A Nation Wholly Free
The Elimination of the National Debt in the Age of Jackson
$50.56
- Paperback
288 pages
- Release Date
1 December 2020
Summary
When President James Monroe announced in 1824 that the large public debt inherited from the War for Independence, the Louisiana Purchase, and the War of 1812 would be extinguished on January 1, 1835, Congress responded by crafting legislation to transform that prediction into reality. Yet John Quincy Adams, Monroe’s successor, seemed not to share the commitment to debt freedom, resulting in the rise of opposition to his administration and his defeat for reelection in the bitter presidential c…
Book Details
| ISBN-13: | 9781594163548 |
|---|---|
| ISBN-10: | 1594163545 |
| Author: | Carl Lane |
| Publisher: | Westholme Publishing, U.S. |
| Imprint: | Westholme Publishing, U.S. |
| Format: | Paperback |
| Number of Pages: | 288 |
| Release Date: | 1 December 2020 |
| Dimensions: | 138mm x 215mm |
You Can Find This Book In
Critics Review
Publishers Weekly (Starred Review)
Historian Lane delivers a superbly written exploration of a narrow subject in the fading past, making it feel surprisingly relevant to modern readers. Paying off the national debt, a topic that’s at the center of passionate debate today, similarly roiled the political scene 175 years ago. Lane describes how, under vastly different conditions, Andrew Jackson and his administration vowed to completely eliminate the national debt by 1835. They succeeded, but in the process were forced to bow to ideology and political pressure, killing the Second Bank of the U.S. and unwisely distributing surplus federal funds to state banks rather than using the money for infrastructure development. The result, according to the author, was the crash of 1837–America’s first great financial crisis. Lane brings life to the dry topics of debt, tariffs, taxes, and banks, and he’s not above calling participants to account when he thinks criticism is warranted. His only error is holding figures of the past to today’s standards. Otherwise, this is first-rate history rendered with unusual clarity and verve.
“A Nation Wholly Free is Mr. Lane’s fascinating exploration of what led to the brief interlude of 1835-37, the only time in its existence when the United States had no debt… . For Andrew Jackson and many other early Americans, debt was not just a fiscal danger, but a path to corruption and national decline.”–The Wall Street Journal
“An engaging treatment of a topic of perennial concern and frequent misunderstanding, this lucid tale of the brief moment when the United States was debt-free should be on every Congress member’s bedside table.”–Peter J.Woolley, Professor of Comparative Politics, Fairleigh Dickinson University
Carl Lane
Carl Lane is professor of history at Felician College in New Jersey. He received his PhD in history from the Graduate Center of the City University of New York. He is the author of Understanding the National Debt: What Every American Needs to Know (Westholme, 2016) and his articles have appeared in William and Mary Quarterly, Virginia Magazine of History, Essays in Economic and Business History, and other publications.
Returns
This item is eligible for free returns within 30 days of delivery. See our returns policy for further details.