Welcome to don't write on anyone and the libertarian Institute.
This is an article by film Agnes of the American Institute for
economic research published in his book, The 1619 project, a
critique titled how capitalist abolitionists fought slavery.
Just to briefly go over the definitions of the terms of
using communism is the abolition of private property.
According to Karl, Marx in The Communist.
Manifesto socialism is the institutionalized interference
with or aggression against private.
Property and private property claims capitalism is a social
system based on the explicit recognition of private property
and non-aggressive, contractual exchanges between private
property owners. Here is the article from film
Agnes. This article tells the
little-known story of Lewis, Tappan, a wealthy, New York
abolitionist, who financed several of the most important.
Publications and institutions in the American anti-slavery
movement. Happens philanthropy caused an
immense slaveholder backlash. Against his business interests,
rather than surrender to insolvency in Rouen.
He found a way to use free. Market institutions to
circumvent, a slaveholder boycott, and slaveholder
attempts to defraud. His company running afoul of
slave-owning, political interests, almost destroyed,
Brothers, Lewis and Arthur Tappan the wealthy owners of a
prominent New York Mercantile import business on July 9th.
1834, a pro-slavery mob gathered at New York City's Chad.
Um, Street Chapel with the intention of breaking up an
abolitionist sermon among their many grievances.
The protesters were incensed at an incident, some weeks earlier
in which Arthur invited Reverend Samuel Cornish in
African-American abolitionist. And co-founder of the American
anti-slavery Society into his family Pew for Sunday service.
The gesture, served as a powerful symbolic call for
racial integration of religious worship.
At the chapel, it also made the tap and brother's already well
known as philanthropic force behind the Abolitionist
Movement. The target of sensationalist
conspiracy, theorizing that spread to newspapers across the
country and accused the devoutly Christian and pacifist Brothers
of fomenting a slave revolt. Congregants caught wind of
threats to forcibly disrupt their Gathering and fled for
their own safety. Still seeking a fight.
The mob descended upon lowest happens nearby Home tossing in
Furniture into the fire on the street and successfully driving
away and attempt by the New York, police to quell the riot
for the next two days, Breakaway mobs, search the city for the
tap and brothers ransacking their homes, both of white
abolitionists and leaders of New, York's free black
community. In the process, the same mobs
attacked African Americans on the street at random and held
crude racist, political demonstrations in front of
churches and businesses. They deemed friendly to the
Abolitionist cause the tap and brothers managed to escape
relatively unscathed, as the mayor stationed in armed militia
to guard their storefront and drive away.
Rioters national news of the Chatham incident or tap and
riots as they came to be called carried other repercussions.
It made the firm of Arthur tapping and into the target of a
slave owner instigated boycott that preyed upon public racism
to drive away. Its customer base, the mob
targeting of the Tappan Zee has proved to be a watershed moment
in the Crusade to end slavery. William Lloyd Garrison's
coverage of the riots demonstrated that slavery's
Defenders were willing to incite political violence in order to
silence their critics. The episode also converted New
York journalist, William Leggett to the cause of abolition, which
he Then explicitly linked to the philosophy of laissez-faire
capitalism, and free trade. It also took a heavy toll on the
tap ends company. If the pro-slavery mob, could
not physically drive them from their new york-- business.
It would destroy them nationally through a vilification campaign
and economic targeting newspapers.
Across the South demonize, the brothers, as the face of not
only abolitionism, but Rachel intermarriage black political
rights and violent slave revolts groups of slave owners in New
Orleans and Charleston even pledged a bounty on Arthur tap
and said a poster advertising a 20 thousand dollar reward for
Tappan. For example, appears prominently
in 1835 depiction of slave owners.
Ransacking a post office to intercept copies of William
Lloyd Garrison's, The Liberator by 1837.
The combined loss of Business from The boycott and The Descent
of the American economy into a deep Financial depression.
Shannon left. The brothers owing, more than 1
million dollars to creditors the decline represented.
A nearly complete reversal in fortunes for a firm previously
known for its conservative bookkeeping, and heavy Reliance
on cash. Transactions to limit its
liabilities from customers who have reneged on their payment
obligations Arthur tapping & Co, finally closed shop Lewis,
Tappan who often spoke of his business as a moral charge and
who directed its proceeds in healthier, too.
X to a variety of abolitionists newspapers, was not yet ready to
concede the fight to an orchestrated campaign of
financial ruin at its darkest moment.
He came up with a brilliant plan that not only reversed his
fortunes, but also revolutionized the American
financial industry drawing on the experience of the boycott.
Louis recognized, a systemic vault in the existing practices
for business transactions carried out on credit to fight
back against Slave owner and sided boycott that undermine
their cash purchases. The Tappan Zee would
reconstitute their business model around their existing
network of Connections in the Abolitionist Movement by
offering credit transactions to trusted friends and Associates
establishing that trust however remained an obstacle
particularly if they ever hope to expand the service beyond
their personal associations, the complexities of the global
import market and a growing customer base.
Spread across the nation's rapidly expanding geography made
the issuance of credit into an economic challenge.
What was once a simple relationship between the
shopkeeper and customers who are known to Louis and who usually
resided in his neighborhood. Now, became a persistent
information problem with expanded markets, businesses
could no longer afford to rely upon personal knowledge and
reputation. When vetting potential
customers, a firm had to either insist upon payment upfront or
assume the risk. A customer would abscond with
Goods purchased on credit. The only available Solutions
were to pay for individual background checks on potential
clients before, extending them. Credit inexpensively and
unwieldly undertaking for all, but the largest of Farms or
absorb the loss. If a customer reneged, on
repayment Lewis Tappan devised, an Innovative solution to this
problem by creating a service to independently track and
validate. The credit worthiness of
potential clients. In 1841.
He founded the New York Mercantile agency.
The first modern credit reporting firm in the United
States. The new company offered a
subscription-based service that collected and maintained a list
of credit worthiness writings of private businesses, across New
York City, and eventually the country reaching into his
network of abolitionists connections and known clients
from his old firm tap in. Then able to assemble a network
of credit investigators and attorneys, who use local
knowledge to assemble reports about outstanding debts,
repayment rates, and defaults. Among the businesses in their
cities and towns a rating, could then be provided to subscribers
of the service, allowing them to reliably evaluate the risk of
doing business with firms located, thousands of miles
away, the information problem at the root of previously complex
credit, arrangement. Events could be mitigated
through a market service that independently verified business
reputations and conveyed their credit worthiness over long
distances. Through simple consultation of a
low-cost subscription paper lowest happens Innovation.
Revolutionized the American Finance industry, the direct
successor to his Mercantile agency.
Still exist today, as Dun & Bradstreet, and his idea of an
independent credit reporting entity became the standard.
Verification instrument of modern business lending and
investment practices. The information is provided as
an external and accessible measure of reputation in turn
allowed for Reliable and regular transactions to occur over long
distances. Thereby, helping to ignite an
unprecedented expansion of access to markets and goods
Across the Nation. The origins of tap ins
Innovation remain a neglected feature of the history of
American capitalism, a succinct. Aunt of the Mercantile agency's
history may be found in an article by historians, Brad
grinder and Dan Cooper, for the Museum of American Finance for a
longer discussion. I recommend Roy a folks 1941
text, the sinews of American Commerce, which details it's
abolitionist Origins, their fortunes renewed the tap and
brothers remain devoted benefactors to the Abolitionist.
Cause after the Fugitive Slave Act of 1850 strengthened, Real
government efforts to recapture African-Americans in the north
and return them to slavery. The brothers, set up a network
of lawyers to Mount Legal challenges, to the Renditions
and where possible funneled money to support the
Underground. Railroad Lewis.
Also subsidized Lysander Spooner has booked the
unconstitutionality of slavery and finance.
The printing of his abolitionist pamphlets interest.
In the history of American capitalism is on the rise,
although curiously this line of Buddy is being Advanced for
anti-capitalistic, ideological reasons.
As may be found in the New York Times, new 1619 project on
American slavery, much of the associated academic literature,
including sources, used by the times, relies on empirically
shoddy. And politicized lines of
research that several leading economic historians have
conclusively, refuted in eschewing factual analysis, for
political narratives, the scholars and journalists
involved in the 1619 project appear to be far.
More interested in weaponizing, the history of slavery with bias
and even fabricated claims for the purpose of discrediting
capitalism and free markets in the present-day.
They neglect the historical antagonism that existed between
the slave owners and free market capitalism, including a leading
slavery Defender, who declared that capitalism was quote at war
with all kinds of slavery. It is therefore no small irony,
that one of the most important Innovations Options in American
Financial history, the development of a reliable and
replicable credit reporting mechanism owes its existence to
a leading capitalist benefactor of the American anti-slavery
movement that Innovation emerged as a tool for abolitionist.
Business owners to escape violence harassment by racist,
mobs and coordinated economic targeting by plantation.
Owners who sought to destroy the viability of their businesses.
Lewis Tappan Illustrated through his personal.
And is economic entrepreneurship that American capitalism was
indeed at war with slavery. Thank you for watching Keith,
and I don't tread on anyone and the libertarian Institute.