The Panic of 1819: Contemporary Opinion and Policy

1960 ◽  
Vol 15 (3) ◽  
pp. 420
Author(s):  
Murray N. Rothbard
Keyword(s):  
1963 ◽  
Vol 18 (1) ◽  
pp. 100 ◽  
Author(s):  
Hugh G. J. Aitken ◽  
Murray N. Rothbard
Keyword(s):  

Author(s):  
James P. Cousins

The Panic of 1819 crippled America’s economy, forced endless business closures, and left many without the ability to repay loans. In Kentucky, the Debt Relief Party emerged and soon dominated both houses of the state legislature. A series of controversial legislative reforms followed, and the state was soon divided between competing visions of reform. The so-called relief controversy brought new and particularly unwelcome attention to Horace and his university; politically charged attacks against him manifested in charges of heterodoxy, corruption, and vice. This chapter examines the ensuing controversy and describes Presbyterian-backed efforts to dislodge Horace from the presidency.


for the Propagation of the Gospel and local associations for promoting dis-ciplined spirituality. Methodist co-option of the form built a bridge to evangelicalism. In Britain the Baptist (1792), London (1795), and Church (1799) Missionary Societies, the Religious Tract Society (1799) and, supremely, the British and Foreign Bible Society (1804) offered Americans well-publicized examples for how rapidly, how effectively and with what reach lay-influenced societies could mobilize to address specific religious and social needs. A few small-scale voluntary societies had been formed in America before the turn of the nineteenth century, but it was only after about 1810 that voluntary societies – as self-created vehicles for preaching the Christian message, distributing Christian literature and bringing scattered Christian exertions together – fuelled the dramatic spread of evangelical religion in America. Many of the new societies were formed within denominations and a few were organized outside the boundaries of evangelicalism, like the American Unitarian Association of 1825. But the most important ones were organized by interdenominational teams of evangelicals for evangelical pur-poses. Charles Foster’s helpful (but admittedly incomplete) compilation of 159 American societies from this era finds 24 founded between 1801 and 1812, and another 32 between 1813 and 1816, with an astounding 15 in 1814 alone. After a short pause caused by the Bank Panic of 1819, the pace of for-mation picked up once again through the 1820s. The best funded and most


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