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Republic of Debtors: Bankruptcy in the Age of American Independence

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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.

ISBN-13: 9780674032415

Media Type: Paperback

Publisher: Harvard University Press

Publication Date: 04-15-2009

Pages: 358

Product Dimensions: 5.60(w) x 8.80(h) x 3.00(d)

Bruce H. Mann is Carl F. Schipper, Jr. Professor of Law at Harvard Law School.

What People are Saying About This

Readers now owe Bruce Mann a hefty debt of their own for this imaginative and painstakingly researched account of changing ideas of credit, debt, and bankruptcy in eighteenth-century America. Debt is one of those pervasive aspects of society that we take for granted, yet its functions and complications require unusual diligence to master. But mastery of this rich subject is exactly what Mann has gained. This model study contributes at once to the legal, social, economic, moral, political, and intellectual history of early America, while telling an intriguing story of shifting attitudes and relations.

Cornelia H. Dayton

This is a lucid, deeply researched, and powerfully insightful study of attitudes toward debt and bankruptcy in the "long eighteenth century." In sparkling prose, Mann introduces us to a key aspect of how Americans put their own spin on emergent capitalism while he also addresses the ambivalent legacies of the constitution-framing years.
Cornelia H. Dayton, University of Connecticut

Gloria L. Main

Bruce Mann has given us a superb study of the evolution of early American cultural attitudes towards personal indebtedness and their impact on law and legal procedures. His vivid stories of imprisoned debtors are both eye-opening and instructive. Mann has made a fresh, original, and immensely significant contribution to the history of the Early Republic.
Gloria L. Main, University of Colorado at Boulder

Linda K. Kerber

Writing with clarity, grace and wit, Bruce Mann tells a compelling tale that opens up fresh dimensions of the politics, imagination and nightmares of the founding generation. I emerged with a far better grasp of the complexities of paper money and credit than I ever hoped to have. As we struggle to handle our own credit cards, it is useful to reflect on the deeply ironic relationship among personal independence, personal identity, and personal indebtedness that has long characterized American life.
Linda K. Kerber, University of Iowa

Jack N. Rakove

Readers now owe Bruce Mann a hefty debt of their own for this imaginative and painstakingly researched account of changing ideas of credit, debt, and bankruptcy in eighteenth-century America. Debt is one of those pervasive aspects of society that we take for granted, yet its functions and complications require unusual diligence to master. But mastery of this rich subject is exactly what Mann has gained. This model study contributes at once to the legal, social, economic, moral, political, and intellectual history of early America, while telling an intriguing story of shifting attitudes and relations.
Jack N. Rakove, Stanford University

Jon Butler

Republic of Debtors is a superb, even dramatic, book about debt, the law on debt, and the experience of debt in the early American republic that reveals how problems over money, credit, and debt shattered lives and transfixed politics as thoroughly in the Revolutionary and early national eras as they still do in the twenty-first century.
Jon Butler, Yale University

Table of Contents

  • Acknowledgments
  • Introduction
  • 1. Debtors and Creditors
  • 2. The Law of Failure
  • 3. Imprisoned Debtors in the Early Republic
  • 4. The Imagery of Insolvency
  • 5. A Shadow Republic
  • 6. The Politics of Insolvency
  • 7. The Faces of Bankruptcy
  • Conclusion
  • Notes
  • Index