A sobering excavation of how deeply nineteenth-century American banks were entwined with the institution of slavery.

It’s now widely understood that the fullest expression of nineteenth-century American capitalism was found in the structures of chattel slavery. It’s also understood that almost every other institution and aspect of life then was at least entangled with—and often profited from—slavery’s perpetuation. Yet as Sharon Ann Murphy shows in her powerful and unprecedented book, the centrality of enslaved labor to banking in the antebellum United States is far greater than previously thought.
 
Banking on Slavery sheds light on precisely how the financial relationships between banks and slaveholders worked across the nineteenth-century South. Murphy argues that the rapid spread of slavery in the South during the 1820s and ’30s depended significantly upon southern banks’ willingness to financialize enslaved lives, with the use of enslaved individuals as loan collateral proving central to these financial relationships. She makes clear how southern banks were ready—and, in some cases, even eager—to alter time-honored banking practices to meet the needs of slaveholders.  In the end, many of these banks sacrificed themselves in their efforts to stabilize the slave economy. Murphy also details how banks and slaveholders transformed enslaved lives from physical bodies into abstract capital assets. Her book provides an essential examination of how our nation’s financial history is more intimately intertwined with the dehumanizing institution of slavery than scholars have previously thought.

 

In a masterful study, Carl J. Richard explores how the Greek and Roman classics became enshrined in American antebellum culture. For the first time, knowledge of the classics extended beyond aristocratic males to the middle class, women, African Americans, and frontier settlers.

The classics shaped how Americans interpreted developments around them. The example of Athens allowed politicians of the democratic age to espouse classical knowledge without seeming elitist. The Industrial Revolution produced a backlash against utilitarianism that centered on the classics. Plato and other ancients had a profound influence on the American romantics who created the first national literature, and pious Christians in an age of religious fervor managed to reconcile their faith with the literature of a pagan culture. The classics supplied both sides of the slavery debate with their chief rhetorical tools: the Aristotelian defense of slavery to Southern slaveholders and the concept of natural law to the Northern abolitionists.

The Civil War led to a radical alteration of the educational system in a way that steadily eroded the preeminence of the classics. They would never regain the profound influence they held in the antebellum era.