Abstract

The pioneering sociologist William Graham Sumner was a prolific and astute historian of the early American republic, whose work was informed by his classical liberalism and his understanding of economics. He authored seven major works including biographies and thematic studies concentrating on the vital subjects of currency, banking, business cycles, foreign trade, protectionism, and politics. Although his works are out of print, and hardly mentioned or referred to by historians or economists, they are quite valuable for understanding the politics and major economic issues of the first century of the republic.1 They are: History of American Currency, Lectures on the History of Protection, Andrew Jackson, Alexander Hamilton, The Financier and Finances of the American Revolution, 2 vols., Robert Morris, History of Banking in the United States. As one can see, Sumner was most interested in the history of money and banking in America. He was a resolute opponent of inflation, inconvertible currencies, legal tender laws, bimetallic standards, and the American practice of fractional-reserve banking. His theory of the business cycle was built on the work of antebellum political economists such as Condy Raguet. Sumner’s understanding of it is sophisticated and proto- Austrian