moved through unrestrained cycles of 'boom and bust' to the financial injury of those
who engaged in productive enterprises: farmers, merchants, manufacturers, shippers,
bankers, and investors."

Thomas P. Govan, Nicholas Biddle: Nationalist and Public Banker 1786-1844
( Chicago, 1959).

"In this direction one can begin to meet the Jacksonian paradox: the fact that the
movement which helped to clear the path for laissez-faire capitalism and its culture in
America, and the public which in its daily life eagerly entered on that path, held
nevertheless in their political conscience an ideal of a chaste republican order, resisting
the seductions of risk and novelty, greed and extravagance, rapid motion and complex
dealings."

Marvin Meyers, The Jacksonian Persuasion: Politics and Belief ( New York, 1960).

"In a society evolving along the American pattern of the Jeffersonian and Jacksonian
eras, where the aristocracies, peasantries, and proletariats of Europe are missing, where
virtually everyone, including the nascent industrial worker, has the mentality of an
independent entrepreneur, two national impulses are bound to make themselves felt;
the impulse toward democracy and the impulse toward capitalism. The mass of the
people, in other words, are bound to be capitalistic, and capitalism, with its spirit
disseminated widely, is bound to be democratic."

Louis Hartz, The Liberal Tradition in America: An Interpretation of American
Political Thought since the Revolution ( New York, 1955).

"Stripped of its incongruous elements, which presently deserted, Jacksonian Democracy
was an anti-monopoly party, the enemy of special privilege. . . . Everywhere the less
prosperous had been want to attribute their ill fortune to the ruling oligarchy that
had run the government in its own interest. For this ailment of the body politic the
common man had a sovereign remedy, and he now purposed to administer the medicine
to the patient in person."

Wilfred E. Binkley, American Political Parties: Their Natural History ( New
York, 1943).

"Jacksonian Democracy was rather a second American phase of that enduring struggle
between the business community and the rest of society which is the guarantee of
freedom in a liberal capitalist state."

Arthur M. Schlesinger Jr., The Age of Jackson ( Boston, 1946).

"With Old Hickory's election a fluid economic and social system broke the bonds of
a fixed and stratified political order. Originally a fight against political privilege, the
Jacksonian movement had broadened into a fight against economic privilege, rallying
to its support a host of 'rural capitalists and village entrepreneurs.'"

Richard Hofstadter, The American Political Tradition and the Men Who Made It
( New York, 1949).

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