Unruly Americans by Woody Holton (2007)

Question 1

What does Holton think was “the fundamental belief animating the authors of the Constitution?”

Answer 1

“That in the wake of the American Revolution, ordinary farmers had seized control of the thirteen state legislatures and then bungled their way into a vivid demonstration of the perils of popular rule,” (Rebuttal. Labor 1 September 2009; 6 (3): 55–63)

Question 2

What monetary mechanisms did relief proponents advocate?

Answer 2

• State legislatures should buy back or scale down securities from speculators to their market value (57)
• States should issue paper money so debtors can easily pay back creditors (57)
• States should not pay interest to speculators and pay coin to original bond holders (55)
• Force bondholders to exchange war bonds for paper money (61)

Question 3

What was the biggest complaint made by lower classes during the 1780s that Holton highlights?

Answer 3

That, to repay war debts and bondholders, the people were overly tax burdened by the state governments.

Question 4

What is something Madison did going into the Convention and how did it effect his views on monetary policy?

Answer 4

Bought land leading into Convention, wants to be able to borrow money (24-25). US needs good credit rating, so he pursued dedemocratized monetary policy

Question 5

Govenour Morris

Answer 5

Owed a bunch of money (230), wanted to borrow his way out

Question 6

How much

Answer 6

3/4 of government money going to war debt (?)

Question 7

Ways constitution limited states from doing stuff?

Ways is helped debtors?

Answer 7

senate not directly elected, house districts large, states couldn’t create currency. Helped by raising revenue through tariffs, could ease direct taxes.