Historic Scenes
Boom and Bust: Post-War America
Optimism and pent-up demand for goods unavailable during the Revolution fueled a booming post-war economy. The severe recession that quickly followed caught Americans off guard and dashed hopes that the hard-won promises of the Revolution would be fulfilled.
Observers
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Anonymous
Boston, 1783
"The Gay Young Muse salutes the opening year— Peace lead the front ! and Plenty bring the rear! Felicity shall glitter all compleat, And silver, and gold, and jewels, pave the street... Thus we, all fun, while faithful FRENCH defend us Titter and giggle at our INDEPENDENCE " -
Richard Price
England, 1784
"It seems evident that what first requires the attention of the United States is the redemption of their debts...Nor is it conceivable that they should meet with any great difficulty in doing this. They have a vast resource peculiar to themselves in a continent of unlocated lands possessing every advantage of soil and climate." -
Abigail Adams
Boston, January 3, 1784
"here is a method of laying out money to more advantage than by the purchase of land's, which a Friend of mine advised me to, for it is now become a regular merchandize. Dr. T-s [Tufts] has sold a Farm with a design of vesting it in this manner, viz in State Notes. Foreigners and monied Men have, and are purchaseing them at 7 shillings upon the pound, 6 and 8 pence they have been sold at." Click for more info -
Charles Sigourney
Boston, March 1, 1784
"Upon closing my affairs I find have a much Larger Sums due me, then I had an idea of & far beyond my Capital, I am therefore oblig'd to call earnestly upon every one to make me payment as soon as possible...be aprised was not the State of things very difficult, I should not be so pressing."
Themes
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Getting By & Getting Ahead
Consumer good purchases, real estate and other investments all played a part in the post-war economic boom...and bust.
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We the People
The United States were in debt to the world; how they met those obligations was an important test of the new states, one which Massachusetts was determined not to fail.
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The Wider World
Independence brought new rules and restrictions, as well as opportunities for American commerce.
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Everyday Life
Whether it was a trip to the store, a loan to a neighbor or a real estate purchase, Americans relied on a credit-based system that allowed them to conduct business and track their finances despite a continual lack of "hard" currency.
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Williams and Upham Account Books
Chintz GownHistoric illustration © 2008 Bryant White.