The Lives Of The Parties

The two-party system, undreamt of by the founders of the Republic, has been one of its basic shaping forces ever since their time

Recently I got a letter from a friend of mine, Max Lale, the current president of the Texas State Historical Society, that gave me a quick glimpse of a vanished world. Lale recalled that on election day of 1928, when he was twelve, he accompanied his father on a mile-and-a-quarter walk to their local polling place in Oklahoma. There he waited while his Southern-born father, faced with a choice between Al Smith and Herbert Hoover, agonized over which would be worse: to support a Catholic or a Republican. In the end he cast no vote for President.Read more »

Have Our Manners Gone To Hell?

A controversial recent book suggests that what we think of as good manners is a relatively new thing, a commodity manufactured to meet the needs of an industrial age. But now that the Industrial Revolution is over, we may need them more than ever—for very different reasons.

All of us have encountered surly check-out cashiers, come up against uncivil civil servants, and witnessed rude public behavior. The couple behind us who talk through the entire movie. The stranger who lets the shop door slam in our face. The driver who steals our parking space. We often hear—and voice—the complaint that bad behavior is on the rise, that chivalry is dead. But are Americans really less polite than ever? Are manners in perpetual decline from some golden age of civility?Read more »

Understanding The S&L Mess

At its roots lie fundamental tensions that have bedeviled American banking since the nation began

Bank failure is as American as apple pie. The first American failure took place in Rhode Island in 1809, when a bank capitalized at forty-five dollars issued eight hundred thousand dollars in bank notes, a sum equal to more than seventeen thousand times the resources behind it. In the 1990s the latest bank failure, alas, almost certainly took place less than a week before you began reading this article, as another savings and loan association was taken over by the government. Read more »

The Founding Wizard

Two hundred years ago the United States was a weakling republic prostrate beneath a ruinous national debt. Then Alexander Hamilton worked the miracle of fiscal imagination that made America a healthy young economic giant. How did he do it?

One price of political greatness is to be forced to campaign even long after death. The Founding Fathers, particularly, have been constantly dragged from their graves for partisan purposes. The shades of Washington, Jefferson, Hamilton, and Madison have been invoked right up to the present by American politicians seeking to add luster to their own political agendas. Read more »

The Street

A knowledgeable and passionate guide takes us for a walk down Wall Street, and we find the buildings there eloquent of the whole history of American finance

One of the pleasant burdens of friendship, and of living in a renowned and intimidating great city like New York, is that friends planning to visit will ask me to show them the sights of some quarter of town, most usually in the borough of Manhattan, county of New York. Read more »

A Few Parchment Pages Two Hundred Years Later

The framers of the Constitution were proud of what they had done but might be astonished that their words still carry so much weight. A distinguished scholar tells us how the great charter has survived and flourished.

The American Constitution has functioned and endured longer than any other written constitution of the modern era. It imbues the nation with energy to act while restraining its agents from acting improperly. It safeguards our liberties and establishes a government of laws, not of men and women. Above all, the Constitution is the mortar that binds the fifty-state edifice under the concept of federalism; it is the symbol that unifies nearly 250 million people of different origins, races, and religions into a single nation. Read more »

Ten Books That Shaped The American Character

Walden is here, of course; but so too is Fanny Farmer’s first cookbook

America is not a nation of readers, yet books have had a deep and lasting effect on its national life. By comparison with the Russians, whose thirst for books—especially contraband books—is legendary, we pay them scant attention; Walker Percy once dolefully estimated that the hard-core audience for serious literature in this country of two hundred and thirty million is perhaps one or two million, and he probably was not far off.Read more »

THE BANKING STORY

Banking as we’ve known it for centuries is dead, and we don’t really know the consequences of what is taking its place. A historical overview.

For the last several years congressional committees and presidential task forces have been nattering back and forth about what should be done to change the legal order that establishes and specifically empowers and regulates the nation’s banks. They have dealt with their subject as a collection of technical problems they could solve: a bit of oil here, a tightened bolt there, a replacement for a blown gasket—and the old machine will be as good as new. But, in fact, our banking problems are systemic: we need a new machine.Read more »

Where Have All The Great Men Gone?

The early years of our republic produced dozens of great leaders. A historian explains how men like Adams and Jefferson were selected for public office, and tells why the machinery that raised them became obsolete.

THERE IS NO clear consensus on what constitutes greatness, nor are there any objective criteria for measuring it—but when we look at holders of high public offices and at the current field of candidates, we know it is missing. Some of our leaders are competent, articulate, engaging, and some are honest and honorable. But greatness is missing. Read more »

The Newburgh Conspiracy

Encamped above the Hudson for the last, hard winter of the Revolution, the officers of the Continental Army began to talk mutiny. It would be up to their harried commander to defend the most precious principle of the infant nation—the supremacy of civilian rule .

Sunday, October 27, 1782. Mist and intermittent sheets of cold rain shrouded the granite spine of Butter Hill as it stretched west from the Hudson River above West Point toward the distant Shawangunk mountain range. Farmers, working neat, stonewalled fields, watched the storm without noticing anything unusual along the mountain’s crest. At dusk, however, the rain eased and the mist lifted to reveal something new and strange. High on the mountain hundreds of small lights flickered like fireflies.Read more »