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Welcome to don't write on anyone
and the libertarian Institute. 

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This is an article by film Agnes
of the American Institute for 

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economic research published in 
his book, The 1619 project, a 

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critique titled how capitalist 
abolitionists fought slavery. 

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Just to briefly go over the 
definitions of the terms of 

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using communism is the abolition
of private property. 

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According to Karl, Marx in The 
Communist. 

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Manifesto socialism is the 
institutionalized interference 

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with or aggression against 
private. 

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Property and private property 
claims capitalism is a social 

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system based on the explicit 
recognition of private property 

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and non-aggressive, contractual 
exchanges between private 

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property owners. 
Here is the article from film 

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Agnes. 
This article tells the 

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little-known story of Lewis, 
Tappan, a wealthy, New York 

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abolitionist, who financed 
several of the most important. 

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Publications and institutions in
the American anti-slavery 

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movement. 
Happens philanthropy caused an 

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immense slaveholder backlash. 
Against his business interests, 

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rather than surrender to 
insolvency in Rouen. 

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He found a way to use free. 
Market institutions to 

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circumvent, a slaveholder 
boycott, and slaveholder 

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attempts to defraud. 
His company running afoul of 

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slave-owning, political 
interests, almost destroyed, 

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Brothers, Lewis and Arthur 
Tappan the wealthy owners of a 

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prominent New York Mercantile 
import business on July 9th. 

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1834, a pro-slavery mob gathered
at New York City's Chad. 

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Um, Street Chapel with the 
intention of breaking up an 

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abolitionist sermon among their 
many grievances. 

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The protesters were incensed at 
an incident, some weeks earlier 

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in which Arthur invited Reverend
Samuel Cornish in 

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African-American abolitionist. 
And co-founder of the American 

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anti-slavery Society into his 
family Pew for Sunday service. 

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The gesture, served as a 
powerful symbolic call for 

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racial integration of religious 
worship. 

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At the chapel, it also made the 
tap and brother's already well 

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known as philanthropic force 
behind the Abolitionist 

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Movement. 
The target of sensationalist 

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conspiracy, theorizing that 
spread to newspapers across the 

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country and accused the devoutly
Christian and pacifist Brothers 

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of fomenting a slave revolt. 
Congregants caught wind of 

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threats to forcibly disrupt 
their Gathering and fled for 

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their own safety. 
Still seeking a fight. 

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The mob descended upon lowest 
happens nearby Home tossing in 

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Furniture into the fire on the 
street and successfully driving 

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away and attempt by the New 
York, police to quell the riot 

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for the next two days, Breakaway
mobs, search the city for the 

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tap and brothers ransacking 
their homes, both of white 

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abolitionists and leaders of 
New, York's free black 

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community. 
In the process, the same mobs 

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attacked African Americans on 
the street at random and held 

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crude racist, political 
demonstrations in front of 

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churches and businesses. 
They deemed friendly to the 

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Abolitionist cause the tap and 
brothers managed to escape 

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relatively unscathed, as the 
mayor stationed in armed militia

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to guard their storefront and 
drive away. 

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Rioters national news of the 
Chatham incident or tap and 

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riots as they came to be called 
carried other repercussions. 

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It made the firm of Arthur 
tapping and into the target of a

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slave owner instigated boycott 
that preyed upon public racism 

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to drive away. 
Its customer base, the mob 

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targeting of the Tappan Zee has 
proved to be a watershed moment 

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in the Crusade to end slavery. 
William Lloyd Garrison's 

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coverage of the riots 
demonstrated that slavery's 

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Defenders were willing to incite
political violence in order to 

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silence their critics. 
The episode also converted New 

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York journalist, William Leggett
to the cause of abolition, which

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he Then explicitly linked to the
philosophy of laissez-faire 

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capitalism, and free trade. 
It also took a heavy toll on the

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tap ends company. 
If the pro-slavery mob, could 

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not physically drive them from 
their new york-- business. 

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It would destroy them nationally
through a vilification campaign 

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and economic targeting 
newspapers. 

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Across the South demonize, the 
brothers, as the face of not 

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only abolitionism, but Rachel 
intermarriage black political 

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rights and violent slave revolts
groups of slave owners in New 

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Orleans and Charleston even 
pledged a bounty on Arthur tap 

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and said a poster advertising a 
20 thousand dollar reward for 

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Tappan. 
For example, appears prominently

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in 1835 depiction of slave 
owners. 

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Ransacking a post office to 
intercept copies of William 

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Lloyd Garrison's, The Liberator 
by 1837. 

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The combined loss of Business 
from The boycott and The Descent

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of the American economy into a 
deep Financial depression. 

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Shannon left. 
The brothers owing, more than 1 

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million dollars to creditors the
decline represented. 

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A nearly complete reversal in 
fortunes for a firm previously 

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known for its conservative 
bookkeeping, and heavy Reliance 

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on cash. 
Transactions to limit its 

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liabilities from customers who 
have reneged on their payment 

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obligations Arthur tapping & Co,
finally closed shop Lewis, 

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Tappan who often spoke of his 
business as a moral charge and 

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who directed its proceeds in 
healthier, too. 

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X to a variety of abolitionists 
newspapers, was not yet ready to

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concede the fight to an 
orchestrated campaign of 

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financial ruin at its darkest 
moment. 

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He came up with a brilliant plan
that not only reversed his 

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fortunes, but also 
revolutionized the American 

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financial industry drawing on 
the experience of the boycott. 

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Louis recognized, a systemic 
vault in the existing practices 

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for business transactions 
carried out on credit to fight 

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back against Slave owner and 
sided boycott that undermine 

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their cash purchases. 
The Tappan Zee would 

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reconstitute their business 
model around their existing 

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network of Connections in the 
Abolitionist Movement by 

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offering credit transactions to 
trusted friends and Associates 

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establishing that trust however 
remained an obstacle 

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particularly if they ever hope 
to expand the service beyond 

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their personal associations, the
complexities of the global 

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import market and a growing 
customer base. 

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Spread across the nation's 
rapidly expanding geography made

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the issuance of credit into an 
economic challenge. 

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What was once a simple 
relationship between the 

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shopkeeper and customers who are
known to Louis and who usually 

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resided in his neighborhood. 
Now, became a persistent 

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information problem with 
expanded markets, businesses 

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could no longer afford to rely 
upon personal knowledge and 

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reputation. 
When vetting potential 

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customers, a firm had to either 
insist upon payment upfront or 

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assume the risk. 
A customer would abscond with 

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Goods purchased on credit. 
The only available Solutions 

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were to pay for individual 
background checks on potential 

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clients before, extending them. 
Credit inexpensively and 

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unwieldly undertaking for all, 
but the largest of Farms or 

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absorb the loss. 
If a customer reneged, on 

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repayment Lewis Tappan devised, 
an Innovative solution to this 

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problem by creating a service to
independently track and 

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validate. 
The credit worthiness of 

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potential clients. 
In 1841. 

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He founded the New York 
Mercantile agency. 

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The first modern credit 
reporting firm in the United 

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States. 
The new company offered a 

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subscription-based service that 
collected and maintained a list 

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of credit worthiness writings of
private businesses, across New 

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York City, and eventually the 
country reaching into his 

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network of abolitionists 
connections and known clients 

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from his old firm tap in. 
Then able to assemble a network 

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of credit investigators and 
attorneys, who use local 

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knowledge to assemble reports 
about outstanding debts, 

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repayment rates, and defaults. 
Among the businesses in their 

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cities and towns a rating, could
then be provided to subscribers 

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of the service, allowing them to
reliably evaluate the risk of 

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doing business with firms 
located, thousands of miles 

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away, the information problem at
the root of previously complex 

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credit, arrangement. 
Events could be mitigated 

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through a market service that 
independently verified business 

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reputations and conveyed their 
credit worthiness over long 

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distances. 
Through simple consultation of a

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low-cost subscription paper 
lowest happens Innovation. 

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Revolutionized the American 
Finance industry, the direct 

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successor to his Mercantile 
agency. 

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Still exist today, as Dun & 
Bradstreet, and his idea of an 

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independent credit reporting 
entity became the standard. 

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Verification instrument of 
modern business lending and 

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investment practices. 
The information is provided as 

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an external and accessible 
measure of reputation in turn 

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allowed for Reliable and regular
transactions to occur over long 

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distances. 
Thereby, helping to ignite an 

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unprecedented expansion of 
access to markets and goods 

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Across the Nation. 
The origins of tap ins 

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Innovation remain a neglected 
feature of the history of 

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American capitalism, a succinct.
Aunt of the Mercantile agency's 

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history may be found in an 
article by historians, Brad 

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grinder and Dan Cooper, for the 
Museum of American Finance for a

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longer discussion. 
I recommend Roy a folks 1941 

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text, the sinews of American 
Commerce, which details it's 

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abolitionist Origins, their 
fortunes renewed the tap and 

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brothers remain devoted 
benefactors to the Abolitionist.

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Cause after the Fugitive Slave 
Act of 1850 strengthened, Real 

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government efforts to recapture 
African-Americans in the north 

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and return them to slavery. 
The brothers, set up a network 

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of lawyers to Mount Legal 
challenges, to the Renditions 

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and where possible funneled 
money to support the 

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Underground. 
Railroad Lewis. 

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Also subsidized Lysander Spooner
has booked the 

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unconstitutionality of slavery 
and finance. 

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The printing of his abolitionist
pamphlets interest. 

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In the history of American 
capitalism is on the rise, 

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although curiously this line of 
Buddy is being Advanced for 

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anti-capitalistic, ideological 
reasons. 

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As may be found in the New York 
Times, new 1619 project on 

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American slavery, much of the 
associated academic literature, 

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including sources, used by the 
times, relies on empirically 

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shoddy. 
And politicized lines of 

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research that several leading 
economic historians have 

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conclusively, refuted in 
eschewing factual analysis, for 

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political narratives, the 
scholars and journalists 

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involved in the 1619 project 
appear to be far. 

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More interested in weaponizing, 
the history of slavery with bias

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and even fabricated claims for 
the purpose of discrediting 

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capitalism and free markets in 
the present-day. 

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They neglect the historical 
antagonism that existed between 

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the slave owners and free market
capitalism, including a leading 

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slavery Defender, who declared 
that capitalism was quote at war

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with all kinds of slavery. 
It is therefore no small irony, 

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that one of the most important 
Innovations Options in American 

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Financial history, the 
development of a reliable and 

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replicable credit reporting 
mechanism owes its existence to 

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a leading capitalist benefactor 
of the American anti-slavery 

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movement that Innovation emerged
as a tool for abolitionist. 

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Business owners to escape 
violence harassment by racist, 

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mobs and coordinated economic 
targeting by plantation. 

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Owners who sought to destroy the
viability of their businesses. 

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Lewis Tappan Illustrated through
his personal. 

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And is economic entrepreneurship
that American capitalism was 

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indeed at war with slavery. 
Thank you for watching Keith, 

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and I don't tread on anyone and 
the libertarian Institute.