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Rothbard draws the threads together and challenges the standard historiography. The inflation-versus-hard-money battle cut across region, class, wealth, and occupation—in Tennessee, the two opposing camps were led by wealthy cotton planters from the same city, and several inflationist governors reversed themselves after seeing their paper depreciate. He traces the lasting consequences: the protective movement's 1824 victory, the discrediting of state inconvertible paper, and the conversion of Jackson, Benton, Polk, Kendall, and Condy Raguet to hard money during these years. He closes by arguing that the Panic of 1819 helped launch American economics as a discipline, and left a permanent mark on how the country thought about money, debt, and depression.
