An Empire Built of Paper by Llewellyn H. Rockwell Jr.

Two hundred years ago, when the United States was a modest commercial republic, the president could take a walk down Pennsylvania Avenue—by himself—and talk to anyone who approached him. If he wasn’t on a walk outdoors, he was most likely at home, and you could speak to him by knocking on the door of the White House and presenting yourself.

The Hamiltonians and their agenda of mercantilism, paper money, and presidential exaltation had been humiliated in the election of 1800. Jeffersonianism had prevailed against them. And though Jefferson made some missteps during his presidency—not even Jefferson could be fully trusted with power—the policy bias was clear: frugality, free trade, peace, hard money, and decentralized government.