Republic of Debtors: Bankruptcy in the Age of American by Bruce H. Mann

By Bruce H. Mann

Debt used to be an inescapable truth of lifestyles in early the United States. firstly of the eighteenth century, its sinfulness was once preached by means of ministers and the correct to imprison borrowers used to be unquestioned. through 1800, imprisonment for debt used to be below assault and insolvency was once now not obvious as an ethical failure, in basic terms an monetary setback. In Republic of Debtors, Bruce H. Mann illuminates this important transformation in early American society.

From the rich service provider to the backwoods farmer, Mann tells the non-public tales of fellows and girls suffering to pay off their bills and remain prior to their collectors. He opens a window onto a society present process such primary adjustments because the progress of a advertisement economic system, the emergence of a client market, and a revolution for independence. In addressing debt american citizens debated complex questions of trade and agriculture, nationalism and federalism, dependence and independence, slavery and freedom. And while quite a few fashionable men—including the richest guy in the US and a justice of the ultimate Court—found themselves imprisoned for debt or pressured to develop into fugitives from collectors, their destiny altered the political dimensions of debtor reduction, resulting in the hugely debatable financial ruin Act of 1800.

Whether a society forgives its borrowers is not only a query of legislations or economics; it is going to the guts of what a society values. In chronicling attitudes towards debt and financial disaster in early the US, Mann explores the very personality of yankee society.

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By Bruce H. Mann

Debt used to be an inescapable truth of lifestyles in early the United States. firstly of the eighteenth century, its sinfulness was once preached by means of ministers and the correct to imprison borrowers used to be unquestioned. through 1800, imprisonment for debt used to be below assault and insolvency was once now not obvious as an ethical failure, in basic terms an monetary setback. In Republic of Debtors, Bruce H. Mann illuminates this important transformation in early American society.

From the rich service provider to the backwoods farmer, Mann tells the non-public tales of fellows and girls suffering to pay off their bills and remain prior to their collectors. He opens a window onto a society present process such primary adjustments because the progress of a advertisement economic system, the emergence of a client market, and a revolution for independence. In addressing debt american citizens debated complex questions of trade and agriculture, nationalism and federalism, dependence and independence, slavery and freedom. And while quite a few fashionable men—including the richest guy in the US and a justice of the ultimate Court—found themselves imprisoned for debt or pressured to develop into fugitives from collectors, their destiny altered the political dimensions of debtor reduction, resulting in the hugely debatable financial ruin Act of 1800.

Whether a society forgives its borrowers is not only a query of legislations or economics; it is going to the guts of what a society values. In chronicling attitudes towards debt and financial disaster in early the US, Mann explores the very personality of yankee society.

Show description

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Extra resources for Republic of Debtors: Bankruptcy in the Age of American Independence

Example text

Another, whom Johnson threatened with arrest, invited Johnson to do so. ” The debtor’s assumption that it was the creditor’s “business to have known” what constraints law placed on collecting debts is revealing. The individual creditor in question may not in fact have understood the procedure for litigating debts in Connecticut. Johnson, however, did. Knowledgeable players knew both the rules of the game and how the rules shaped their alternatives and expectations. They knew the statutes and court rules that specified how long before a court session writs could be served, what sheriffs and constables could and could not do to make service, how the bond requirements differed on writs of summons and writs of attachment, what consequences defendants suffered for failing to procure the necessary bonds, what prosecution bonds were required of nonresident plaintiffs, how many continuances an absent defendant was allowed and under what circumstances, which actions were reviewable and which were not, what bonds were necessary to review or appeal adverse judgments, how long writs of execution remained valid before they lapsed, how execution process differed on chattels and real property, and so forth.

Indeed, failure to pay one’s earthly creditors created, for Moody, a spiritual debt, thereby backstopping the legal remedies of creditors in this life with the wrath of God in the next. Moody further linked creditors sacred and profane in the precepts he laid down for how debtors should conduct themselves in their distress. He drew his listeners’ attention to what the debtor in d Kings did not do: She did not Fret against God. . ; no, nor does she utter any Railing Speeches against the Creditor, how hard so ever he was in prosecuting {} t h e l aw o f fa i l u r e her.

For a Man to run into Debt, when he has no Prospect, and perhaps no Purpose of ever getting out,” is dishonest. ” To be sure, Mather agreed with Moody on the obligations of debtors whose debts were due. ” Debtors brought to insolvency by their own dereliction “ought with a deep Repentance, to abase [them]selves before God, and the World,” as well as their creditors. ” More significantly, Mather, unlike Moody, conceded that some debt was necessary. In his concession lay the seed of a distinction that bedeviled debtor relief in the latter part of the century.

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