Amasa Walker

Amasa Walker. He was a prominent American political economist, politician, and staunch advocate for hard money principles during the 19th century. A successful merchant and dedicated educator, he became a leading intellectual voice against free banking and for currency stability. His work significantly influenced financial debates of his era and he was the father of the noted economist and soldier Francis Amasa Walker.

Early life and education

Born in Woodstock, Connecticut, he was the son of a farmer and received a basic education in local schools. Demonstrating an early aptitude for business, he moved to Boston as a young man to pursue a commercial career. While he did not attend a formal university, he engaged in rigorous self-education, deeply studying subjects like political economy and moral philosophy. His formative years in the bustling commercial center of Boston during the early 19th century provided practical insight into the nation's evolving financial systems.

Career and economic contributions

Walker initially achieved considerable success as a merchant and later as a manufacturer in Boston and North Brookfield, Massachusetts. He amassed a personal fortune, which afforded him the independence to pursue his intellectual interests in economics. He became a highly sought-after lecturer on political economy, teaching at Oberlin College and later accepting a professorship at Amherst College. His primary economic contribution was his vehement opposition to free banking laws and banknote proliferation, arguing they caused destructive business cycles. He was a leading figure in the hard money wing of the Democratic Party, advocating for a currency backed solely by specie.

Political career and public service

His economic expertise propelled him into the political arena. He served as a Democratic member of the Massachusetts House of Representatives and later in the Massachusetts Senate. In 1860, he served as a presidential elector, casting his ballot for Abraham Lincoln and Hannibal Hamlin. During the American Civil War, he was appointed as a special agent for the Treasury Department, tasked with selling bonds to fund the Union war effort. He also represented Massachusetts as a Republican in the United States House of Representatives for a single term from 1862 to 1863.

Published works and economic theories

His most influential work was *The Science of Wealth: A Manual of Political Economy*, published in 1866, which became a standard economics textbook. In it, he systematically critiqued the free banking system, linking it to inflation, panics, and speculation. He was a strong proponent of the currency principle, arguing that banknotes should be strictly regulated and fully convertible to gold. His theories placed him in direct opposition to the Banking School of thought and aligned him with other hard money advocates like Condy Raguet. His writings greatly influenced the post-war debate that culminated in the Resumption Act of 1875.

Personal life and legacy

He married to Hannah Ambrose and they had several children, most notably Francis Amasa Walker, who became a famous economist, president of the Massachusetts Institute of Technology (MIT), and superintendent of the U.S. Census. After his congressional term, he retired to his estate in North Brookfield, Massachusetts, where he continued to write and correspond on economic issues until his death. His legacy endures as a principled critic of unstable banking systems, and his ideas contributed to the intellectual foundation for the Gold Standard Act of 1900.

Category:American economists Category:Members of the United States House of Representatives from Massachusetts Category:1799 births Category:1875 deaths