 13. Th e Delegates of the Convention and America’s Great Men. 133 Part IV—Th e Nationalists Triumph: Th e Constitution . 143 14. Elections in the Bicameral Congress . 145 15. Th e Nature of National Power. 153 7 16. Th e Debate over Representation in Congress. 159 17. Strengthening the Executive and Judiciary. 177 18. Th e Preliminary Draft . 181 19. Th e Corrupt Bargain and the Preservation of Slavery. 192 20. Th e Ratifi cation and Amendment Process . 199 21. Th e Election of the President. 204 Part V—Th e Nationalists Triumph: Th e Constitution Ratifi ed . 209 22. Congress and the First Step . 211 23. Federalist Control of the Mail and Newspapers . 215 24. Little Delaware and New Jersey Ratify. 219 25. Th e Battle for Pennsylvania . 221 26. Georgia and Connecticut Follow. 231 27. Th e Setback in New Hampshire . 234 28. Th e Battle for Massachusetts . 236 29. Rhode Island Holds Out . 247 30. Maryland and South Carolina Ratify. 249 31. New Hampshire Follows . 253 32. Th e Battle for Virginia. 255 33. Th e Battle for New York and the Twilight of the Antifederalists . 267 34. Th e Constitution Takes Eff ect . 282 35. North Carolina Postpones and then Ratifi es . 288 36. Th e Coercion of Rhode Island. 291 Part VI—Th e Nationalists Triumph: Th e Constitution’s Legacy . 295 37. Th e Bill of Rights . 297 38. Was the U.S. Constitution Radical?. 306 Bibliography . 315 Index of Names. 321 Index of Subjects . 327 8 Foreword When Professor Patrick Newman fi rst asked me to write the Fore- word to his painstakingly and brilliantly crafted fi fth volume of Mur- ray N. Rothbard’s iconic Conceived in Liberty, I had two initial reac- tions. Th e fi rst was “What fi fth volume?” By now, the reader knows that Rothbard wrote the guts of volume fi ve by hand and Professor Newman—who, in addition to his economic expertise, is now an expert in Rothbard’s unique handwriting—“translated” it all for us. My second reaction was my perceived need to re-read the fi rst four volumes in order to do justice to a foreword to the fi fth. Th is was a happy task and one that refreshed my memory from having read the fi rst four volumes shortly after my graduation from law school. I wish they had been available to me when I was studying colonial American history under the late Professor Wesley Frank Craven at Princeton Uni- versity.
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