The documents in this volume reflect the great debates that have
shaped this country's economic life. Covering a wide variety of
problems, they show how each was treated at a moment when it was
politically urgent. Since they were efforts at persuasion, usually
addressed to a wide audience, they are coherent and self-contained
and avoid technical jargon. They therefore present clear and vivid
evidence of what men have desired and hoped to achieve, and explain
not only much that is critical about how Americans lived in the
past but much also about the inheritance of the present.
From the overwhelming mass of available documents, a
representative group has been chosen here. Among the twenty-nine
included are: Hamilton's "Report on Manufactures," which helped set
the American attitude on economic growth; Andrew Jackson's veto
message on the bill to renew the charter of the Bank of the United
States; the first annual report of the Interstate Commerce
Commission, which put the railroads under federal regulation;
William Jennings Bryan's famous Cross of Gold speech, which helped
him win the Democratic nomination in 1896; the conclusions of the
Pujo Committee's report on the money market, which were
instrumental in setting up the Federal Reserve System; and key
documents on the National Recovery Administration, one of Franklin
D. Roosevelt's major moves in his fight against the depression.
In his introductory essay, the editor summarizes the forces and
movements that helped to make American economic policy "exceedingly
confused and therefore very annoying to historians and economists,"
But, he insists, this very confusion reduced "the extremism and
disorder potentially so great in the United States . . . to
remarkable moderation."
"William Letwin" is professor emeritus at the London School of
Economics. He has published many articles and reviews in learned
and popular journals. He took his undergraduate work at the
University of Chicago and did graduate work there and at the London
School of Economics. After receiving the degree of Doctor of
Philosophy from the Committee on Social Thought of the University
of Chicago, he stayed on at the university as Research Associate in
the Law School and Postdoctoral Fellow in the Department of
Economics.
General
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