How the Hell Did Americans React to the Panic of 1819?

The “Era of Good Feelings” is usually sold as a moment of national calm — a post-War of 1812 breather before Jacksonian chaos. But when the boom ends, that calm turns out to be thin. In 1819, the United States hits its first nationwide capitalist crash. Credit evaporates, paper money destabilizes, foreclosures spread, and debtors’ prisons fill — while the institutions most responsible for the speculation often survive intact. Americans called it “hard times,” and their reactions exposed something deeper than economics: a new, bitter argument over who the market was for, and who it was allowed to crush. In this episode (Sellers, The Market Revolution, Chapter 5 — Part 1), we cover: The mechanics of the Panic: cotton prices, credit contraction, and the Second Bank’s reversal “Hard times” on the ground: unemployment, foreclosure, liquidation, debtors’ prison Why the West imploded hardest — and why the Bank of the U.S. became the era’s perfect villain The Missouri Crisis (Tallmadge Amendment → Compromise) reigniting sectional power conflict South Carolina’s turn toward radical states’ rights (and the early logic of nullification) The Marshall Court “offensive”: Cohens, Osborn, and Gibbons — and Virginia’s backlash Tariffs, taxes, and the hard-times Congress: who wants what from the federal government Internal improvements and implied powers: Monroe and Calhoun’s developmental pivot The cultural pressure of market life: time discipline, consumer goods, and strained authority The Second Great Awakening as democratic revolt — and moral protest against market values Popular politics gets sharper: debtor relief, anti-bank campaigns, and the rise of militant democracy Western experiments with relief banks and state paper — and the constitutional collision that follows Guiding question: How did Americans respond to the Panic of 1819 — and what did those responses reveal about regional identity, political power, and the emerging culture of market capitalism?

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Chapters 00:00 — Cold open: “hard times” and the first crash lesson 01:21 — Welcome + sources (Sellers / Howe / textbooks) 02:14 — Guiding question 03:13 — Howe explains the mechanics of the Panic (cotton, credit, the BUS) 06:36 — What “hard times” looked like: cities, unemployment, debtors’ prison 09:16 — The West collapses: “jaws of the monster” and the BUS as landlord 10:12 — The crash ends the “Era of Good Feelings” 10:28 — Missouri crisis erupts: Tallmadge Amendment and sectional realization 13:16 — Missouri Compromise and the “fire bell in the night” 14:34 — Fear of revolt + colonization logic (“wolf by the ears”) 16:06 — South Carolina distress → tariff anger → radicalization 18:34 — Marshall Court supremacy: Cohens, Osborn, Gibbons 20:57 — Virginia backlash: Roane (“Algernon Sidney”) + John Taylor of Caroline 21:49 — Hard-times Congress: tariffs, taxes, and competing demands 23:30 — Debtor relief + the Land Act of 1820 25:01 — Internal improvements + implied powers (Monroe/Calhoun pivot) 26:39 — General Survey Act and the infrastructure state 28:11 — Cultural pressure: time discipline, consumption, “keeping up” 30:17 — Second Great Awakening and democratic evangelicalism 32:01 — Evangelical protest against market values 34:36 — Popular discontent: banks, specie suspension, and “dictatorships” 35:54 — Debtor relief reforms: Branch, Snyder, Crockett 36:48 — Western radicalism: paper money, relief schemes, court crackdowns 38:16 — Democratic politics hardens: parties, populists, performance 39:51 — Crockett vs demagoguery 40:35 — Bank war politics in the West: relief banks and anti-BUS measures 43:44 — Closing + contact00:00 — Cold open: “hard times” and the first crash lesson