Democratick Editorials: Essays in Jacksonian Political Economy
By William Leggett
Ten years after Thomas Jefferson’s death in 1826, an outspoken young editor in New York City was reformulating and extending the Jeffersonian philosophy of equal rights. William Leggett, articulating his views in the columns of the New York
Evening Post,Examiner, and
Plaindealer, gained widespread recognition as the intellectual leader of the
laissez-faire wing of Jacksonian democracy…. [From the Foreword by Lawrence H. White.]
Translator/Editor
Lawrence H. White, ed.
First Pub. Date
1834
Publisher
Indianapolis: Liberty Fund, Inc. Liberty Press
Pub. Date
1984
Comments
Essays first published 1834-1837.
Copyright
Portions of this edited edition are under copyright. Picture of William Leggett courtesy of United States Library of Congress. Original contains the inscription: "Engraved by Sealey, from a Painting by T. S. Cummings, N A." and includes Leggett's signature below.
- Foreword by Lawrence H. White
- Part I, 1. True Functions of Government
- Part I, 2. The Reserved Rights of the People
- Part I, 3. Objects of the Evening Post
- Part I, 4. Reply to the Charge of Lunacy
- Part I, 5. The Legislation of Congress
- Part I, 6. Religious Intolerance
- Part I, 7. Direct Taxation
- Part I, 8. The Course of the Evening Post
- Part I, 9. Chief Justice Marshall
- Part I, 10. Prefatory Remarks
- Part I, 11. The Sister Doctrines
- Part I, 12. The True Theory of Taxation
- Part I, 13. Strict Construction
- Part I, 14. Legislative Indemnity for Losses from Mobs
- Part I, 15. The Despotism of the Majority
- Part I, 16. Morals of Legislation
- Part I, 17. The Morals of Politics
- Part II, 1. Bank of United States
- Part II, 2. Small Note Circulation
- Part II, 3. The Monopoly Banking System
- Part II, 4. Uncurrent Bank Notes
- Part II, 5. Fancy Cities
- Part II, 6. Causes of Financial Distress
- Part II, 7. Why Is Flour So Dear
- Part II, 8. Thoughts on the Causes of the Present Discontents
- Part II, 9. Strictures on the Late Message
- Part II, 10. The Value of Money
- Part II, 11. The Way to Cheapen Flour
- Part II, 12. The Money Market and Nicholas Biddle
- Part II, 13. The Pressure, the Cause of it, and the Remedy
- Part II, 14. Connexion of State with Banking
- Part II, 15. The Crisis
- Part II, 16. The Bankrupt Banks
- Part II, 17. What We Must Do, and What We Must Not
- Part II, 18. The Foresight of Individual Enterprise
- Part II, 19. The Safety Fund Bubble
- Part II, 20. Separation of Bank and State
- Part II, 21. The Remedy for Broken Banks
- Part II, 22. Blest Paper Credit
- Part II, 23. Questions and Answers
- Part II, 24. The True and Natural System
- Part II, 25. The Bugbear of the Bank Democrats
- Part II, 26. Bank and State
- Part II, 27. Theory and Practice
- Part II, 28. Separation of Bank and State
- Part II, 29. Specie Basis
- Part II, 30. The Natural System
- Part II, 31. The Credit System and the Aristocracy
- Part II, 32. The Divorce of Politicks and Banking
- Part III, 1. Riot at the Chatham-Street Chapel
- Part III, 2. Governor McDuffie's Message
- Part III, 3. The Abolitionists
- Part III, 4. Reward for Arthur Tappan
- Part III, 5. The Anti-Slavery Society
- Part III, 6. Abolitionists
- Part III, 7. Slavery No Evil
- Part III, 8. Progress of Fanaticism
- Part III, 9. An Argument Against Abolition Refuted
- Part III, 10. Commencement of the Administration of Martin Van Buren
- Part III, 11. The Question of Slavery Narrowed to a Point
- Part III, 12. Abolition Insolence
- Part IV, 1. Despotism of Andrew Jackson
- Part IV, 2. The Division of Parties
- Part IV, 3. Rich and Poor
- Part IV, 4. The Street of the Palaces
- Part IV, 5. American Nobility
- Part IV, 6. The Inequality of Human Condition
- Part IV, 7. A Bad Beginning
- Part IV, 8. The Whig Embassy to Washington, and Its Result
- Part IV, 9. Right Views Among the Right Sort of People
- Part IV, 10. Newspaper Nominations
- Part IV, 11. Foreign Paupers
- Part V, 1. Monopolies: I
- Part V, 2. A Little Free-Trade Crazy
- Part V, 3. Asylum for Insane Paupers
- Part V, 4. Monopolies: II
- Part V, 5. Revolutionary Pensioners
- Part V, 6. Joint-Stock Partnership Law
- Part V, 7. The Ferry Monopoly
- Part V, 8. Free Trade Post Office
- Part V, 9. Stock Gambling
- Part V, 10. Weighmaster General
- Part V, 11. State Prison Monopoly
- Part V, 12. Corporation Property
- Part V, 13. Regulation of Coal
- Part V, 14. Free Ferries and an Agrarian Law
- Part V, 15. Thanksgiving Day
- Part V, 16. Municipal Docks
- Part V, 17. Associated Effort
- Part V, 18. The Coal Question
- Part V, 19. The Corporation Question
- Part V, 20. Free Trade Weights and Measures
- Part V, 21. Associated Effort
- Part V, 22. Sale of Publick Lands
- Part V, 23. Manacles Instead of Gyves
- Part V, 24. The Meaning of Free Trade
- Part V, 25. Gambling Laws
- Part V, 26. Free Trade Post Office
- Part V, 27. Free Trade, Taxes, and Subsidies
- Part V, 28. Meek and Gentle with These Butchers
- Part V, 29. The Cause of High Prices, and the Rights of Combination
- Part V, 30. Omnipotence of the Legislature
- Part VI, 1. Rights of Authors
- Part VI, 2. The Rights of Authors
- Part VI, 3. Right of Property in the Fruits of Intellectual Labour
THE REMEDY FOR BROKEN BANKS
Plaindealer, June 3, 1837. Title added.
Governour Marcy is at present in this city. We understand that more projects for tinkering the currency are on foot. It is said that Governour Marcy has signified his willingness to convene the legislature, if petitioned to do so, for the purpose of recommending it to pass an act authorizing the exclusively privileged broken monopoly banks to issue a spurious small note currency. We should not be at all surprized at such a proceeding from Governour Marcy. We used to look on that man as feeble minded, but honest. Our opinion of him in the former respect has undergone no change, except the change from impression to conviction; but in the latter respect we confess we begin to think we were in errour. There are some points in his conduct which certainly cannot easily be reconciled with the idea of perfect political integrity.
The authorizing of the broken banks to issue a small note currency at this time, we should consider one of the most unwarrantable and knavish exercises of legislative power that ever a free people submitted to. There is, beyond all question, a great want of a circulating medium which would enable persons to make change. But it is equally beyond question that there is an abundance of silver and gold coin in the country to supply this want. There never was, indeed, at any former period of our history, so much specie in the country. The only reason why it does not circulate freely, is because the paper currency is spurious and dishonoured, the banks having refused to redeem it, and the legislature having justified them in that refusal. What then is the proper object of remedial measures? Surely not to increase the amount of spurious paper, by authorizing the banks to issue a new class of unredeemable notes, which would only put further off the day of ultimate resumption of specie payments; but to give freedom to that spirit of enterprise which even now, in the chaotick state of things to which exclusively privileged bank monopolies have reduced us, stands ready, if only allowed free scope, to rescue the community from the terrible confusion of general bankruptcy. If Governour Marcy wishes to convene the legislature, let it be for the purpose of repealing all the restraints on the trade in credit and money, and not for imposing new burdens on the defrauded people, for the benefit of a few privileged charter mongers.
If an association of individuals, having fifty millions of dollars worth of real property, at a moderate appraisement, should undertake banking business, in the first place, by some publick act, making that property answerable, beyond all peradventure, for the notes they might issue, who can deny that such an institution would command publick confidence? Who can suppose that their notes would not be readily received as equivalent to silver and gold? Such an association would immediately spring into existence if all restraints on banking were removed, and, as a necessary consequence, the money which is now hoarded would again flow in the accustomed channels of circulation. We should thus have an abundance of actual money for the purposes of change, through the assistance of freedom; not a wretched substitute for money obtained by making a further sacrifice of our rights to the insatiate spirit of monopoly.
SEPARATION OF BANK AND STATE
“BLEST PAPER CREDIT”
Raising the Wind (1803), continually contrives to borrow money.—Ed.
THEORY AND PRACTICE