New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

nrN0CRACY. Rs Charles 4 Beard Professor
~ Politics n Columbia University. o'o %
44 The Macmillan COMPANY
Professor Beard is a strong believer
in the economic Interpretation Of his
tory. In that he differs radically from
most OF our earlier historians, who
have been disposed to ignore the eff
feet Of economic pressure on our ma
..onal deyelopment-at least in the
period before the antagonism between
free labor and slave labor began to be
pronounced.
The thesis of the book under re-
view is that the Federal Constitution
was the product OF a struggle be-
tween capitalistic and agrarlan inter
ests'; that this struggle continued
after the organization Of the new gov
eminent: that it caused the cleavage
between the Federalist and the Re-
publican parties, and that il thus was
responsible for the conditions under
which what is loosely known as JET
ferSonian Democracy" originated
There is always a temptation 70
push the economic theory of history,
or any other theory Of IL. too far. The
capitalistic class and the holders Of
Confederation scrip may have worked
earnestly for the ratification of the
Constitution. Self-interest would Ger
tainly have prompted them TO do so.
But the desire for a stronger unioh
and a closer approach TO nationalism
must also have had powerful iniiu-
ence with the voters of the ratifyinc
states
i is easy to go a certain distance
with Professor Beard IN attrlbuting
ratification 10 the pressure brought 10
bear by the banking and debt-holding
elements of the community, but IT Is
difficult TO view the Constitution as
/, their exclusive work, or 10 aScribe the
origin and subsequent growth Of
American parties TO a mere clash OF
interest, occurring at the outset OF
the nations career, between the forces
Of capitalism and agrarianism.
TIE author quotes the remark u
John Marshall. in his Life Of Wash
ington," that llamilton's funding and
other financial measures contributed
not inconsiderably to the complete or
ganization Of those distinct and visible
parties which, in their long and dub
Gus conflict for power, have since
shaken the United States TO their cen
ire" But Marshall says only mot in
considerably" Iiamiltons measures
were naturally opposed by the repre-
sentatives OF sections of the country IN
which but little of the public debt was
held and which would therefore benefit
less from restoration Of national
credit purchased at what seemed 20
them at the time a very generous, 4
not an excessive. price. This bank and
/ the funding legislation became, OF
course, a pertinent party issue. Bat
why conclude that il alone was the
I basis Of the party divisions then ere
/ ated and subsequently handed down
4 20 US?
Jefferson supported the funding Dill
/ as a part OF the bargain by which the
capital was TO be transferred from
p Philadelphia TO a site on the Potomac.
Afterward. when he assumed the lead
ership Of the anti-Federalist or Repub-
lican party. he became a severe critic
of the funding bill and of Hamilton :
other measures. Yet in 1901, when he
and Burr were tied for the Presidency
and he had TO depend on Federali5t
support In the House Of Representa-
tives for election, he pledged himself
not to disturb Hamilton's financial sys'
TEN.
He did not disturb H. Gallatin. his
I Secretary Of the Treasury. rapidly re-
duced the national debt In fact. the
burden Of the debt funded By Iiamil-
ton was easily enough borne By a coun-
/ try rapidly growing in population and
resources. il stood at SS3000.000 in
1 1901. II was reduced to S57000,000 al
the end of JelTerson's second term. m
1909. and 10 s45 200 900 at the end OF
/ Madison's FIRST term, in 1913.
Il thus quickly effsced itself as the
basis Of division between the parties
II could never have been anything
but casual, unstable basis. Jefer-
son toyed with IL. just as he toyed
with the issue of agraranism GnC
with democracy. To find anything like
a permanent line Of cleavage between
American parties IN Jeferson's time
aud down into Jackson's time We
must look for something more funda-
mental than the financial issue and
/ the clash which il entailed between the
D