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 SISTER DOCTRINES
Plaindealer, December 17, 1836.
The fanciful parallel which we drew between democracy and political economy, in the first number of this paper has provoked a writer in one of the morning prints to bestow upon us a whole column of animadversions. The points which have particularly excited his indignation, if we may judge from his use of italicks, are, our having spoken of democracy and political economy as twin sisters, pursuing a parallel direction, for the accomplishment of kindred objects; and as both alike considering the people the only proper source of government, and their equal protection its only proper end. We confess the sin of having been rather more figurative in the passage which has given umbrage than is our wont; and shall do penance by using only the soberest expressions in our present article; since it is hardly suitable to mystify so grave a subject with “the sweet smoke of rhetorick,” to borrow the phrase of an old English writer.
The critick who querulously assails our positions with regard to the nature and objects of political economy, fortifies himself by citing some sentences from Say, which he unfairly interpolates, however, with parenthetical commentaries of his own, giving them a degree of meaning which, had they been honestly quoted, they would not have expressed. But there is one passage, in the introductory advertisement of the very edition of Say from which he copied his extracts, that he seems wholly to have overlooked. Speaking of the prospects of economick science in America, that writer says, “Where should we expect sound doctrines to be better received, than amongst a nation which supports and illustrates the value of free principles by the most striking examples. The old states of Europe are cankered with prejudices and bad habits:
it is America will teach them the height of prosperity which may be reached, when governments follow the counsels of reason, and do not cost too much.”
Dugald Stewart, a writer of at least equal authority with Say, in numerous passages expresses his conviction that the same maxims which constitute the fundamental doctrines of political economy, should also be the guiding principles of political government. ”
Laissez non faire,” he says, and
“Pas trop gouverner” comprise, in a few words, the most important lessons of political wisdom. It will hardly be denied that these sentiments are thoroughly democratick. Adam Smith, also, a writer whose opinions have generally been considered as entitled to some respect, contends, in different places, that the same principles which constitute the foundation on which the whole science of political economy rests, furnish, also, the proper basis of political government. In a passage which is quoted by Stewart in his memoir of the author of the Wealth of Nations, that great writer says, “Man is generally considered by statesmen and projectors as the materials of a sort of political mechanicks. Projectors disturb nature in the course of her operations with human affairs, and it requires no more than to let her alone, and give her fair play in the pursuit of her ends, that she may establish her own designs.” And again, “Little else is required to carry a state to the highest degree of opulence, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things. All governments which thwart this natural course, which force things into another channel, or which endeavour to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical.”
These sentiments, according to our view, comprise the essence of both democratick and economick theory. The advantages which
modern policy, says Dugald Stewart, “possesses over the ancient, arise principally from its conformity, in some of the most important articles of political economy to an order of things recommended by nature; and it would not be difficult to show that where it remains imperfect, its errours may be traced to the restraints it imposes on the natural course of human affairs.” We might extend this article to a much greater length by similar extracts from various other writers of high repute; but we have adduced sufficient authority for the views we expressed as to the coincidence of democracy and political economy, in their fundamental principles, and in their ultimate ends. They are both for the largest liberty, within the bounds of social order; both are equally opposed to all special privileges and immunities; and both would leave men to manage their own affairs, in their own way, so that they did not invade each others natural rights.
pure affection, slipped into his hand an order upon the Treasury for 1,000
l., and then went to his chariot. Marvell looking at the paper, calls after the Treasurer “My Lord, I request another moment.” They went up again to the garret, and Jack, the servant boy, was called. “Jack, child, what had I for dinner yesterday?” “Don’t you remember, sir? you had the little shoulder of mutton that you ordered me to bring from a woman in the market.” “Very right, child. What have I for dinner to day?” “Don’t you know, sir, that you bid me lay by the
blade-bone to broil?” ” ‘Tis so, very right, child, go away. My Lord, do you hear that? Andrew Marvell’s dinner is provided; there’s your piece of paper. I want it not. I knew the sort of kindness you intended. I live here to serve my constituents; the Ministry may seek men for their purpose;
I am not one.”
THE MONOPOLY BANKING SYSTEM