The Panic of 1819

INDEX

Abbott, Edith, 214n

Abbott, James, 201n

Abernethy, Thomas Perkins, 12n, 47n, 68n, 81n, 82n, 84n, 122n

Adair, John, 77, 102, 138–40, 141, 144

Adams, George, 132

Adams, John, 198, 198n, 210

Adams, John Quincy, 120n, 152, 198, 198n, 200n, 207

“Agricola,” 150, 159

Agricultural production, 27

Alabama, 81–84

Alabama, Bank of the State of, 83

Albion, Robert G., 8n

Alexander, William M., 112

Allen, Charles H., 107

Allen, David, 191

Allen, Robert, 43–44

Allen, Tandy, 141

Ambler, Charles H., 5n, 180n

American Society for the Encouragement of American Manufactures, 210

Anderson, Hattie M., 13n, 25n, 61n, 62n, 65n, 66n, 115n, 117n, 121n, 199n, 219n, 253n

Anderson, Richard C., 44n

Anderson, Samuel, 73

Andrews, Matthew P., 50

“Anti-Bullionist,” 150–51, 150n, 171, 171n

Astor and Son, 14

Auction sales, 7, 235–36

proposed tax on, 236–38, 246

Austrian theory of the crisis. See Crisis, “Austrian” theory of

Baldwin, Henry, 216–17

Baldwin Bill, 222–25

on tariffs, 217n

Ball, John S., 67

Bank credit

restriction of, 179–208, 243

Bank of Darien, 86–88, 180

Bank of the United States, First, 2, 3

Bank of the United States, Second, 10, 16, 25, 53, 79, 87, 91n, 94, 106–08, 150, 153, 157, 165, 182–83, 199, 204–05, 208, 233n, 241, 243

Bank of Vincennes, 108

Banking, investment, 14

Bankruptcies, 19, 22–23, 71, 75

Banks, establishment of new, 5, 9

Barker, Jacob, 192, 192n

Barrow, Willie, 123

Barter, 22

Bassett, Burwell, 205

Bassett, T.D. Seymour, 99n

Bates, Martin W., 185

Baylor, Orval W., 76n, 124n, 203n

Beard, William E., 68n, 122n

Beecher, Lyman, 215, 215n

Bentham, Jeremy, 254

Benton, Thomas Hart, 117, 248

Berry, Thomas S., 14n, 20n

Bezanson, Anne, 5n, 6n, 7, 7n, 15, 15n, 21n

Bibb, George M., 120n, 132, 132n, 140n

Bibb, Thomas, 58, 83n

Bining, Arthur C., 217n

Bining, William, 217n

Bishop, J. Leander, 7n, 8n, 19n, 23n, 25n, 210n, 217n, 234n, 236n

Blake, Thomas H., 110

Bledsoe, Jesse, 202, 202n

Bond, Shadrach, 113, 113n

Booms, 11

Bradford, Thomas G., 69n

Branch, John, 55

Brents, Samuel, 140

Brigham, Clarence S., 52n, 197n

Brinckle, Henry, 48, 185, 185n

Brougham, Lord, 209n

Brown, Alexander, and Sons, 14

Brown, Ethan Allen, 22, 106–07, 106n, 199

Bruce, Kathleen, 29n

Bryan, Henry H., 124

Buck, Norman S., 8n

Buley, R. Carlyle, 107n, 110n, 112n

Bunch, Samuel, 127

Burns, Arthur Frank, 27n, 29n

Burrill, James J., Jr., 225

Business cycles, modern, 26–29

Cable, J. Ray, 22n, 115n

Cairnes, Abraham, 112

Caldwell, Stephen A., 85n

Calhoun, John C., 65n, 152, 239

Cambreleng, Churchill C., 32n, 206, 206n, 231, 231n, 234n, 235

Campbell, Claude A., 68n, 122n

Canadian notes, 197

Cardozo, Jacob Nuñez, 90, 90n, 249, 255

Carey, Matthew, 211–14, 211n, 212n, 213n, 214n, 221, 223, 232

Carroll, William, 74–75, 130, 130n, 153

Catterall, Ralph C.H., 11n, 18n

Cheves, Langdon, 12, 132n, 162

Child, Josiah, 155n

Chouteau, Pierre, 67

Clark, Allen C., 152n

Clark, John, 88

Clark, Victor S., 7n, 20n, 210n

Clarke, John, 220n

Clay, Henry, 44n, 219

Clinton, DeWitt, 190–91, 207, 221–22, 255

Cochran, John T., 48

“Colbert,” 94, 94n, 181n, 187n

Cole, Arthur H., 5n, 6n, 7n, 8n, 12n, 15, 15n, 19, 19n, 20n, 21n, 23n, 28n

Cole, Frank T., 255n

Coleman, William, 133, 133n

Compensated dollar, 167–68

Confidence, 56–58, 72, 101, 104, 134–35, 174–75, 243, 245

Conger, John L., 13n

Connelley, William E., 13n, 20n, 76n, 136n, 143n, 144n, 145n, 203n, 204n

Construction, urban, 27, 257

Contraction

Bank of the United States, 17ff

credit, 18

Convention of the Friends of National Industry, 211, 233, 236

Cooper, Thomas, 249

Coulter, E. Merton, 13n, 20n, 76n, 136n, 143n, 144n, 145n, 203n, 204n

Cranmer, H. Jerome, 251n

Crawford, William H., 5n, 16n, 39, 87, 133n, 152, 162–68, 163n, 172, 172n, 179, 179n, 198, 242

Crisis

“Austrian” theory of, 176

underconsumptionist theory of, 176

Crittenden, John J., 140, 140n, 142–43

Crockett, Davy, 202

Crockett, Walter Hill, 51n

Crolius, Clarkson, 188

Crowell, John, 43

Currency, uniform, 4, 12

Cushing, Thomas, 13n

Dain, Floyd Russell, 115, 201n

Damil, Richard, 110

David, Sampson, 126

Davidson, Alexander, 61n, 115n

Davis, Harold E., 23n, 59n

Day, Clive, 3n, 8n

Debtors’ relief, public land, 37–47, 245

DeGrand, Peter Paul, 198, 198n

Delaware, 47–48

monetary expansion, 97

protective tariff, 219

restricting bank credit, 185

Delaware, Farmers’ Bank of, 97

Depreciation, 175

Dewey, Davis R., 4n, 5n, 10n, 16n, 95n

Dickerson, Mahlon, 224

District of Columbia, 188

Dollar, devaluation, 173

Dorfman, Joseph, 89n, 90n, 160n, 187n, 217n, 228n, 229n, 231n

Dorsey, Dorothy B., 13n, 22n, 61n, 62n, 115n, 116n

Dowrie, George W., 60n, 61n, 111n, 113n, 114n

Duane, William, 56, 56n, 102, 102n, 152n, 162, 162n, 165, 195, 218, 218n, 252

Duke, Basil W., 76n, 131n, 145n

Dunn, Jacob Piatt, 59n, 108n, 110n

DuPonceau, Peter S., 213, 214n

DuPont, E.I., 220, 220n

Durrett, Reuben T., 145n

Eaton, John Henry, 42, 42n

Economics, as a profession, 249–50

Economy, 30, 32–34, 53, 55n, 246

Edwards, Ninian, 41, 41n, 42n, 65n

Eiselen, Malcolm R., 20n, 217n, 226n

Elliott, Stephen, 89, 89n, 229, 229n

Embargo Act, 2

Emerick, C.F., 12n

Ervin, Andrew, 69n

Esarey, Logan, 23n, 107n, 108n, 109n, 110n, 198n

Evans, George Heberton, 3n, 8n

Everett, Alexander, 249

Exports, 1, 8–9, 15, 19–20, 97

“Farmer of Prince Georges County, A,” 95–96

Ferguson, Russell J., 216n

Few, William, 211, 211n, 234n

Findlay, William, 56, 56n, 102, 102n, 218n

Flint, James, 17n, 24n

Florinsky, Michael T., 154n

Folz, William E., vi, 11n, 19n, 25n, 68n

Force, Peter, 32n

Forsyth, John, 172

Frankfort Resolutions, 132–36

Free banking, 249

“Friends of Natural Rights, The,” 232, 232n

Galbreath, Charles, 200n

Gallatin, Albert, 4n, 5n, 18n, 152

Galusha, Jonas, 100

Garnett, Charles H., 13n, 60n, 111n, 114n

Garnett, James M., 227n

Georgia, 180–81

Georgia, Bank of the State of, 87

Gold and silver, revaluation, 172–73

Golden, Gabriel H., 75n, 131n

Goss, Charles F., 22n, 59n, 106n

Gouge, William M., 5n, 9n, 11n, 12n

Govan, Thomas Payne, 86n, 87n

Gras, Norman Scott Brien, 12n, 18n

Green, Duff, 65, 65n, 66n, 119

Greene, William, 22, 23n, 59n, 106n

Greer, Thomas H., vi, 22n, 47n, 58n

Griffith, Elmer C., 131n

Gronert, Theodore G., 19n, 25n, 219n

Gruchy, Allan G., 4n

Grundy, Felix, 68–69, 69n, 70n, 123, 254

Gwynn, William, 186

“H.B.”, 221, 221n, 236n

Hamer, Philip, 68n, 69n, 70n, 75n, 122n, 123n, 125n, 129n, 130n

Hamilton, Alexander, 133n, 187

Hamilton, W.J., 65n, 66n, 67n, 116n, 118n, 120n

Hammond, Bray, 204n, 247n

Hammond, Charles, 199, 200n

Hardin, Benjamin, 44, 46

Hardin, Martin D., 132, 132n

Harlan, Louis R., 19n

Harrison, William Henry, 40n, 110, 199, 219, 253

Hayek, Friedrich August, 176

Hayne, Robert Y., 89, 89n

Heath, Milton S., 86n, 87n, 88n, 180n

Hedges, Joseph E., 14n

Hendricks, William, 109, 109n

Hendrickson, Isaac, 48

Hepburn, A. Barton, 173n

Hiester, Joseph, 25n, 34n, 252

“Homo.” See Law, Thomas, 96

Hopkinson, Joseph, 49, 49n, 56, 98–99

“Howard,” 33

see also Noah, Mordecai Manuel

“Howard the Younger,” 33

Howard, Thomas C., 203

Hume, David, 187n

Huntington, Charles C., 58n, 106n, 107n

Huntsman, Adam, 127

Huntsville Bank, 82–84

Illinois, 60–61

Illinois, State Bank of, 111, 113

Import duties, credits on, 233–34

Imports, 5–6, 14, 20–21

Indiana, 59, 107–08, 198

Indiana, State Bank of, 59

Industry, 32

Inflation. See Prices; Monetary expansion

Interest, “real” theory of, 166–67

Internal improvements, 104n, 156, 246, 251–53

Investment, 12

Jackson, Andrew, 33n, 38n, 42n, 69n, 74, 109, 109n, 127–29, 128n, 133n, 248

Jackson, Samuel, 213, 213n

Jarrett, Henry, 103, 252

Jefferson, Thomas, 34n, 181, 182n, 184, 184n, 198, 207, 210, 239

Jennings, Jonathan, 109, 109n

Jennison, William, 249

Jervey, Theodore D., 89n

Johnson, Emory R., 8n

Johnson, Joseph, 32, 205, 237

Johnson, Richard M., 38, 38n, 41, 42n

Jones, William, 17

Joplin, Thomas, 243

Kehl, James A., 22n, 57n, 217n

Kendall, Amos, 79, 79n, 80n, 202–03, 202n, 248

Kennedy, George H., 119

Kennedy, James, 119

Kent, Joseph, 205–06, 206n

Kentucky, Bank of, 79–77, 131, 131n, 138, 141

Kentucky, Bank of the Commonwealth of, 77–78, 137, 141

Kentucky,

debtors’ relief, 68

monetary expansion, 131

restricting bank credit, 202–04

stay laws, 76–77

tariff, 219, 220

Ker, David C., 173

Kitchell, Wickliff, 61, 112

Klebaner, Benjamin I., 24n

Klein, Philip S., 102n

Knox, John Jay, 5n, 12n, 16n, 60n, 83n, 88n, 93n, 94n, 95n, 115n

Laissez-faire, 246–47

Land sales, public. See Public land sales

Lauderdale, Lord, 232n

Law, Edward, 152

Law, Thomas, 96, 152–58

Lawrence, William Beach, 249

Lee, Alfred, 22n

Legal tender laws, 84

Lehman, William, 251–52, 251n

Lewis, William Berkeley, 129

Livingood, James W., 20n

Loan offices, 102–05, 117–20

Logan, John, 203

Louisiana, 68

Louisiana debt, 17

Louisiana Purchase, 17

Louisiana State Bank, 85

Lovell, Joseph, 54n

Lowell, F.C., 210

Lowenthal, Esther, 249n

Lowndes, William, 230n

Lyon, Matthew, 225

McClintoc, Samuel, 112

McClurg, Alexander, 217

McCoy, William, 44

McKim, Isaac, 234

McLean, John, 113

McMinn, Joseph, 72–74, 72n

McNair, Alexander, 63–64, 117, 118

McVickar, John, 249

Madeleine, Sister M. Grace, 19n, 47n

Madison, James, 168, 168n, 189, 189n, 210, 227n

“Manufacturer, A,” 215–16

Manufacturing, 2, 28

Marshall, John, 182, 188

Martin, James S., 188

Maryland

auction tax, 238

monetary expansion, 94

restriction of bank credit, 186–88

stay laws, 50–51

tariff, 220–21

Massachusetts, 50

“Mercantile Correspondent, A,” 149

“Merchant, A,” 193

Metcalf, Thomas, 44n, 44

Michigan Territory, 115

Mifflin, George, 252

Miller, Harry E., 16n

Miller, Pleasant M., 126, 201

Miller, Thomas, 52–53, 94

Minimum appraisal laws, 47–80, 244, 259–61

Mises, Ludwig von, 176

Mississippi, 84–85

Mississippi, Bank of, 84–85

Mississippi Bubble, 41, 128

Missouri, Bank of, 116

Missouri

debtors’ relief, 61–64

monetary expansion, 115–16

protective tariff, 219

restricting bank credit, 199

Mitchell, J.C., 201, 254

Mitchell, Waldo F., 13n, 59n, 60n, 107n, 110n

Mitchell, Wesley Clair, 26, 26n, 27n, 28n, 29n

Monetary expansion, 9

national, 149–77

state, 81–147, 242, 244

Money brokers, 91–93, 95, 146

Money, velocity of, 101–02, 105–06, 175

Monroe, James, 30, 30n, 38, 39, 162n, 226, 245

Moore, Albert B., 83n

Moore, Frederick W., 20n

Mulroy, Samuel, 110

Murphey, Archibald D., 90–91, 91n, 253, 253n

National Bureau of Economic Research, 29

New Hampshire, 197

New Jersey, 48–49, 98, 252

Newman, Samuel P., 249

New York

auction tax, 237–38

monetary expansion, 99

protective tariff, 221–22

restricting bank credit, 188–93

stay laws, 50

New York Stock Exchange, 14

Niles, Hezekiah, 46, 75n, 96, 135, 145, 162, 169, 186, 186n, 204, 213n, 220, 223, 232, 237

Noah, Mordecai Manuel, 32–33, 38, 169

Noble, James, 109, 109n

Noble, John, 42n, 56, 56n

Non-Intercourse Acts, 2

North Carolina, State Bank of, 90

North Carolina

monetary expansion, 90–91

protective tariff, 220n

stay laws, 55

O’Connor, Michael J.L., 249n

Ogden, James DePeyster, 234n

Ohio

debtors’ relief, 58

monetary expansion, 106–07

protective tariff, 218

restricting bank credit, 199

One hundred percent reserve, 158n, 185, 187, 195, 198, 203, 207, 243

“One of the People–A Farmer,” 150, 150n

Overton, John, 72n

Paley, William, 152

Parks, Joseph H., 68n, 69n, 70n, 71n, 72n, 122n, 123n, 124n, 128n, 201n, 202n, 253n, 254n

Pearce, Matthew, 186

Pennsylvania

debtors’ relief, 55–58

internal improvements, 251–52

protective tariff, 215–18

restricting bank credit, 193–96

“Pennsylvanian, A,” 57–58, 58n, 196, 196n, 226, 226n, 236n

Phillips, Willard, 31, 31n, 249

“Philo-Economicus,” 93, 93n, 181n

Pickens, Israel, 83–84, 84n

Pinckney, Charles Cotesworth, 161–62

Pindall, James, 205

Pintard, John, 13n, 234, 234n, 236n, 257, 257n

Pittsburgh Manufacturing Association, 217

“Plain Sense,” 192–93, 192n

Plumer, William, 197

Poindexter, George, 85, 85n

Polk, James K., 202, 248

Polk,Josiah F., 97

Polk, William, 90

Poor relief, 255, 255n

Pope, John, 80n, 132, 133n

Post office, 21n

Povall, Richard, 218

Presbyterian Church, General Assembly of the, 34, 34n

Preston, James P., 33n, 55

Prices, 5–9, 12, 15, 19–20, 21, 25, 55

Primm, James Neal, 62n, 63n, 66n, 67n, 120n

Pryches, Julien, 173

“Public Good,” 229

Public land sales, 10–12, 21, 81, 115, 165

Raguet, Condy, 16, 16n, 17n, 24n, 57, 57n, 101, 101n, 194–95, 195n, 228, 228n, 248–49

Randall, Josiah, 251

Randolph, John, 121n, 227n

Randolph, Thomas Jefferson, 184

Raymond, Daniel, 187, 187n, 221, 232n, 249

Reeder, James, 56, 56n

Religion, 34

Replevin Law. See Stay laws

Rezneck, Samuel, vi, 24n

Rhode Island

debtors’ relief, 52

protective tariff, 222

restricting bank credit, 197

Ricardo, David, 16, 16n, 166, 250

Rich, Wesley E., 21n

Ritchie, Thomas, 165–68, 181, 182n, 184

Rives, William Cabell, 53, 54n, 184

Roane, Spencer, 181n, 182–84

Robertson, George, 44, 46, 137

Rowe, John J., 59n, 106n

Ruffin, Edward, 227n, 228n

Runnels, Barman, 85, 85n

Salt cartel, 257n

Savings banks, 33, 256

Say, Jean Baptiste, 250

Scharf, J.T., 5n, 8n

Schur, Leon M., 208n

Scott, W.R., vn

Sears, Alfred B., 218n

Secrist, Horace, 7n

Selden, William, 54

Sellers, Charles G., Jr., 69n, 70n, 71n, 72n, 123n, 124n, 130n, 202n

“Senex,” 33n, 173, 173n, 191, 191n

“Seventy-Six,” 169

Shannon, George, 142

Sheldon, J.P., 201n

Shoemaker, Charles, 218

Silsbee, Nathaniel, 233, 233n

Silver revaluation, See Gold and Silver

Slaughter, Gabriel, 76n, 137, 203

Small notes, 82, 115, 145, 179

Smith, Adam, 171, 171n, 181n, 187, 213, 232n

Smith, George G., 86n

Smith, Samuel, 237

Smith, Walter Buckingham, 5n, 6n, 11n, 12n, 15n, 17n, 18n, 19, 20n, 21n, 25n

Snyder, Simon, 102, 195–96

Societies for promoting United States manufactures, 210, 210n, 211n, 212, 217, 222

South Carolina, 88–89

South Carolina, Bank of the State of, 88, 89n

South Sea Bubble, 41

Specie exchange standard, 151

Specie export, prohibition of, 169–72

Specie payment clauses, 180

Specie payments, suspension of, 4–5

Speculation, 13

Speed, Thomas, 141

Spencer, John, 204–05, 205n

Stay laws, 47–80, 244, 259–61

Sterns, Worthy P., 6n

Stevenson, Andrew, 54n

Stickles, Arndt M., 76n, 77n, 136n, 137n, 145n, 204n

Stock exchanges, 14

Stokes, Howard K., 52n

Stonecipher, Frank W., 216n, 225n

Story, Joseph, 228, 233

Stout, Elihu, 109

Stout, Jacob, 256n

Stuvé, Bernard, 61n, 115n

Sullivan, William A., 24n, 257n

Sumner, William Graham, 13n, 76n, 88n, 99n, 106n, 131n

Sumptuary laws, 31n

Sutton, George, 217n

Swan, James, 160, 160n

Swartzlow, Ruby J., 19n, 20n

Sydnor, C.S., 220n

Tammany, Society of, 188–89, 188n, 207, 222

Tariff, movement for protective, 209–39, 245–46, 156n, 247n

infant industry argument for, 224

Tariff of 1816, 239, 245

Tariff of 1824, 226

Taylor, George Rogers, 1n, 13n, 15n, 18n, 251

Taylor, John, of Caroline, 198, 226, 227n, 228n, 230–31, 234

Taylor, M. Flavia, 217n

Teackle, Littleton Dennis, 158

Tennessee, Bank of the State of, 69n, 127

Tennessee

debtors’ relief, 68

restricting bank credit, 201

Thomas, Jesse B., 38, 39–40, 40n, 42n

Thompson, John H., 110

Thompson, Robert T., 54–55

Tompkins, Daniel D., 210

Tracey, Destutt de, 181

Tracy, Albert H., 237

Trade. See Exports; Imports Transportation, 229

Tregle, Joseph George, Jr., 85n, 232,

Trimble, David, 205

Trimble, William A., 235

Tucker, George, 249

Tucker, Nathaniel Beverly, 121, 121n

Tucker, Rufus S., 23n

Turnpikes, 13, 29

Tyler, John, 205n, 233, 233n

Ulshoeffer, Michael, 190

Underwood, Joseph R., 131n

Unemployment, 24, 27, 41, 116, 213, 221, 246, 251

Usury laws, 70, 253–55

Value, subjective, 79

Van Buren, Martin, 38n, 69n, 192, 207, 248

Vance, Joseph, 219

Van Dyke, Nicholas, 42

Van Ness, Cornelius Peter, 99, 100n

Van Ness, William Peter, 189, 189n

Vermont,

debtors’ relief, 51

monetary expansion, 99

restricting bank credit, 197

Vethake, Henry, 249

Virginia

debtors’ relief, 52

monetary expansion, 94

restricting bank credit, 181–85

Wage rates, 23–24, 257

Walker, John W., 38, 42, 42n

Wallace, David, 127

Walsh, John J., 18n

Walsh, Robert, 67

War of 1812, 241, 245

Ward, Edward, 74, 130

Ware, Caroline E., 8n, 19n, 23n, 25n

Wayland, Francis, 249

Webster, Daniel, 230n

Weems, Robert C., 85n

Westcott, T., 5n

Westerfield, Ray B., 7n, 236n

Whisky, 22

Whitely, Henry, 48, 220

Whiting, Ruggles, 119

Widen, Raphael, 112

Wiley, Hugh, 142

Williams, William, 70, 73–74

Willis, Thomas, 121

Wilson, George, 72n

Wilson, Samuel, 76n, 78n, 145n

Wismer, D.C., 10n, 18n

Woodward, John, 188, 189n, 222, 222n, 255, 255n

Wolcott, Oliver, 150, 150n, 161n

Worthington, Thomas, 106, 106n, 218, 255

Wright, David McCord, 249

Yeatman, Thomas, 123, 123n

Young, Arthur, 155n

Young, Richard M., 112