Chapter 1 of 34 · Conceived in Liberty, Volume 5: The New Republic: 1784–1791 by Murray N. Rothbard

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Conceived in Liberty

Volume V
The New Republic, 1784–1791

Murray N. Rothbard

Edited by

Patrick Newman

Foreword by

Judge Andrew P. Napolitano

Preface by

Thomas E. Woods, Jr.

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Mises Institute, founded in 1982, is a teaching and research center for the study of Austrian economics, libertarian and classical liberal political theory, and peaceful international relations. In support of the school of thought represented by Ludwig von Mises, Murray N. Rothbard, Henry Hazlitt, and F.A. Hayek, we publish books and journals, sponsor student and professional conferences, and provide online education. Mises.org is a vast resource of free material for anyone in the world interested in these ideas. For we seek a radical shift in the intellectual climate, away from statism and toward a private property order.

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Liberty, the greatest of all earthly blessings—give us that precious jewel, and you may take every thing else! But I am fearful I have lived long enough to become an old-fashioned fellow. . . . Twenty-three years ago was I supposed a traitor to my country? I was then said to be the bane of sedition, because I supported the rights of my country. I may be thought suspicious when I say our privileges and rights are in danger. . . . Guard with jealous attention the public liberty. Suspect every one who approaches that jewel. Unfortunately, nothing will preserve it but downright force. Whenever you give up that force, you are inevitably ruined. . . . Consider what you are about to do before you part with the government. Take longer time in reckoning things; revolutions like this have happened in almost every country in Europe; similar examples are to be found in ancient Greece and ancient Rome—instances of the people losing their liberty by their own carelessness and the ambition of a few.

~ Patrick Henry, 1788

The meeting at Philadelphia in 1787 for the sole and express purpose of revising the Articles of Confederation, got the name of a Convention (I believe before long that of a Conspiracy would have been more Significant), [and] paid no more regard to their orders and credentials than Caesar when he passed the Rubicon. Under an Injunction of Secrecy they carried on their works of Darkness until the Constitution passed their usurping hands.

~ Abraham Yates, 1789

Foreword by Judge Andrew P. Napolitano

Preface by Thomas E. Woods, Jr.

Introduction by Patrick Newman

1. The Rothbardian Approach to History

2. The Rothbardian Perspective on Early American History: From Jamestown to the Constitution

3. Conclusion

Part I: The Economic Legacy of the American Revolution

1. Changes in Foreign Trade

2. The Depression of the 1780s and the Banking Struggle

3. The Drive for State and Federal Protective Tariffs

4. The Burdens of State Public Debt

5. The Issuance of State Paper Money