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
PREFATORY REMARKS
Plaindealer, December 3, 1836. Text abridged.
The title chosen for this publication expresses the character which it is intended it shall maintain. In politics, in literature, and in relation to all subjects which may come under its notice, it is meant that it shall be a PLAINDEALER. But plainness, as it is hoped this journal will illustrate, is not incompatible with strict decorum, and a nice regard for the inviolability of private character. It is not possible, in all cases, to treat questions of public interest in so abstract a manner as to avoid giving offence to individuals; since few men possess the happy art which Sheridan ascribes to his Governor in the Critic, and are able entirely to separate their personal feelings from what relates to their public or official conduct and characters. It is doubtful, too, if it were even practicable so to conduct the investigations, and so to temper the animadversions of the press, as, in every instance, “to find the fault and let the actor go,” whether the interests of truth would, by such a course, be best promoted. The journalist who should so manage his disquisitions, would indeed exercise but the “cypher of a function.” His censures would be likely to awaken but little attention in the reader, and effect but little reformation in their object. People do not peruse the columns of a newspaper for theoretic essays, and elaborate examinations of abstract questions; but for strictures and discussions, occasional in their nature, and applicable to existing persons and events. There is no reason, however, why the vulgar appetite for abuse and scandal should be gratified, or why, in maintaining the cause of truth, the rules of good breeding should be violated. Plaindealing requires no such sacrifice. Truth, though it is usual to array it in a garb of repulsive bluntness, has no natural aversion to amenity; and the mind distinguished for openness and sincerity may at the same time be characterized by a high degree of urbanity and gentleness. It will be one of the aims of the Plaindealer to prove, by its example, that there is at least nothing utterly contrarious and irreconcilable in these traits.
In politics, the Plaindealer will be thoroughly democratic. It will be democratic not merely to the extent of the political maxim, that the majority have the right to govern; but to the extent of the moral maxim, that it is the duty of the majority so to govern as to preserve inviolate the equal rights of all. In this large sense, democracy includes all the main principles of political economy: that noble science which is silently and surely revolutionizing the world; which is changing the policy of nations from one of strife to one of friendly emulation; and cultivating the arts of peace on the soil hitherto desolated by the ravages of war. Democracy and political economy both assert the true dignity of man. They are both the natural champions of freedom, and the enemies of all restraints on the many for the benefit of the few. They both consider the people the only proper source of government, and their equal protection its only proper end; and both would confine the interference of legislation to the fewest possible objects, compatible with the preservation of social order. They are twin-sisters, pursuing parallel paths, for the accomplishment of cognate objects. They are sometimes found divided, but always in a languishing condition; and they can only truly flourish where they exist in companionship, and, hand in hand, achieve their kindred purposes.
The Plaindealer claims to belong to the great democratic party of this country; but it will never deserve to be considered a party paper in the degrading sense in which that phrase is commonly understood. The prevailing error of political journals is to act as if they deemed it more important to preserve the organization of party, than to promote the principles on which it is founded. They substitute the means for the end, and pay that fealty to men which is due only to the truth. This fatal error it will be a constant aim of the Plaindealer to avoid. It will espouse the cause of the democratic party only to the extent that the democratic party merits its appellation and is faithful to the tenets of its political creed. It will contend on its side while it acts in conformity with its fundamental doctrines, and will be found warring against it whenever it violates those doctrines in any essential respect. Of the importance and even dignity of party combination, no journal can entertain a higher and more respectful sense. They furnish the only certain means of carrying political principles into effect. When men agree in their theory of Government, they must also agree to act in concert, or no practical advantage can result from their accordance. “For my part,” says Burke, “I find it impossible to conceive that any one believes in his own politics, or thinks them to be of any weight, who refuses to adopt the means of having them reduced to practice.”
From what has been already remarked, it is matter of obvious inference that the Plaindealer will steadily and earnestly oppose all partial and special legislation, and all grants of exclusive or peculiar privileges. It will, in a particular manner, oppose, with its utmost energy, the extension of the pernicious bank system with which this country is cursed; and will zealously contend, in season and out of season, for the repeal of those tyrannous prohibitory laws, which give to the chartered moneychangers their chief power of evil. To the very principle of special incorporation we here, on the threshold of our undertaking, declare interminable hostility. It is a principle utterly at war with the principles of democracy. It is the opposite of that which asserts the equal rights of man, and limits the offices of government to his equal protection. It is, in its nature, an aristocratic principle; and if permitted to exist among us much longer, and to be acted upon by our legislators, will leave us nothing of equal liberty but the name. Thanks to the illustrious man who was called in a happy hour to preside over our country! the attention of the people has been thoroughly awakened to the insidious nature and fatal influences of chartered privileges. The popular voice, already, in various quarters, denounces them. In vain do those who possess, and those who seek to obtain grants of monopolies, endeavour to stifle the rising murmur. It swells louder and louder; it grows more and more distinct; and is spreading far and wide. The days of the chartermongers are numbered. The era of equal privileges is at hand.
There is one other subject on which it is proper to touch in these opening remarks, and on which we desire that there should exist the most perfect understanding with our readers. We claim the right, and shall exercise it too, on all proper occasions, of
absolute freedom of discussion. We hold that there is no subject whatever interdicted from investigation and comment; and that we are under no obligation, political or otherwise, to refrain from a full and candid expression of opinion as to the manifold evils, and deep disgrace, inflicted on our country by the institution of slavery. Nay more, it will be one of the occasional but earnest objects of this paper to show by statistical calculations and temperate arguments, enforced by every variety of illustration that can properly be employed, the impolicy of slavery, as well as its enormous wickedness: to show its pernicious influence on all the dearest interests of the south; on its moral character, its social relations, and its agricultural, commercial and political prosperity. No man can deny the momentous importance of this subject, nor that it is one of deep interest to every American citizen. It is the duty, then, of a public journalist to discuss it; and from the obligations of duty we trust the Plaindealer will never shrink. We establish this paper, expecting to derive from it a livelihood; and if an honest and industrious exercise of such talents as we have can achieve that object, we shall not fail. But we cannot, for the sake of a livelihood, trim our sails to suit the varying breeze of popular prejudice. We should prefer, with old Andrew Marvell, to scrape a blade bone of cold mutton, to faring more sumptuously on viands obtained by a surrender of principle.
*22 If a paper, which makes the right, not the expedient, its cardinal object, will not yield its conductor a support, there are honest vocations that will; and better the humblest of them, than to be seated at the head of an influential press, if its influence is not exerted to promote the cause of truth.
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