Until the early nineteenth century, “risk” was a specialized term: it was the commodity exchanged in a marine insurance contract. Freaks of Fortune tells the story of how the modern concept of risk emerged in the United States. Born on the high seas, risk migrated inland and became essential to the financial management of an inherently uncertain capitalist future. Focusing on the hopes and anxieties of ordinary people, Jonathan Levy shows how risk developed through the extraordinary growth of new financial institutions—insurance corporations, savings banks, mortgage-backed securities markets, commodities futures markets, and securities markets—while posing inescapable moral questions. For at the heart of risk’s rise was a new vision of freedom. To be a free individual, whether an emancipated slave, a plains farmer, or a Wall Street financier, was to take, assume, and manage one’s own personal risk. Yet this often meant offloading that same risk onto a series of new financial institutions, which together have only recently acquired the name “financial services industry.” Levy traces the fate of a new vision of personal freedom, as it unfolded in the new economic reality created by the American financial system. Amid the nineteenth-century’s waning faith in God’s providence, Americans increasingly confronted unanticipated challenges to their independence and security in the boom and bust chance-world of capitalism. Freaks of Fortune is one of the first books to excavate the historical origins of our own financialized times and risk-defined lives.

This book reconstructs important milestones in the lives of 2,808 white, native-born men who resided in Boston, Massachusetts, in 1860 or 1870. Selected systematically from the census for those two years, these men represent two cross-sections of those viewed by contemporaries as "typical" Bostonians. Using a broad array of sources--manuscript census returns; tax assessments; city directories; birth, marriage, and death records for more than twenty states; cemetery records; newspapers; and family genealogies--Peter Knights traced these men not only back to their origins in hundreds of small New England towns but also (for those who left) onward from Boston. He determined changes in their occupations and wealth and after they arrived in Boston, the fates of their marriages, their production of children, and--in all but seventy cases--their deaths and the causes thereof. The result is a comprehensive quantitative study of important aspects of the lives of what are probably the largest sample population groups for any North American community.

Between the end of the Revolutionary War in 1781 and Andrew Jackson's retirement from the presidency in 1837, a generation of Americans acted out a great debate over the nature of the national character and the future political, economic, and religious course of the country. Jeremiah Evarts (1781-1831) and many others saw the debate as a battle over the soul of America. Alarmed and disturbed by the brashness of Jacksonian democracy, they feared that the still-young ideal of a stable, cohesive, deeply principled republic was under attack by the forces of individualism, liberal capitalism, expansionism, and a zealous blend of virtue and religiosity. A missionary, reformer, and activist, Jeremiah Evarts (1781-1831) was a central figure of neo-Calvinism in the early American republic. An intellectual and spiritual heir to the founding fathers and a forebear of American Victorianism, Evarts is best remembered today as the stalwart opponent of Andrew Jackson's Indian policies--specifically the removal of Cherokees from the Southeast. John A. Andrew's study of Evarts is the most comprehensive ever written. Based predominantly on readings of Evart's personal and family papers, religious periodicals, records of missionary and benevolent organizations, and government documents related to Indian affairs, it is also a portrait of the society that shaped-and was shaped by-Evart's beliefs and principles. Evarts failed to tame the powerful forces of change at work in the early republic, Evarts did manage to shape broad responses to many of them. Perhaps the truest measure of his influence is that his dream of a government based on Christian principles became a rallying cry for another generation and another cause: abolitionism.