Chapter 5, Hard Times, Hard Feelings, Hard Money Summary and Analysis

The economy crashes. Debtors are overwhelmed by depreciating currency and debts they cannot repay. Vast numbers of people are out of work and a period of material austerity comes upon the United States. Public hostility arises towards political and economic elites who the populace believe have sucked them into poverty through irresponsible behavior. Many newer politicians come to power through attacking the banking system and the radical democratic elements in American society gain further control in part through attacking the paper money system as a whole.

Slavery continues to be an issue with the Missouri compromise. Many Southern politicians seek to extend slavery and many Northern politicians seek to stop it, though many are more concerned with sectional power than the moral issue of slavery itself. In fact, during...