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Republic of Debtors - Bankruptcy in the Age of American Independence (Paperback)
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Republic of Debtors - Bankruptcy in the Age of American Independence (Paperback)
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Debt was an inescapable fact of life in early America. At the
beginning of the eighteenth century, its sinfulness was preached by
ministers and the right to imprison debtors was unquestioned. By
1800, imprisonment for debt was under attack and insolvency was no
longer seen as a moral failure, merely an economic setback. In
"Republic of Debtors," Bruce H. Mann illuminates this crucial
transformation in early American society. From the wealthy merchant
to the backwoods farmer, Mann tells the personal stories of men and
women struggling to repay their debts and stay ahead of their
creditors. He opens a window onto a society undergoing such
fundamental changes as the growth of a commercial economy, the
emergence of a consumer marketplace, and a revolution for
independence. In addressing debt Americans debated complicated
questions of commerce and agriculture, nationalism and federalism,
dependence and independence, slavery and freedom. And when numerous
prominent men including the richest man in America and a justice of
the Supreme Court found themselves imprisoned for debt or forced to
become fugitives from creditors, their fate altered the political
dimensions of debtor relief, leading to the highly controversial
Bankruptcy Act of 1800. Whether a society forgives its debtors is
not just a question of law or economics; it goes to the heart of
what a society values. In chronicling attitudes toward debt and
bankruptcy in early America, Mann explores the very character of
American society.
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