From Publishers Weekly
This subtle, wide-ranging study examines changing attitudes towards insolvency and their importance to the economy and self-image of the early American republic. Mann, a professor of law and history at the University of Pennsylvania, shows how debtor-relief movements like Shay's Rebellion, a post-Revolution wave of business failures and the need to pay off the public Revolutionary War debt made the problem of debt central to the politics of the new Republic, while the growth of consumer and credit markets enmeshed ever greater portions of the public in debt. A complex imagery of manhood, honor and dependency surrounded the perception of debt in the public mind, while debtors began to invoke the Rights of Man as an argument against debtors' prison. The result, Mann argues, is that by the end of the 18th century insolvency increasingly came to be viewed as economic misfortune rather than moral failure-but only for some. Bankruptcy laws were written to shield wealthy commercial debtors, while broke farmers and workers continued to face prison. Mann examines the political, class and regional antagonisms surrounding the issues of debt and bankruptcy, and draws on newspapers, popular literature and profiles of individual debtors to evoke the complex emotions aroused by debt. The result is an elegantly written blend of economic, political and cultural history that puts in context a problem that is still with us today.
Copyright 2002 Reed Business Information, Inc.
Bankruptcy, that familiar constant in an age of boom and bust, has a moral as well as financial component. Deservedly or not, in the early days of the American republic, shame and mistrust attached to a debtor who sought shelter and relief under the law...A fascinating work of economic history that sheds light on daily life in the young Republic. (Kirkus Reviews
This new work from Mann...examines the relationship between creditors and debtors during late 18th-century America. He specifically focuses on the transformation of society's view of indebtedness from a moral failing to an economic one...This thoroughly researched work is an excellent resource. (Robert K. Flatley Library Journal
In his new illuminating book...[Bruce Mann] identifies a fundamental societal change in attitude toward debtors...He traces the evolution of American attitudes toward debt and insolvency throughout the 1700s, culminating in the first federal bankruptcy law in 1800. (Stephen Smith Books and Culture
In this gripping account of being in debt in the land of the free, Bruce Mann illuminates the origins of Americans' ambivalent relationship to business failure...Mann employs his considerable talents to bring to life a world where much that seems normal and logical to us now--like a unified currency, or the fact that you cannot pay off a debt if you are stuck in jail--was not. Mr. Mann's genius is to explain in clear and human terms the legal and economic intricacies by which early American creditors and debtors lived and died. (Evan Haefeli Washington Times
Bruce Mann, a noted authority on early American law and society, offers an incomparable study of 18th-century indebtedness and insolvency, tackling a tough subject with clarity and sympathy...Anyone interested in the history of American law and business will find this an enlightening book. (Christopher Clark Times Higher Education Supplement
Back [in colonial days] debtors were treated worse than thieves. In prison they had to foot the bill for their own food and heat, or else go without. In 1798, when yellow fever swept Philadelphia, all prisoners from city jails were evacuated to safety--all, that is, but the deadbeats. Bruce Mann, a law and history professor at the University of Pennsylvania, says such harsh treatment reflected a culture in which failure to repay debt was regarded as a moral failing rather than a business one. How Americans' attitude toward debt changed is the subject of Mann's masterful (but largely overlooked) 2002 history, Republic of Debtors
. (Bernard Condon Forbes
Bankruptcy scholars and conventional legal historians aim to capture [societal and political tensions] by directing their attention to high legal text and their framers' original intentions. But for Mann, such documents serve only as points of reference on a journey whose aim is to understand contemporary cultural conceptions. Mann wisely identifies debtors' prisons, rather than legal texts or political discourse, as the path into his world
Mann uses the correspondence, memoirs, and pamphlets written by inmates to portray not only their miserable daily lives but also their cries for help
The 1800 Bankruptcy Act, amid controversy, narrowly passed. Mann is the first to narrate its passage authoritatively. (Ron Harris American Historical Review
A landmark study of eighteenth-century financial failure. (Jill Lepore New Yorker