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Americans now depend more heavily upon credit than any other society on Earth, or any other time in history. Borrowing has become a way of life for millions of families, and it is hard to imagine a time when charge accounts did not exist. Nonetheless, it would be a mistake to assume that, because a wallet filled with plastic instead of cash is a relatively new phenomenon, Americans have not been borrowers and lenders since the colonization of the New World. Author Peter J. Coleman proves otherwise. In one Form or another -- notes of hand, book credit, commercial paper, mortgages, land contracts -- settlers borrowed to pay their passage from Europe, to buy and clear land, to build and operate mills, to purchase slaves, and to gamble and drink. Debtors' prison awaited those who could not pay their debts, and a pauper's grave received the unfortunate who lacked the private means to feed and clothe himself in prison. While the debtors' prisons described in this book no longer exist, the author maintains that our credit-oriented society has yet to devise cheap, efficient, equitable, and humane methods of enforcing contracts for debt.
The "self-made" man is a familiar figure in nineteenth-century American history. But the relentless expansion of market relations that facilitated such stories of commercial success also ensured that individual bankruptcy would become a prominent feature in the nation's economic landscape. In this ambitious foray into the shifting character of American capitalism, Edward Balleisen explores the economic roots and social meanings of bankruptcy, assessing the impact of widespread insolvency on the evolution of American law, business culture, and commercial society. Balleisen makes innovative use of the rich and previously overlooked court records generated by the 1841 Federal Bankruptcy Act, building his arguments on the commercial biographies of hundreds of failed business owners. He crafts a nuanced account of how responses to bankruptcy shaped two opposing elements of capitalist society in mid-nineteenth-century America--an entrepreneurial ethos grounded in risk taking and the ceaseless search for new markets, new products, and new ways of organizing economic activity, and an urban, middle-class sensibility increasingly averse to the dangers associated with independent proprietorship and increasingly predicated on salaried, white-collar employment.
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1848 edition. Excerpt: ...or is about to remove any of his property out of the state, with intent to defraud his creditors; or, 4th, that he fraudulently, contracted the debt, or incurred the obligation, respecting which the suit is brought; or, 5th, that the defendant is not a resident of the state, and has not resided therein for three months immediately preceding the time of making such affidavit; or, 6th, that the defendant is a foreign corporation.' Goods and chattels are bound by an attachment from the time of serving the writ; but to create a lien upon real estate, a certified copy of the writ, with a description of the realty, must be deposited in the office of the register of deeds of the county where the same is situate. If it appears by the return of the writ that either of the defendants has been served personally, the suit proceeds as in ordinary cases; if there has been no personal service, but property of the defendant has been attached, the plaintiff' is required to publish in a newspaper of the county, or judicial circuit, for six successive weeks, a notice of the attachment, after which, upon filing an affidavit of the fact, he may file his declaration and proceed as if a copy had been served on the defendant. Where perishable property has been attached, it may be sold pending the proceedings by order of the court. Where there has been no personal service, a judgment is rendered in the ordinary form, but it is not conclusive upon the defendant, and on an execution thereupon, the officer is only authorized to sell the property attached. In cases of joint indebtedness, the Writ of attachment may issue against the separate or joint estate of such debtors, or any of them, (a) There are similar provisions authorizing and regulating attachments in...