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Recession of 1797?
SAE./No.48/February 2016 Studies in Applied Economics WHAT CAUSED THE RECESSION OF 1797? Nicholas A. Curott and Tyler A. Watts Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise What Caused the Recession of 1797? By Nicholas A. Curott and Tyler A. Watts Copyright 2015 by Nicholas A. Curott and Tyler A. Watts About the Series The Studies in Applied Economics series is under the general direction of Prof. Steve H. Hanke, co-director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise ([email protected]). About the Authors Nicholas A. Curott ([email protected]) is Assistant Professor of Economics at Ball State University in Muncie, Indiana. Tyler A. Watts is Professor of Economics at East Texas Baptist University in Marshall, Texas. Abstract This paper presents a monetary explanation for the U.S. recession of 1797. Credit expansion initiated by the Bank of the United States in the early 1790s unleashed a bout of inflation and low real interest rates, which spurred a speculative investment bubble in real estate and capital intensive manufacturing and infrastructure projects. A correction occurred as domestic inflation created a disparity in international prices that led to a reduction in net exports. Specie flowed out of the country, prices began to fall, and real interest rates spiked. In the ensuing credit crunch, businesses reliant upon rolling over short term debt were rendered unsustainable. The general economic downturn, which ensued throughout 1797 and 1798, involved declines in the price level and nominal GDP, the bursting of the real estate bubble, and a cluster of personal bankruptcies and business failures. -
Chapter 5 the Americans.Pdf
Washington (on the far right) addressing the Constitutional Congress 1785 New York state outlaws slavery. 1784 Russians found 1785 The Treaty 1781 The Articles of 1783 The Treaty of colony in Alaska. of Hopewell Confederation, which Paris at the end of concerning John Dickinson helped the Revolutionary War 1784 Spain closes the Native American write five years earli- recognizes United Mississippi River to lands er, go into effect. States independence. American commerce. is signed. USA 1782 1784 WORLD 1782 1784 1781 Joseph II 1782 Rama I 1783 Russia annexes 1785 Jean-Pierre allows religious founds a new the Crimean Peninsula. Blanchard and toleration in Austria. dynasty in Siam, John Jeffries with Bangkok 1783 Ludwig van cross the English as the capital. Beethoven’s first works Channel in a are published. balloon. 130 CHAPTER 5 INTERACT WITH HISTORY The year is 1787. You have recently helped your fellow patriots overthrow decades of oppressive British rule. However, it is easier to destroy an old system of government than to create a new one. In a world of kings and tyrants, your new republic struggles to find its place. How much power should the national government have? Examine the Issues • Which should have more power—the states or the national government? • How can the new nation avoid a return to tyranny? • How can the rights of all people be protected? RESEARCH LINKS CLASSZONE.COM Visit the Chapter 5 links for more information about Shaping a New Nation. 1786 Daniel Shays leads a rebellion of farmers in Massachusetts. 1786 The Annapolis Convention is held. -
Peasantry and the French Revolution
“1st. What is the third estate? Everything. 2nd. What has it been heretofore in the political order? Nothing. 3rd. What does it demand? To become something therein.” -Abbe Sieyes 1789 Pre-Revolution • Louis XVI came to the throne in the midst of a serious financial crisis • France was nearing bankruptcy due to the outlays that were outpacing income • A new tax code was implemented under the direction of Charles Alexandre de Calonne • This proposal included a land tax • Issues with the Three Estates and inequality within it Peasant Life pre-Revolution • French peasants lived better than most of their class, but were still extremely poor • 40% worked land, but it was subdivided into several small plots which were shared and owned by someone else • Unemployment was high due to the waning textile industry • Rent and food prices continued to rise • Worst harvest in 40 years took place during the winter of 1788-89 Peasant Life pre-Revolution • The Third Estate, which was the lower classes in France, were forced by the nobility and the Church to pay large amounts in taxes and tithes • Peasants had experienced a lot of unemployment during the 1780s because of the decline in the nation’s textile industry • There was a population explosion of about 25-30% in roughly 90 years that did not coincide with a rise in food production Direct Causes of the Revolution • Famine and malnutrition were becoming more common as a result of shortened food supply • Rising bread prices contributes to famine • France’s near bankruptcy due to their involvement in various -
The Constitutional Status of Women in 1787
Minnesota Journal of Law & Inequality Volume 6 Issue 1 Article 3 June 1988 The Constitutional Status of Women in 1787 Mary Beth Norton Follow this and additional works at: https://lawandinequality.org/ Recommended Citation Mary B. Norton, The Constitutional Status of Women in 1787, 6(1) LAW & INEQ. 7 (1988). Available at: https://scholarship.law.umn.edu/lawineq/vol6/iss1/3 Minnesota Journal of Law & Inequality is published by the University of Minnesota Libraries Publishing. The Constitutional Status of Women in 1787 Mary Beth Norton* I am tempted to make this presentation on the constitutional status of women in 1787 extremely brief. That is, I could accu- rately declare that "women had no status in the Constitution of 1787" and immediately sit down to listen to the comments of the rest of the panelists here this morning. However, I was undoubt- edly invited here to say more than that, and so I shall. If one looks closely at the words of the original Constitution, the term "man" or "men" is not used; rather, "person," "persons" and "people" are the words of choice. That would seem to imply that the Founding Fathers intended to include women in the scope of their docu- ment. That such an assumption is erroneous, however, was demonstrated in a famous exchange between Abigail and John Ad- ams in 1776. Although John Adams was not present at the Consti- tutional Convention, his attitudes toward women were certainly representative of the men of his generation. In March, 1776, when it had become apparent that indepen- dence would soon be declared, -
Loyalists in War, Americans in Peace: the Reintegration of the Loyalists, 1775-1800
University of Kentucky UKnowledge University of Kentucky Doctoral Dissertations Graduate School 2008 LOYALISTS IN WAR, AMERICANS IN PEACE: THE REINTEGRATION OF THE LOYALISTS, 1775-1800 Aaron N. Coleman University of Kentucky, [email protected] Right click to open a feedback form in a new tab to let us know how this document benefits ou.y Recommended Citation Coleman, Aaron N., "LOYALISTS IN WAR, AMERICANS IN PEACE: THE REINTEGRATION OF THE LOYALISTS, 1775-1800" (2008). University of Kentucky Doctoral Dissertations. 620. https://uknowledge.uky.edu/gradschool_diss/620 This Dissertation is brought to you for free and open access by the Graduate School at UKnowledge. It has been accepted for inclusion in University of Kentucky Doctoral Dissertations by an authorized administrator of UKnowledge. For more information, please contact [email protected]. ABSTRACT OF DISSERATION Aaron N. Coleman The Graduate School University of Kentucky 2008 LOYALISTS IN WAR, AMERICANS IN PEACE: THE REINTEGRATION OF THE LOYALISTS, 1775-1800 _________________________________________________ ABSTRACT OF DISSERTATION _________________________________________________ A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the College of Arts and Sciences at the University of Kentucky By Aaron N. Coleman Lexington, Kentucky Director: Dr. Daniel Blake Smith, Professor of History Lexington, Kentucky 2008 Copyright © Aaron N. Coleman 2008 iv ABSTRACT OF DISSERTATION LOYALISTS IN WAR, AMERICANS IN PEACE: THE REINTEGRATION OF THE LOYALISTS, 1775-1800 After the American Revolution a number of Loyalists, those colonial Americans who remained loyal to England during the War for Independence, did not relocate to the other dominions of the British Empire. -
Constitution of the United States of America, As Amended
110TH CONGRESS DOCUMENT " ! 1st Session HOUSE OF REPRESENTATIVES No. 110–50 THE CONSTITUTION OF THE UNITED STATES OF AMERICA As Amended Unratified Amendments Analytical Index E PL UR UM IB N U U S PRESENTED BY MR. BRADY OF PENNSYLVANIA July 25, 2007 • Ordered to be printed UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 2007 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512-1800; DC area (202) 512-1800 Fax: (202) 512-2104 Mail: Stop IDCC, Washington, DC 20402-001 [ISBN 978–0–16–079091–1] VerDate Aug 31 2005 11:11 Dec 10, 2007 Jkt 036932 PO 00000 Frm 00001 Fmt 5229 Sfmt 5229 E:\HR\OC\36932.XXX 36932 cprice-sewell on PROD1PC72 with HEARING E:\seals\congress.#15 House Doc. 110–50 The printing of the revised version of The Constitution of the United States of America As Amended (Document Size) is hereby ordered pursuant to H. Con. Res. 190 as passed on July 25, 2007, 110th Congress, 1st Session. This document was compiled at the di- rection of Chairman Robert A. Brady of the Joint Committee on Printing, and printed by the U.S. Government Printing Office. (ii) VerDate Aug 31 2005 11:19 Dec 10, 2007 Jkt 036932 PO 00000 Frm 00002 Fmt 7601 Sfmt 7601 E:\HR\OC\932.CC 932 cprice-sewell on PROD1PC72 with HEARING CONTENTS Historical Note ......................................................................................................... v Text of the Constitution .......................................................................................... 1 Amendments -
Colonists Respond to the Outbreak of War, 1774-1775, Compilation
MAKING THE REVOLUTION: AMERICA, 1763-1791 PRIMARY SOURCE COLLECTION American Antiquarian Society broadside reporting the Battle of Lexington & Concord,19 April 1775; 1775 (detail) 1775: “With Triumph crown AMERICA Farewell England” The Outbreak of the American Revolution: A Selection from Letters, Essays, Sermons, Newspaper Reports, Declarations, Poetry & Song, A Debate & A History 1774____* Sept.-Oct.: FIRST CONTINENTAL CONGRESS meets in Philadelphia; issues a petition to the king, a bill of rights, a list of grievances, and letters to the American colonists and to the inhabitants of Great Britain. The petition is rejected. 1775____ 9 Feb.: Parliament declares the colony of Massachusetts to be in a state of open rebellion. April-June: Military confrontations with casualties occur between Patriots and British troops in Massachusetts and New York, initiating a state of war between the colonies and Great Britain. May: SECOND CONTINENTAL CONGRESS convenes in Philadelphia, issues final appeals and declarations, and creates the continental army. The Congress remains the central governing body of the colonies throughout the Revolution. PAGES ___CONTENT S___ A Newspaper Debate on the Eve of War ............................................................................. 2-3 “Novanglus” (John Adams, Patriot) & “Massachusettensis” (Daniel Leonard, Loyalist), Dec. 1774-April 1775 First Military Confrontations of the Revolution...................................................................... 4-6 Fort William & Mary, Lexington & Concord, -
Few Americans in the 1790S Would Have Predicted That the Subject Of
AMERICAN NAVAL POLICY IN AN AGE OF ATLANTIC WARFARE: A CONSENSUS BROKEN AND REFORGED, 1783-1816 Dissertation Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Jeffrey J. Seiken, M.A. * * * * * The Ohio State University 2007 Dissertation Committee: Approved by Professor John Guilmartin, Jr., Advisor Professor Margaret Newell _______________________ Professor Mark Grimsley Advisor History Graduate Program ABSTRACT In the 1780s, there was broad agreement among American revolutionaries like Thomas Jefferson, James Madison, and Alexander Hamilton about the need for a strong national navy. This consensus, however, collapsed as a result of the partisan strife of the 1790s. The Federalist Party embraced the strategic rationale laid out by naval boosters in the previous decade, namely that only a powerful, seagoing battle fleet offered a viable means of defending the nation's vulnerable ports and harbors. Federalists also believed a navy was necessary to protect America's burgeoning trade with overseas markets. Republicans did not dispute the desirability of the Federalist goals, but they disagreed sharply with their political opponents about the wisdom of depending on a navy to achieve these ends. In place of a navy, the Republicans with Jefferson and Madison at the lead championed an altogether different prescription for national security and commercial growth: economic coercion. The Federalists won most of the legislative confrontations of the 1790s. But their very success contributed to the party's decisive defeat in the election of 1800 and the abandonment of their plans to create a strong blue water navy. -
Town Meetings and Other Popular Assemblies in the American Founding
Journal of Public Deliberation Volume 15 Issue 2 Town Meeting Politics in the United States: The Idea and Practice of an American Article 7 Myth 2019 A ‘Peaceable and Orderly Manner’: Town Meetings and other Popular Assemblies in the American Founding Robert W. T. Martin Hamilton College, [email protected] Follow this and additional works at: https://www.publicdeliberation.net/jpd Part of the Political Science Commons Recommended Citation Martin, Robert W. T. (2019) "A ‘Peaceable and Orderly Manner’: Town Meetings and other Popular Assemblies in the American Founding," Journal of Public Deliberation: Vol. 15 : Iss. 2 , Article 7. Available at: https://www.publicdeliberation.net/jpd/vol15/iss2/art7 This Article is brought to you for free and open access by Public Deliberation. It has been accepted for inclusion in Journal of Public Deliberation by an authorized editor of Public Deliberation. A ‘Peaceable and Orderly Manner’: Town Meetings and other Popular Assemblies in the American Founding Abstract The New England town meeting has often been seen as the archetypical deliberative citizen forum (see, e.g., Mansbridge 1980). More recently, political theorists have begun to appreciate the way in which any particular public forum might be better understood as part of the larger deliberative system (Parkinson, Mansbridge, 2012). Much of this work draws on modern-day examples (Parkinson 2006). But a return to the American founding era reveals that while town meetings are often praised and have many democratic virtues, they also embody a limitation on popular action generally and especially on democratic dissent. Keywords deliberative democracy, town meetings, citizen assemblies, dissent, James Madison, American Founding This article is available in Journal of Public Deliberation: https://www.publicdeliberation.net/jpd/vol15/iss2/art7 Martin: A ‘Peaceable and Orderly Manner’ Introduction Much like the ancient Athenian assembly, the New England town meeting has often been seen as an archetypical deliberative citizen forum (see, e.g., Mansbridge 1980). -
Mutinies and Slaves on Dutch East Indiamen in the 1780S
IRSH 58 (2013), Special Issue, pp. 109–130 doi:10.1017/S002085901300031X r 2013 Internationaal Instituut voor Sociale Geschiedenis ‘‘Amok!’’: Mutinies and Slaves on Dutch East Indiamen in the 1780s M ATTHIAS VAN R OSSUM Faculty of Arts, VU University Amsterdam De Boelelaan 1105, 1081 HV Amsterdam, the Netherlands E-mail: [email protected] ABSTRACT: In September 1782, a violent and partly successful mutiny of Balinese slaves shocked the Dutch East India Company (VOC). This article will reconstruct the history of the mutiny of the Mercuur, tracing its significance in the context of slavery, labour, war, and the series of ‘‘Asian mutinies’’ that occurred in the 1780s. The revolt of the Balinese sheds light on the development of amok as a tradition of resistance. The purpose of calling amok cannot only be explained as a direct, impulsive response to perceived injustice or violation of codes of honour. It functioned as a conscious call to arms, signalling the start of collective and organized resistance. The Balinese mutiny was both similar to and different from other European and Asian forms of revolt. It must have been a spectacular and terrifying scene. On 11 September 1782 two groups of armed men faced each other across the deck of the ship Mercuur, sailing in the Sunda Strait between the islands of Java and Sumatra. A group of European and Javanese soldiers and sailors loyal to the Dutch East India Company (VOC) had taken up position on the poop deck, below them a gang of mutinous Balinese slaves stood their ground on the quarterdeck (Figure 1).1 The mutineers were armed with cutlasses and muskets, while the company’s men carried hand grenades as well as guns and cutlasses. -
Wetlands Losses in the United States 1780'S to 1980'S
REPORT TO CONGRESS LOSSES IN UNITED S 1780'S TO 1980'S LOSSES IN THE UNITED STATES I 7 80 ' s TO 1980 '5 P RI.W.1P IL A t'1l10#1 Thomas E. Dahl U. S. Fish and Wildlife SCT";cC: National Wedand s Invcntor), St. Pcten;burg, Florida TnRSICAL ASSl5TA\'a: ~ \/) B MXGNOl. \"0 1)."ln AN'wlt/B) Bt U.S. Fish and Wildlife Service National 'IX'ctlands Invemory Group Sf. Peu:n;burg. Florida Branch of Special "rojcels washington, DC This repon should be cited as follows: Dahl, T.E. 1990. U"' UIA,\'DS LOSSFS IN TIlE UNI1ED STIIT~ 1780's TO 198(}'s. U.S. Dcpanmcm of the Interior, Fish and Wild li fe SelVicc, Washington. D.C. 13pp. WETLAND S._ L OSSES .. _IN.. THf _--- U NITfD ST Io TIiS PREFACE etlands are disappearing at a r.. pid rotc. Although measures are actively being sought to stem wetland losses and restore W wetbnd acreage, the rote of welland conversion O\'er the years has been dromatic. This is the first of m'o reportS to Congress on the statuS of wetland rt"'SOurces in the United States, This repon, a one-time effon, focuses on documenting historical wetland losses that occurred from colonial times through the 1980's. It is a compilation of existing data from a variety of sources. The second report will update the inforl11.\1Iion contained in SrIffiJS AND TRBYDS OF \Vt,71A,VDS AND DEEPW'I'JER J-iABrrllTS IN mE CONTERMINOUS UNrrED Sf;.\TES. TIle study etTon for the second report wi!! gcncmtc new information based on a statistical analysis of wetland changes from the 1970's to the 1980's. -
The Williamsburg Gunsmith"
STS.001 Prof. Merritt Roe Smith LECTURE 3 CRAFTS AND CRAFTSMANSHIP IN COLONIAL & REVOLUTIONARY AMERICA A. Things to keep in mind about the film "The Williamsburg Gunsmith" 1. Making a "Kentucky" rifle c. 1776 -- one master craftsman (Wallace Gusler), assisted by an apprentice orjourneyman made the entire rifle. Skills involved: forging, filing, machining, casting, woodworking, and engraving. -- making a high quality rifle required over 300 hours of labor [1 rifle every 25 to 27 working days consisting of 11-12 hour days] Productivity: c. 13 rifles a year max. 2. Is this demonstration typical of the gunmaker's art c. 1770-1800? No. Very few master gunsmiths made the entire rifle. Rather they took on one or two apprentices and perhaps as many as 3 or 4 journeymen while dividing the labor on manufacturing the various parts of the rifle. Only the most demanding aspects of the work would have involved the master. What is more, most gun makers c. 1776-1800 purchased parts already finished, made a few on their own, and assembled them. Examples: Silas Allen of Shrewsbury, Mass. (1780s-1840s) The Resor and Gumpf families of Lancaster, PA (1770s 1830s) John Armstrong of Emitsburg, MD and his apprentice, Marine T. Wickham (Emitsburg, Harpers Ferry, and Philadelphia), c. 1800-1835. 3. When did armsmaking become mechanized? An incremental, cumulative process that began in the 1790s and continued well into the 1850s. The most important innovators were not craft-trained gunsmiths: Examples: Eli Whitney of New Haven, CT Simeon North of Middletown, CT John H. Hall of Portland, ME -~~~----------------~~~~~~~~~~~~~~r~~~~~~~~~~~~--·--- · --- rrrr~~~~~~~~~~~~~-II I----- · a~~~· -- r a~~~~~~'"---------------- B.