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The¡¡business¡¡depression¡¡which¡¡very¡¡naturally¡¡followed¡¡the¡¡short¡¡revival¡¡of¡¡trade¡¡was¡¡so¡¡serious¡¡in¡¡its¡¡financial¡¡consequences¡¡that¡¡it¡¡has¡¡even¡¡been¡¡referred¡¡to¡¡as¡¡the¡¡¡¨Panic¡¡of¡¡1785¡£¡¨¡¡The¡¡United¡¡States¡¡afforded¡¡a¡¡good¡¡market¡¡for¡¡imported¡¡articles¡¡in¡¡1788¡¡and¡¡1784£»¡¡all¡¡the¡¡better¡¡because¡¡of¡¡the¡¡supply¡¡of¡¡gold¡¡and¡¡silver¡¡which¡¡had¡¡been¡¡sent¡¡into¡¡the¡¡country¡¡by¡¡England¡¡and¡¡France¡¡to¡¡maintain¡¡their¡¡armies¡¡and¡¡fleets¡¡and¡¡which¡¡had¡¡remained¡¡in¡¡the¡¡United¡¡States¡£¡¡But¡¡this¡¡influx¡¡of¡¡imported¡¡goods¡¡was¡¡one¡¡of¡¡the¡¡chief¡¡factors¡¡in¡¡causing¡¡the¡¡depression¡¡of¡¡1785£»¡¡as¡¡it¡¡brought¡¡ruin¡¡to¡¡many¡¡of¡¡those¡¡domestic¡¡industries¡¡which¡¡had¡¡sprung¡¡up¡¡in¡¡the¡¡days¡¡of¡¡nonintercourse¡¡or¡¡which¡¡had¡¡been¡¡stimulated¡¡by¡¡the¡¡artificial¡¡protection¡¡of¡¡the¡¡war¡£¡¡To¡¡make¡¡matters¡¡worse£»¡¡the¡¡currency¡¡was¡¡in¡¡a¡¡confused¡¡condition¡£¡¡¡¨In¡¡1784¡¡the¡¡entire¡¡coin¡¡of¡¡the¡¡land£»¡¡except¡¡coppers£»¡¡was¡¡the¡¡product¡¡of¡¡foreign¡¡mints¡£¡¡English¡¡guineas£»¡¡crowns£»¡¡shillings¡¡and¡¡pence¡¡were¡¡still¡¡paid¡¡over¡¡the¡¡counters¡¡of¡¡shops¡¡and¡¡taverns£»¡¡and¡¡with¡¡them¡¡were¡¡mingled¡¡many¡¡French¡¡and¡¡Spanish¡¡and¡¡some¡¡German¡¡coins¡¡¡£¡¡¡£¡¡¡£¡¡¡£¡¡The¡¡value¡¡of¡¡the¡¡gold¡¡pieces¡¡expressed¡¡in¡¡dollars¡¡was¡¡pretty¡¡much¡¡the¡¡same¡¡the¡¡country¡¡over¡£¡¡But¡¡the¡¡dollar¡¡and¡¡the¡¡silver¡¡pieces¡¡regarded¡¡as¡¡fractions¡¡of¡¡a¡¡dollar¡¡had¡¡no¡¡less¡¡than¡¡five¡¡different¡¡values¡£¡¨*¡¡The¡¡importation¡¡of¡¡foreign¡¡goods¡¡was¡¡fast¡¡draining¡¡the¡¡hard¡¡money¡¡out¡¡of¡¡the¡¡country¡£¡¡In¡¡an¡¡effort¡¡to¡¡relieve¡¡the¡¡situation¡¡but¡¡with¡¡the¡¡result¡¡of¡¡making¡¡it¡¡much¡¡worse£»¡¡several¡¡of¡¡the¡¡States¡¡began¡¡to¡¡issue¡¡paper¡¡money£»¡¡and¡¡this¡¡was¡¡in¡¡addition¡¡to¡¡the¡¡enormous¡¡quantities¡¡of¡¡paper¡¡which¡¡had¡¡been¡¡printed¡¡during¡¡the¡¡Revolution¡¡and¡¡which¡¡was¡¡now¡¡worth¡¡but¡¡a¡¡small¡¡fraction¡¡of¡¡its¡¡face¡¡value¡£¡¡*¡¡McMaster£»¡¡¡¨History¡¡of¡¡the¡¡People¡¡of¡¡the¡¡United¡¡States¡¨£»¡¡vol¡£¡¡I£»¡¡pp¡£¡¡190¡­191¡£

The¡¡expanding¡¡currency¡¡and¡¡consequent¡¡depreciation¡¡in¡¡the¡¡value¡¡of¡¡money¡¡had¡¡immediately¡¡resulted¡¡in¡¡a¡¡corresponding¡¡rise¡¡of¡¡prices£»¡¡which¡¡for¡¡a¡¡while¡¡the¡¡States¡¡attempted¡¡to¡¡control¡£¡¡But¡¡in¡¡1778¡¡Congress¡¡threw¡¡up¡¡its¡¡hands¡¡in¡¡despair¡¡and¡¡voted¡¡that¡¡¡¨all¡¡limitations¡¡of¡¡prices¡¡of¡¡gold¡¡and¡¡silver¡¡be¡¡taken¡¡off£»¡¨¡¡although¡¡the¡¡States¡¡for¡¡some¡¡time¡¡longer¡¡continued¡¡to¡¡endeavor¡¡to¡¡regulate¡¡prices¡¡by¡¡legislation¡£*¡¡The¡¡fluctuating¡¡value¡¡of¡¡the¡¡currency¡¡increased¡¡the¡¡opportunities¡¡for¡¡speculation¡¡which¡¡war¡¡conditions¡¡invariably¡¡offer£»¡¡and¡¡¡¨immense¡¡fortunes¡¡were¡¡suddenly¡¡accumulated¡£¡¨¡¡A¡¡new¡¡financial¡¡group¡¡rose¡¡into¡¡prominence¡¡composed¡¡largely¡¡of¡¡those¡¡who¡¡were¡¡not¡¡accustomed¡¡to¡¡the¡¡use¡¡of¡¡money¡¡and¡¡who¡¡were¡¡consequently¡¡inclined¡¡to¡¡spend¡¡it¡¡recklessly¡¡and¡¡extravagantly¡£¡¡*¡¡W¡£¡¡E¡£¡¡H¡£¡¡Lecky£»¡¡¡¨The¡¡American¡¡Revolution£»¡¨¡¡New¡¡York£»¡¡1898£»¡¡pp¡£¡¡288¡­294¡£

Many¡¡contemporaries¡¡comment¡¡upon¡¡these¡¡things£»¡¡of¡¡whom¡¡Brissot¡¡de¡¡Warville¡¡may¡¡be¡¡taken¡¡as¡¡an¡¡example£»¡¡although¡¡he¡¡did¡¡not¡¡visit¡¡the¡¡United¡¡States¡¡until¡¡1788£º¡¡¡¨The¡¡inhabitants¡¡¡£¡¡¡£¡¡¡£¡¡prefer¡¡the¡¡splendor¡¡of¡¡wealth¡¡and¡¡the¡¡show¡¡of¡¡enjoyment¡¡to¡¡the¡¡simplicity¡¡of¡¡manners¡¡and¡¡the¡¡pure¡¡pleasures¡¡which¡¡result¡¡from¡¡it¡£¡¡If¡¡there¡¡is¡¡a¡¡town¡¡on¡¡the¡¡American¡¡continent¡¡where¡¡the¡¡English¡¡luxury¡¡displays¡¡its¡¡follies£»¡¡it¡¡is¡¡New¡¡York¡£¡¡You¡¡will¡¡find¡¡here¡¡the¡¡English¡¡fashions£º¡¡in¡¡the¡¡dress¡¡of¡¡the¡¡women¡¡you¡¡will¡¡see¡¡the¡¡most¡¡brilliant¡¡silks£»¡¡gauzes£»¡¡hats£»¡¡and¡¡borrowed¡¡hair£»¡¡equipages¡¡are¡¡rare£»¡¡but¡¡they¡¡are¡¡elegant£»¡¡the¡¡men¡¡have¡¡more¡¡simplicity¡¡in¡¡their¡¡dress£»¡¡they¡¡disdain¡¡gewgaws£»¡¡but¡¡they¡¡take¡¡their¡¡revenge¡¡in¡¡the¡¡luxury¡¡of¡¡the¡¡table£»¡¡luxury¡¡forms¡¡already¡¡a¡¡class¡¡of¡¡men¡¡very¡¡dangerous¡¡to¡¡society£»¡¡I¡¡mean¡¡bachelors£»¡¡the¡¡expense¡¡of¡¡women¡¡causes¡¡matrimony¡¡to¡¡be¡¡dreaded¡¡by¡¡men¡£¡¡Tea¡¡forms£»¡¡as¡¡in¡¡England£»¡¡the¡¡basis¡¡of¡¡parties¡¡of¡¡pleasure£»¡¡many¡¡things¡¡are¡¡dearer¡¡here¡¡than¡¡in¡¡France£»¡¡a¡¡hairdresser¡¡asks¡¡twenty¡¡shilling¡¡a¡¡month£»¡¡washing¡¡costs¡¡four¡¡shillings¡¡a¡¡dozen¡£¡¨*¡¡*¡¡Quoted¡¡by¡¡Henry¡¡Tuckerman£»¡¡¡¨America¡¡and¡¡her¡¡Commentators£»¡¨¡¡1886¡£

An¡¡American¡¡writer¡¡of¡¡a¡¡later¡¡date£»¡¡looking¡¡back¡¡upon¡¡his¡¡earlier¡¡years£»¡¡was¡¡impressed¡¡by¡¡this¡¡same¡¡extravagance£»¡¡and¡¡his¡¡testimony¡¡may¡¡well¡¡be¡¡used¡¡to¡¡strengthen¡¡the¡¡impression¡¡which¡¡it¡¡is¡¡the¡¡purpose¡¡of¡¡the¡¡present¡¡narrative¡¡to¡¡convey£º¡¡¡¨The¡¡French¡¡and¡¡British¡¡armies¡¡circulated¡¡immense¡¡sums¡¡of¡¡money¡¡in¡¡gold¡¡and¡¡silver¡¡coin£»¡¡which¡¡had¡¡the¡¡effect¡¡of¡¡driving¡¡out¡¡of¡¡circulation¡¡the¡¡wretched¡¡paper¡¡currency¡¡which¡¡had¡¡till¡¡then¡¡prevailed¡£¡¡Immense¡¡quantities¡¡of¡¡British¡¡and¡¡French¡¡goods¡¡were¡¡soon¡¡imported£º¡¡our¡¡people¡¡imbibed¡¡a¡¡taste¡¡for¡¡foreign¡¡fashions¡¡and¡¡luxury£»¡¡and¡¡in¡¡the¡¡course¡¡of¡¡two¡¡or¡¡three¡¡years£»¡¡from¡¡the¡¡close¡¡of¡¡the¡¡war£»¡¡such¡¡an¡¡entire¡¡change¡¡had¡¡taken¡¡place¡¡in¡¡the¡¡habits¡¡and¡¡manners¡¡of¡¡our¡¡inhabitants£»¡¡that¡¡it¡¡almost¡¡appeared¡¡as¡¡if¡¡we¡¡had¡¡suddenly¡¡become¡¡a¡¡different¡¡nation¡£¡¡The¡¡staid¡¡and¡¡sober¡¡habits¡¡of¡¡our¡¡ancestors£»¡¡with¡¡their¡¡plain¡¡home¡­manufactured¡¡clothing£»¡¡were¡¡suddenly¡¡laid¡¡aside£»¡¡and¡¡European¡¡goods¡¡of¡¡fine¡¡quality¡¡adopted¡¡in¡¡their¡¡stead¡£¡¡Fine¡¡rues£»¡¡powdered¡¡heads£»¡¡silks¡¡and¡¡scarlets£»¡¡decorated¡¡the¡¡men£»¡¡while¡¡the¡¡most¡¡costly¡¡silks£»¡¡satins£»¡¡chintzes£»¡¡calicoes£»¡¡muslins£»¡¡etc¡££»¡¡etc¡££»¡¡decorated¡¡our¡¡females¡£¡¡Nor¡¡was¡¡their¡¡diet¡¡less¡¡expensive£»¡¡for¡¡superb¡¡plate£»¡¡foreign¡¡spirits£»¡¡wines£»¡¡etc¡££»¡¡etc¡££»¡¡sparkled¡¡on¡¡the¡¡sideboards¡¡of¡¡many¡¡farmers¡£¡¡The¡¡natural¡¡result¡¡of¡¡this¡¡change¡¡of¡¡the¡¡habits¡¡and¡¡customs¡¡of¡¡the¡¡peoplethis¡¡aping¡¡of¡¡European¡¡manners¡¡and¡¡morals£»¡¡was¡¡to¡¡suddenly¡¡drain¡¡our¡¡country¡¡of¡¡its¡¡circulating¡¡specie£»¡¡and¡¡as¡¡a¡¡necessary¡¡consequence£»¡¡the¡¡people¡¡ran¡¡in¡¡debt£»¡¡times¡¡became¡¡difficult£»¡¡and¡¡money¡¡hard¡¡to¡¡raise¡£*¡¡*¡¡Samuel¡¡Kercheval£»¡¡¡¨History¡¡of¡¡the¡¡Valley¡¡of¡¡Virginia£»¡¨¡¡1833£»¡¡pp¡£¡¡199¡­200¡£

The¡¡situation¡¡was¡¡serious£»¡¡and¡¡yet¡¡it¡¡was¡¡not¡¡as¡¡dangerous¡¡or¡¡even¡¡as¡¡critical¡¡as¡¡it¡¡has¡¡generally¡¡been¡¡represented£»¡¡because¡¡the¡¡fundamental¡¡bases¡¡of¡¡American¡¡prosperity¡¡were¡¡untouched¡£¡¡The¡¡way¡¡by¡¡which¡¡Americans¡¡could¡¡meet¡¡the¡¡emergency¡¡and¡¡recover¡¡from¡¡the¡¡hard¡¡times¡¡was¡¡fairly¡¡evident¡¡first¡¡to¡¡economize£»¡¡and¡¡then¡¡to¡¡find¡¡new¡¡outlets¡¡for¡¡their¡¡industrial¡¡energies¡£¡¡But¡¡the¡¡process¡¡of¡¡adjustment¡¡was¡¡slow¡¡and¡¡painful¡£¡¡There¡¡were¡¡not¡¡a¡¡few¡¡persons¡¡in¡¡the¡¡United¡¡States¡¡who¡¡were¡¡even¡¡disposed¡¡to¡¡regret¡¡that¡¡Americans¡¡were¡¡not¡¡safely¡¡under¡¡British¡¡protection¡¡and¡¡prospering¡¡with¡¡Great¡¡Britain£»¡¡instead¡¡of¡¡suffering¡¡in¡¡political¡¡isolation¡£

CHAPTER¡¡III¡£¡¡THE¡¡CONFEDERATION¡¡When¡¡peace¡¡came¡¡in¡¡1783¡¡there¡¡were¡¡in¡¡the¡¡United¡¡States¡¡approximately¡¡three¡¡million¡¡people£»¡¡who¡¡were¡¡spread¡¡over¡¡the¡¡whole¡¡Atlantic¡¡coast¡¡from¡¡Maine¡¡to¡¡Georgia¡¡and¡¡back¡¡into¡¡the¡¡interior¡¡as¡¡far¡¡as¡¡the¡¡Alleghany¡¡Mountains£»¡¡and¡¡a¡¡relatively¡¡small¡¡number¡¡of¡¡settlers¡¡had¡¡crossed¡¡the¡¡mountain¡¡barrier¡£¡¡About¡¡twenty¡¡per¡¡cent¡¡of¡¡the¡¡population£»¡¡or¡¡some¡¡six¡¡hundred¡¡thousand£»¡¡were¡¡negro¡¡slaves¡£¡¡There¡¡was¡¡also¡¡a¡¡large¡¡alien¡¡element¡¡of¡¡foreign¡¡birth¡¡or¡¡descent£»¡¡poor¡¡when¡¡they¡¡arrived¡¡in¡¡America£»¡¡and£»¡¡although¡¡they¡¡had¡¡been¡¡able¡¡to¡¡raise¡¡themselves¡¡to¡¡a¡¡position¡¡of¡¡comparative¡¡comfort£»¡¡life¡¡among¡¡them¡¡was¡¡still¡¡crude¡¡and¡¡rough¡£¡¡Many¡¡of¡¡the¡¡people¡¡were¡¡poorly¡¡educated¡¡and¡¡lacking¡¡in¡¡cultivation¡¡and¡¡refinement¡¡and¡¡in¡¡a¡¡knowledge¡¡of¡¡the¡¡usages¡¡of¡¡good¡¡society¡£¡¡Not¡¡only¡¡were¡¡they¡¡looked¡¡down¡¡upon¡¡by¡¡other¡¡nations¡¡of¡¡the¡¡world£»¡¡there¡¡was¡¡within¡¡the¡¡United¡¡States¡¡itself¡¡a¡¡relatively¡¡small¡¡upper¡¡class¡¡inclined¡¡to¡¡regard¡¡the¡¡mass¡¡of¡¡the¡¡people¡¡as¡¡of¡¡an¡¡inferior¡¡order¡£¡¡Thus£»¡¡while¡¡forces¡¡were¡¡at¡¡work¡¡favorable¡¡to¡¡democracy£»¡¡the¡¡gentry¡¡remained¡¡in¡¡control¡¡of¡¡affairs¡¡after¡¡the¡¡Revolution£»¡¡although¡¡their¡¡numbers¡¡were¡¡reduced¡¡by¡¡the¡¡emigration¡¡of¡¡the¡¡Loyalists¡¡and¡¡their¡¡power¡¡was¡¡lessened¡£¡¡The¡¡explanation¡¡of¡¡this¡¡aristocratic¡¡control¡¡may¡¡be¡¡found¡¡in¡¡the¡¡fact¡¡that¡¡the¡¡generation¡¡of¡¡the¡¡Revolution¡¡had¡¡been¡¡accustomed¡¡to¡¡monarchy¡¡and¡¡to¡¡an¡¡upper¡¡class¡¡and¡¡that¡¡the¡¡people¡¡were¡¡wont¡¡to¡¡take¡¡their¡¡ideas¡¡and¡¡to¡¡accept¡¡suggestions¡¡from¡¡their¡¡betters¡¡without¡¡question¡¡or¡¡murmur¡£¡¡This¡¡deferential¡¡attitude¡¡is¡¡attested¡¡by¡¡the¡¡indifference¡¡of¡¡citizens¡¡to¡¡the¡¡right¡¡of¡¡voting¡£¡¡In¡¡our¡¡own¡¡day£»¡¡before¡¡the¡¡great¡¡extension¡¡of¡¡woman¡¡suffrage£»¡¡the¡¡number¡¡of¡¡persons¡¡voting¡¡approximated¡¡twenty¡¡per¡¡cent¡¡of¡¡the¡¡population£»¡¡but¡¡after¡¡the¡¡Revolution¡¡less¡¡than¡¡five¡¡per¡¡cent¡¡of¡¡the¡¡white¡¡population¡¡voted¡£¡¡There¡¡were¡¡many¡¡limitations¡¡upon¡¡the¡¡exercise¡¡of¡¡the¡¡suffrage£»¡¡but¡¡the¡¡small¡¡number¡¡of¡¡voters¡¡was¡¡only¡¡partially¡¡due¡¡to¡¡these¡¡restrictions£»¡¡for¡¡in¡¡later¡¡years£»¡¡without¡¡any¡¡radical¡¡change¡¡in¡¡suffrage¡¡qualifications£»¡¡the¡¡proportion¡¡of¡¡citizens¡¡who¡¡voted¡¡steadily¡¡increased¡£¡¡The¡¡fact¡¡is¡¡that¡¡many¡¡of¡¡the¡¡people¡¡did¡¡not¡¡care¡¡to¡¡vote¡£¡¡Why¡¡should¡¡they£»¡¡when¡¡they¡¡were¡¡only¡¡registering¡¡the¡¡will¡¡

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