Hostname: page-component-7bb8b95d7b-2h6rp Total loading time: 0 Render date: 2024-09-07T15:26:24.529Z Has data issue: false hasContentIssue false

Laissez-Faire Thought in Massachusetts, 1790–1880

Published online by Cambridge University Press:  03 February 2011

Oscar Handlin
Affiliation:
Harvard University

Extract

This paper will deal not with the development, but rather with the lack of development of laissez-faire thought in Massachusetts during most of the nineteenth century. A common misconception of American economic thought, as of American economy, ascribes a continuous laissez-faire bent to policy in the United States. This misconception will be found not only in the pretty publications of the National Association of Manufacturers where it might be expected, but also in the serious works of our most careful scholars into which it obtrudes almost automatically. Thus Mr. Nef recently referred to laissez faire as “part of our national heritage.” Yet, in general, and specifically as applied to Massachusetts, this is completely erroneous.

Type
Articles
Copyright
Copyright © The Economic History Association 1943

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 Nef, John U., The Untied Stales and Civilization (Chicago: The University of Chicago Press, 1942), 319, 345.Google Scholar

2 For the origin of the phrase, cf. August, Oncken, Die Maxime Laissez faire et Laisses passer, ikr Ursprung, ihr Werden (Bern, 1886)Google Scholar. A brief classical statement may be found in M'Culloch, J. R., Discourse on the Rise, Progress, Peculiar Objects, and Importance, of Political Economy (Edinburgh, 1824), 53 ff.Google Scholar Cf. also Michels, Roberto, Introduzione alla storia delle doctrine economiche e politiche (Bologna, 1932), 222.Google Scholar

3 Seligman, E. R. A., “Economists,” Cambridge History of American Literature (New York, 1921), IV, 431.Google Scholar

4 Lee, Henry, Report of a Committee of the Citizens of Boston and Vicinity (Boston, 1827)Google Scholar; Morse, J. T. Jr., Memoir of Colonel Henry Lee (Boston, 1905), 114, 115.Google Scholar

5 On the importance of drawbacks, cf. J. T. Austin in North American Review, 1821, XII, 61 ff.

6 F. C. Gray, ibid., 1820, X, 317 ff.; ibid., 1823, XVII, 188 ff.; Edward Everett, ibid., XIX, 223 ft.

7 Speech of April 1, 1824, Webster, Daniel, Works (Boston, 1853), III, 95.Google Scholar

8 Cf. the speeches of April 1, 1824 and May 9, 1828, ibid., Ill, 94 ff., 228 ff. Cf. also Taussig, F. W., Tariff History of the United States (New York, 1923), 72, 75, 101.Google Scholar

9 Everett, A. H., “American System,” North American Review, 1831, XXXII, 146Google Scholar; Walker, Amasa, Science of Wealth (Boston, 1866), 327; Lee, Report, 155.Google Scholar

10 Bowen, Francis, Principles of Political Economy Applied to … the American People (Boston, 1856)Google Scholar, 306 ff., 457 ff- For Boston trade, in general, cf. Handlin, Oscar, Boston's Immigrants (Cambridge, 1941), ch. 1; for the character of London credits, cf. Ralph W. Hidy, “Organization and Function of Anglo-American Merchant Bankers, 1815–1860,” The Tasks of Economic History Supplement to The Journal of Economic History, December, 1941, 59, 60. For the export of specie, cf. Willard Phillips, North American Review, 1819, IX, 224 ff.Google Scholar

11 B. R. Curtis, “Debts of the States,” North American Review, 1844, LVIII, 128, 129; cf. also Loammi Baldwin and Jared Sparks, ibid., 1818, 1821, VIII, 3 ff., XII, 17, 18.

12 Cf., e.g., Bigelow, Erastus B., Tariff Policy of England and the United States Contrasted (Boston, 1877).Google Scholar

13 Cf., e.g., Bigelow's, E. B. demand for a new kind of stock company (Remarks on the Depressed Condition of Manufactures in Massachusetts [Boston, 1858]).Google Scholar

14 Mass. House Docs., 1845, No. 50; Mass. Senate Docs., 1846, No. 81.

15 Hill, Hamilton A., Memoir of Abbott Lawrence (Boston, 1884), 169.Google Scholar

16 St. 1843, ch. 43, Acts and Resolves…(Boston, 1845), 26, 66Google Scholar; Darling, Arthur B., Political Changes in Massachusetts… (New Haven, 1925), 253Google Scholar; Miller, Hairy E., Banking Theories in the United States before 1860 (Cambridge, 1927), 148, 160, 161; W. S. Lake, Histoiy of Banking Regulation in Massachusetts, 1784–1860 (H U. A., Ms, 1932), 175 ff.CrossRefGoogle Scholar

17 Miller, Banking Theories, 173.

18 Mass. Senate Docs, 1854, No. 7, p. 10.

19 Cf., e.g., wood, J. H. Lock, ed., Western Massachusetts (New York, 1926), 1, 207214.Google Scholar

20 Dictionary of American Biography, XVI, 551.

21 Darling, Political Changes in Massachusetts, 198; Commons, John R., et al., History of Labour in the United States (New York, 1926), 1, 291ff., 302 ff., 493 ff., 536 ff.; Seligman, “Economists,” Cambridge History of American Literature, IV, 436 ff.Google Scholar

22 Darling, Political Changes in Massachusetts, 157 ff.

23 A. Walker, Science of Wealth, 5, 70, 90 ff., 269 ff., 318, 403 ff.; Walker, A., Nature and Uses of Money and Mixed Currency (Boston, 1857), 52Google Scholar; Walker, A., Le Monde … (London, 1859)Google Scholar; Walker, A., Suicidal Folly of the War-System (Boston, 1863)Google Scholar; Walker, Francis A., Memoir of Hon. Amasa Walker, L.D. (Boston, 1888), 6, 812.Google Scholar

24 Perry, Carroll, Professor of Life, a Sketch of Arthur Latham Perry (Boston, 1923), ch. 1;Dictionary of American Biography, XIV, 482; Walker, Science of Wealth, viii, 9.Google Scholar

25 North American Review, 1838, XLVII, 89 ff.

26 Mass. Senate Docs., 1854, No. 3, p. 5.

27 C. F. Adams’ chapter in Winsor, Justin, Memorial History of Boston (Boston, 1881), IVGoogle Scholar, III ff., itself an example of the new attitude; also Josephson, Matthew, Robber Barons (New York, 1934), 123 ff.Google Scholar; Merriam, G. S., Life and Times of Samuel Bowles (New York, 1885), II, 103 ff.Google Scholar; Williamson, Harold F., Edward Atkinson (Boston, 1934), 40 ff.Google Scholar

28 Joyner, F. B., David Ames Wells …(Cedar Rapids, 1939), 147 ff.; Williamson, Atkinson, 37, 74 ff. 88, 148.Google Scholar

29 Quoted in Haney, L. H., History of Economic Thought (New York, 1920), 614.Google Scholar

30 Seligman, “Economists,'' Cambridge History of American Literature, IV, 441.

31 Cochran, T. C and Miller, William, Age of Enterprise (New York, 1942), 119 ff.; B. J. Loewenberg, “Darwinism Comes to America, 1859–1900,” Mississippi Valley Historical Review, XXVIII (1941–1942), 339 ff.Google Scholar

32 Gaétan Pirou, L'utilité marginal de C. Menger à J.-B. Clark (Paris, 1938), 229–281; Fetter, F. A., “Amerika,” Mayer, Hans, ed, Die Wirtschaftstkeorie der Gegenwart (Wien, 1927), 1, 41ft.Google Scholar

33 Bowen, Principles, iii, vi. The work passed through five editions, 1856–1868, and was rewritten in 1870. The basic features of his system remained unchanged however.

34 Ibid., 20, 22, 23; North American Review, 1851, LXXII, 419.

35 Bowen, Principles, 522.

36 Bowen, Principles, 13 ff.

37 Ibid., 24, 25, 457 ff.; North American Review, 1851, LXXII, 414; also A. H. Everett, ibid., XXX, 160 ff., XXXII, 127 ff.; Phillips, Willard, Protection and Free Trade (Boston, 1850).Google Scholar

38 Bowen, Principles, 131 ff. Cf. also Walker, Science of Wealth, 452 ff.

39 Bowen, Principles, 164 ff. This became the basis for an ingenious, if unconvincing, tariff argument (ibid., 192).

40 Ibid., 193 ff., 237 ff-. 271.

41 Ibid., iv, vii, 457 ff.

42 Charles Gide and Charles Rist, History of Economic Doctrines, 170; Mombert, Paul, Geschichte der Nationalökonomie (Jena, 1927), 277 ff., 307 ff.Google Scholar; Hertz, Gerald Berkeley, British Imperialism (London, 1908), 133.Google Scholar

43 Hertz, G. B., Manchester Politician 1750–1912 (London, 1912), 2756Google Scholar; Walker, Kenneth O., “Classical Economists and the Factory Acts,” The Journal of Economic History, 1941, 1, 168 ff.Google Scholar