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WHAT TIME IS IT ANYWAY? ON THE METAPHORICAL CLOCK, IT IS 5:50 PM.

Ok, so all manifesting forms or objective existences are mortal and move through seasons or cycles.  Each has a kind of atomic clock that regulates its life and governs its mortality.

If History is such a device, as I have attempted to show it is, then what time is it right now, in terms of these Day/Night Cycles in American history I've discussed.

Well, by my calculations, it is currently 5:50 PM.  Almost Dusk.  Night is coming on.



6:00 PM corresponds to Dusk, to Autumn, that time of Day and of Year when the light and dark are at equal strength -- days and nights are of equal length.  In terms of our markets, Dusk is when the Expansionists (Bulls) and Contractionists (Bears) are at equal strength.  Dusk is when the great battle between Dark and Light (between Bulls and Bears) is carried out, and won by the Darkness.  The contractionists win out.  The Bears then rule from Dusk to Midnight.  And the Bulls get weaker and weaker -- they disappear at Midnight, but then are suddenly reborn, as a small seed that will gain strength over time, eventually coming back to power.

Note that the Spring and the Morning correspond to the Golden Age.  This is when the light is literally 'Golden', fresh, new, a reborn pure energy, after a re-awakening from a Dark Age.  Past American Golden Ages have been from 1920 to 1929, 1956-1965, 1992-2001.  The Golden Age is the time when everything goes right, when expansion of wealth and light and happiness and the positive future are palpable.  Nothing can stop up.  We are like Icarus rising higher and higher into heaven.  This is a time of heaven, when the light rises and the darkness of doubt and fear and trouble (the storm clouds of Winter and despair) are cast back into the Past (remember the Archangel Michael and the War in Heaven and the casting of Lucifer in to Hades?)  The Golden Age is the time of riches, dreams of riches, and ever-expanding possibilities.

The Golden Age almost always demonstrates features of racism (white over black), aggressive imperialism (capitalism over communism), and renewed imperative of the procreative male (man over woman) -- and is  as I describe below:

The Whig Day-Cycle Expansion (White Light Expansion – the Whigs were also known as ‘White Heads’) from 1839-1857 contains many ear-marks of what adversaries call Fascist Imperialism.  Whigs appealed most to professional and business classes: bankers, doctors, lawyers, merchants, shop-keepers, industrialists, large plantation owners: the moneyed classes.  Whigs did best in elections in manufacturing centers and commercial cities.  Protestant religious revivals attempted to whip up a high-minded religious commercial morality linked with Whig principles. 

This we would also see later in the rise of a new commercial Protestantism when Ronald Reagan led the modern-day Whigs back to power in 1983. 

Note also that the Golden Age almost always ends with banking greed and corruption that leads to an Economic Depression and a metaphorical 'fall' from the Garden of Eden, back into an Age of Limitations and Fears, loss of wealth, health and reintroduction to the world of shadows. 

The Noon hour, or Summer (June 21), is the peak experience of expansion of a life, a civilization, a culture -- followed by a fall from the peak and a journey toward the Anti-Peak wherein Darkness triumphs over Light, the power of Darkness peaking at the anti-peak of Midnitght, or Winter (December 21).  The Noon hour is the peak of Material Culture; the Midnight hour is the peak of Anti-Material or Spiritual Culture.

The Golden Age is also the time of taking on debt (physical debt as well as spiritual, karmic debt).  The Golden Age is a time of Unconscious instinctuality.  Passing into the Dark Age involves the unwinding of debt (physical debt as well as moral and behavioral debt) and expansion of one's own understanding of life as a soul.  The Golden Age is the triumph of understanding of life as a body and a spirit.

The Middle Class marry the rich to re-create the Day.  The Middle Class marry th poor to re-create the Night.

Past Historical Golden Ages in America:
1920-1929 - The Roaring Twenties - the Great Depression
1884-1893 -  excerpt below describes this golden age of buiness expansion *
1848-1857 - excerpt below describes this golden age of business expansion **
1812-1821 - America's Victory of Britain for the Second time in the War of 1812 ***
1776-1785 - America's Declaration of Independence...birth of a nation...and the defeat of England in the American Revolutionary War ****

Clearly, if there is any truth to this historical scheme, America has just passed through a Golden Age (ending in 2001); we have peaked as a Material Culture -- for this round of evolution -- and we are heading into the Darkness, where we will peak as a Spiritual Culture in or around 2019, at which time we will begin climbing again, 'filling up' again as we are now, since our peak in 2001, 'emptying out', getting small again, turning away from egoic infatuation with our selves and our triumphs and our power, facing ourselves in our own mortality and nakedness, learning again what modesty and 'social culture' means instead of just 'individual culture'.




 

I.  THE GOLDEN AGE OF 1884-1893 -- FOLLOWED BY BANKING GREED AND CORRUPTION AND THE DEPRESSION OF 1893*

David O. Whitten writes in his article ‘The Depression of 1893’ about both the depression and the impressive growth of the preceding Day-Cycle (1875 – 1893):

Economic Trends Preceding the 1890s

Between 1870 and 1890 the number of farms in the United States rose by nearly 80 percent, to 4.5 million, and increased by another 25 percent by the end of the century. Farm property value grew by 75 percent, to $16.5 billion, and by 1900 had increased by another 25 percent. The advancing checkerboard of tilled fields in the nation's heartland represented a vast indebtedness. Nationwide about 29% of farmers were encumbered by mortgages. One contemporary observer estimated 2.3 million farm mortgages nationwide in 1890 worth over $2.2 billion. But farmers in the plains were much more likely to be in debt. Kansas croplands were mortgaged to 45 percent of their true value, those in South Dakota to 46 percent, in Minnesota to 44, in Montana 41, and in Colorado 34 percent. Debt covered a comparable proportion of all farmlands in those states. Under favorable conditions the millions of dollars of annual charges on farm mortgages could be borne, but a declining economy brought foreclosures and tax sales.

 

Railroads opened new areas to agriculture, linking these to rapidly changing national and international markets. Mechanization, the development of improved crops, and the introduction of new techniques increased productivity and fueled a rapid expansion of farming operations. The output of staples skyrocketed. Yields of wheat, corn, and cotton doubled between 1870 and 1890 though the nation's population rose by only two-thirds. Grain and fiber flooded the domestic market. Moreover, competition in world markets was fierce: Egypt and India emerged as rival sources of cotton; other areas poured out a growing stream of cereals. Farmers in the United States read the disappointing results in falling prices. Over 1870-73, corn and wheat averaged $0.463 and $1.174 per bushel and cotton $0.152 per pound; twenty years later they brought but $0.412 and $0.707 a bushel and $0.078 a pound. In 1889 corn fell to ten cents in Kansas, about half the estimated cost of production. Some farmers in need of cash to meet debts tried to increase income by increasing output of crops whose overproduction had already demoralized prices and cut farm receipts.

Railroad construction was an important spur to economic growth. Expansion peaked between 1879 and 1883, when eight thousand miles a year, on average, were built including the Southern Pacific, Northern Pacific and Santa Fe. An even higher peak was reached in the late 1880s, and the roads provided important markets for lumber, coal, iron, steel, and rolling stock.

The post-Civil War generation saw an enormous growth of manufacturing. Industrial output rose by some 296 percent, reaching in 1890 a value of almost $9.4 billion. In that year the nation's 350,000 industrial firms employed nearly 4,750,000 workers. Iron and steel paced the progress of manufacturing. Farm and forest continued to provide raw materials for such established enterprises as cotton textiles, food, and lumber production. Heralding the machine age, however, was the growing importance of extractives -- raw materials for a lengthening list of consumer goods and for producing and fueling locomotives, railroad cars, industrial machinery and equipment, farm implements, and electrical equipment for commerce and industry. The swift expansion and diversification of manufacturing allowed a growing independence from European imports and was reflected in the prominence of new goods among US exports. Already the value of American manufactures was more than half the value of European manufactures and twice that of Britain.

 

BANK CORRUPTION AND GREED - DEPRESSION BEGINNING 1893

Whitten again writes:

The Depression of 1893 was one of the worst in American history with the unemployment rate exceeding ten percent for half a decade. This article describes economic developments in the decades leading up to the depression; the performance of the economy during the 1890s; domestic and international causes of the depression; and political and social responses to the depression.

The Depression of 1893 can be seen as a watershed event in American history. It was accompanied by violent strikes, the climax of the Populist and free silver political crusades, the creation of a new political balance, the continuing transformation of the country's economy, major changes in national policy, and far-reaching social and intellectual developments. Business contraction shaped the decade that ushered out the nineteenth century....

II.  THE GOLDEN AGE OF 1848-1857 -- FOLLOWED BY BANKING GREED AND CORRUPTION AND THE DEPRESSION OF 1857**

Donald J. Mabry, in his article ‘Economic History, 1843 -1857’ describes the vigorous American expansion of this Day-Cycle.  The inflation of the masculine Day-Cycle bubble brings inflated prices, an inflated sense of national mission, and an inflated masculine power that seems magical and unstoppable.

From 1843 to 1857, the market economy showed what it could do without a major economic depression. The results were impressive. In the 1844-1854 period, the total value of all commodities rose 69%. In the 1840s, output per worker rose an average 10% in the 1850s, 23%. In part, it was simply a further acceleration of the market economy after the 1837-1843 depression.

Commercial agriculture grew faster than ever. By 1846, the formerly protectionist Northwest was exporting so much wheat to foreign markets that it became a free trade area and voted for low tariffs in 1846. By 1850, the Northwest exceeded the Northeast in wheat production with as the wheat growing areas moved into Wisconsin, Iowa, eastern Kansas and Nebraska. The use of the mechanical reaper pushed wheat production from 30 million bushels in 1850 to 100 million in 1860. Meat packing and the production of corn and hogs was almost as spectacular. In the South, in the 1840s, cotton production increased 60% and, in the 1850s, increased 100%. The increasing productivity and profitability brought an increase in slave prices as plantation owners, faced with labor shortage, competed with each other for workers. In the 1790s, a prime field hand sold for $300; by 1840, the amount was $1,000; and by 1860, $1,500. Some of this price increase was simply inflation but the figures indicate that the prices were climbing.

The growth of regionally-specialized commercial agriculture was closely tied to the development of a national system of transportation and communication. The railroad network created in the 1850s brought the railway system to full efficiency. In the 1840s, there were only 6,000 miles of track in the nation, by 1852, there were 12,000 miles; and, by 1860, there were 30,000 miles. By 1857, one billion dollars had been invested in railroads, two-thirds during 1850-1857. By the early 1850s, the completion of 5 trunk lines connecting Boston, New York, Philadelphia, Baltimore, and Charleston with Ohio and Mississippi by way of Albany, Buffalo, Pittsburgh, Wheeling, Atlanta, Chattanooga and on to Chicago, St Louis, and Memphis. One could go from the Atlantic Coast to Chicago or St Louis in two days for $20. Numerous feeder lines meant that even more locales could use railroad transportation.

American exports grew from $144 million dollars in 1850 to $334 million in 1860, but imports were greater than exports . The trade deficit grew from $5 million in 1850 to $58 million in 1860 and was met by the exportation of gold.

Immigration surged upwards, especially from Ireland and the German-speaking parts of Europe. Before 1825, there were 10,000 immigrants yearly. By the mid-1840s, ten times as many or 100,000 a year were coming. By the early 1850s, the number had reached 400,000 a year. In the 1844-1854 period, 3 million immigrants came. They did factory work, the dirty work in railroad and canal construction, domestic service, and any other jobs that they people who were already in the US would not do them. The Germans tended to settle in the Mid West; the Irish tended to stay in the Northeast. The Irish started displacing the women who worked in New England and other Northeastern factories. So many came that strong resentment against them grew in many places. A common expression about the Irish was "it's a good thing the wheelbarrow was invented; it taught the Irish to walk on their hind legs."

Their coming to the United States helped grow the economy. Immigration is a subsidy of the receiving country. Most people do not realize this. From the time a child is born until he or she immigrants, people had to pay to raise that child. In other words, a capital investment is made. When the person immigrates, then the country to which the person goes gets the benefit of that capital investment while the sending company loses it. So immigration represents a source of wealth for the receiving country. That immigrants tend to be healthy, ambitious people means that the investment is worth a great deal to the receiving country.

The rounding out of the vast and lucrative market set the stage for the Industrial Revolution to occur in the US. From the 1850s on, industry was the motor for economic expansion. Large-scale factory production had been developing since the War of 1812. There was such growth in the 1840s that, by 1850, the value of manufactured products exceeded the value of agriculture. From 1850 to 1860, the value of manufactured goods went from just over $1 billion to just under $2 billion. The value added by manufacture rose 157% from 1839-1849. From 1844-1854 it rose 134%.

Cotton textiles were the pioneer industry. Samuel Slater learned in his native Britain about Arkwright's spinning and carding machines; he immigrated to the US in 1789 and built similar machines from memory. In 1793, he created the first US cotton mill in Pawtucket, Rhode Island. The industry boomed during the War of 1812 because demand increased and imports were difficult to obtain. Successful merchants saw the profits and began investing money in manufacturing. In Massachusetts in 1813, Francis Cabot Lowell headed a group who founded the Boston Manufacturing Company in Waltham, Massachusetts with $600,000. It used an efficient power loom and spinning machine he had created with another man. His mill was probably the world's first mill in which were performed all operations converting raw cotton into finished cloth. This system spread to wherever water power was available. It used the assembly line techniques developed by Eli Whitney of Connecticut. The assembly line technique spread to other products, hog butchering and packing being one example.

The iron industry grew to meet the demand for new machines. Railroads were big consumers as the locomotives and railroad cars were made of iron and ran on iron rails. Iron was strong and malleable as increasingly was used in machines.

By the 1840's , manufacturing was not as dependent upon waterfalls; stationary steam engines allowed the location of factories in cities. With that development, cities began to grow rapidly as working families flocked to them and others went to sell them products. By 1860, greater New York City had over one million people. Sizable cities such as St Louis and Cincinnati had come on the old frontier.

With the rise of industry came a new working class. Lowell hired farm and small town girls to work in his factory. These Waltham Girls were carefully supervised at work and at leisure so their parents would let them leave home. Many sought to earn enough for a dowry; others supplemented the family income. For most industrial workers, wages were low, hours were long, employment was tenuous, working conditions were hard, and living conditions were bad. Some workers tried to organize unions to improve the situation but the constant stream on immigrants, who would accept any condition, meant that unions were rarely effective.

As a greater percentage of men were working in factories rather than on farms, the ability of men to raise their children declined. Farming allowed men to raise children, for he could keep an eye on them, but, unless his child worked in the same factory, a father had little opportunity to see his child. Often, the child worked under a foreman in a different place than the father. Industrialization, although it had many social and economic benefits, meant that men who loved their children had to leave them to others to raise.

Men, women, and children were willing to pay the price for the economy was the most prosperous the country had ever seen. Farm work involved very long hours for everyone, hours shortened only by darkness. Children had chores. One of the reasons to have children was that they consumed less than they produced. Factory work differed because the work day did not shorten or lengthen with the seasons. Here, too, most members of a family, if not the entire family, worked. The payoff was a higher standard of living. Immigrants flocked to factories and mines; the jobs that had to be done did not require much English. They also flocked to farming communities which used free labor; they tended to stay away from the South since they did not want to compete with slave labor.

With prosperity, people were generous; there seemed to be more than enough to go around. Sectional tensions were at a low ebb. The US Congress gave away 18 million acres of land to railroad companies between 1850 and 1860 to get transcontinental railroads built. The South, which believed cotton was king, supported railroad construction because it wanted to get cotton to markets. Industrial expansion did well even under the low tariff of 1846, which had been supported by agrarian interests. Settlement was expanding as Americans went westward, some across the Oregon Trail. The Mormons had to leave the US in 1846-47 to find refuge in Mexico but the Mexican War (1846-48) swallowed Utah as part of the Mexican Cession. The gold strike in 1849 near San Francisco encouraged thousands to go to California. The cotton frontier was expanding westward into the Mississippi Delta region and further westward into eastern Texas.

BANKING GREED AND CORRUPTION - DEPRESSION BEGINNING 1857

J.S. Gibbons writes in The Banks of New York, Their Dealers, the Clearing-House, and the Panic of 1857.          

 The major financial catalyst for the panic of 1857 was the August 24, 1857, failure of the New York branch of the Ohio Life Insurance and Trust Company. It was soon reported that the entire capital of the Trust's home office had been embezzled. What followed was one of the most severe economic crises in U.S. history.

Almost immediately, New York bankers put severe restrictions on even the most routine transactions. In turn, many people interpreted these restrictions as a sign of impending financial collapse and panicked. Individual holders of stock and of commercial paper rushed to their brokers and eagerly made deals that "a week before they would have shunned as a ruinous sacrifice." As the September 12, 1857, Harper's Weekly described the scene on the New York Stock Exchange, "…prominent stocks fell eight or ten per cent in a day, and fortunes were made and lost between ten o'clock in the morning and four of the afternoon."

The Report of the Clearinghouse Committee, produced in the years following the panic of 1857, found that "A financial panic has been likened to a malignant epidemic, which kills more by terror than by real disease." Yet behind the reaction of New York's bankers to the closing of a trust company lay a confluence of national and international events that heightened concern:

The British withdrew capital from U.S. banks; grain prices fell; Russia undersold U.S. cotton on the open market; manufactured goods lay in surplus; railroads overbuilt and some defaulted on debts; land schemes and projects, dependent on new rail routes, failed.

To compound the problem, the SS Central America, a wooden-hulled steamship transporting millions of dollars in gold from the new San Francisco Mint to create a reserve for eastern banks, was caught in a hurricane and sunk in mid-September. (The vessel had aboard 581 persons—many carrying great personal wealth—and more than $1 million in commercial gold. She also bore a secret shipment of 15 tons of federal gold, valued at $20 per ounce, intended for the eastern banks.)

As banking institutions of the day dealt in specie (gold and silver coins instead of paper money) the loss of some thirty thousand pounds of gold reverberated through the financial community. Howell Cobb, secretary of the treasury, encouraged not only the placement of vast amounts of such government gold on the market, but also redemption of government bonds at a premium. At his suggestion, President James Buchanan proposed to Congress that the Treasury be authorized to sell revenue bonds for the first time since the Mexican American War.

Although bankers showed the first signs of concern, depositors soon followed. On October 3 there was a marked increase of withdrawals in New York, and over the next two weeks withdrawals nearly quadrupled. Reports of financial instability, perhaps exaggerated, were quickly carried between cities by the new telecommunications medium, the telegraph.

As the public's faith in soundness of financial institutions continued to plummet, the nation's banks began to collapse. Although the East Coast was hardest hit—with bank closures in New York, Philadelphia, Baltimore, and elsewhere, bank failures also reached across the Missouri River to cities such as Omaha. The climax came on October 14, ”Suspension Day, when banking was suspended in New York and throughout New England.

The term panic refers to the worst moments of a financial crisis. What follows is frequently a recession (a period of reduced economic activity) or a depression (a more serious and prolonged period of low economic activity, marked especially by rising unemployment). The contraction of the economy that followed the panic of 1857 was profound and had parallels in Europe, South America, South Africa, and the Far East causing it to be held as the first worldwide economic crisis.

In the U.S., the setback caused significant job loss; a major slowdown in capital investment, commerce, land development, and the formation of unions, as well as in the rate of immigration. The effects of the "revulsion," as it was referred to at the time, lasted a full eighteen months and reverberated until the onset of the Civil War.

 

III.  THE GOLDEN AGE OF 1812 – 1821 - FOLLOWED BY BANKING GREED AND CORRUPTION AND THE DEPRESSION OF 1819 (This Depression came 2 years early.) ***

1817 is dubbed the ‘Era of Good Feeling’.  This is comparable to the ‘Roaring Twenties’ and ‘Happy Decade’ of the 1990’s in America, before the economy imploded and left millions out of work and with little hope.

The Panic of 1819 was, according to historian David Reynolds, ‘the first great American depression’.   Reynolds writes in Waking Giant: American in the Age of Jackson:

All the way back during the Presidency of James Monroe, American workers got a harsh lesson in the vicissitudes of capitalism when the economy crashed. The Panic of 1819 initiated the nation’s first major depression.

As in the case today, that crash, too, resulted from a confluence of national and international events. In the heady atmosphere after the War of 1812, both U.S. imports and exports surged.

This was the first of several severe downturns that would tarnish America’s otherwise vigorous economy throughout the 19th century.

European demand for American goods, especially agricultural staples like cotton, tobacco, and flour, increased. To feed the overheated economy, state banks proliferated, and credit was easy.

The federal government offered for sale vast tracts of western lands, fueling real estate speculation funded by bank notes. Reserves of specie, or hard money, plummeted, especially in the West and the South.

As early as 1814, Thomas Jefferson warned, “We are to be ruined by paper, as we were formerly by the old Continental paper.” Two years later, he asserted that “we are under a bank bubble” that would soon burst.

The Second Bank of the United States was supposed to steady the economy, but gross mismanagement in its early phase sapped its effectiveness.

The bank’s first president, William Jones, instead of taking steps to regulate the nation’s currency, doled out huge loans that fed speculation and inflation. He also kept lax watch over state banks, where fraud and embezzlement created chaos.

A congressional committee’s proposal to terminate the nearly insolvent Bank of the United States had little backing — because 40 members of Congress held stock in the bank.

The bank’s problems arose at precisely the wrong moment, when the economy needed a firm rudder during its postwar expansion. Jones resigned and was replaced by the South Carolina congressman Langdon Chews — and later by the Philadelphia lawyer Nicholas Biddle.

Although the bank sharply contracted loans in 1818, the damage had been done. The Bank of the United States, far from helping the economy, was among the destabilizing forces that led to the depression of 1819.

At the same time, swelling crop yields in Europe reduced the demand for American farm products, whose prices plunged. An economic contraction in Europe led banks there to reduce credit. The crisis abroad, coupled with the contraction at home, forced American banks to call in their loans as well.

By early 1819, credit, once so easy, was unavailable to many Americans. With specie reserves depleted many American banks failed, and other businesses followed. Sales of public lands plummeted. Unemployment soared, and in some regions food and other basic necessities were difficult to come by.

Especially hard hit were cities outside of New England like Philadelphia, Pittsburgh, and Cincinnati. Farmers suffered too, though many survived by resuming a subsistence lifestyle.

With insolvency rife, prisons were overcrowded with debtors. The depression lingered for two years. It was the first of several severe downturns that would tarnish America’s otherwise vigorous economy throughout the 19th century.

The Panic of 1819 fostered mistrust of banks, bankers and paper money. The volatile Tennessee politician Davy Crockett spoke for many when he dismissed “the whole banking system” as nothing more than “a species of swindling on a large scale.”

 

IV.  THE GOLDEN AGE OF 1776-1785 -- FOLLOWED BY DEPRESSION AND DEFLATION ****

 We know about the Golden Age of the Declaration of Independence and victory over England in America’s Revolutionary War. 

Robert A. Becker writes in A Companion to the American Revolution:

The states ended the war, as did Congress, with massive debts to pay.  Virginia’s public debt stood at 4,250,000 pounds in 1784; Massachusetts’ (debt) at about 1,500,000 pounds in 1785.  The state debts included money owed for supplies, their old depreciated war currencies, some of which still circulated, and debts owed to soldiers for back pay.  The post-revolutionary states regularly allocated 50% to 90% of their revenues to pay the interest they owed on their revolutionary debts.  To raise it, and some principal, the states levied heavy new general taxes, and tried where possible to collect indirect taxes, such as imposts – the very revenues Congress wanted to appropriate for the national debt.  The politics of postwar finance and taxation in every state was, then, a matter of vigorous an occasionally violent dispute….

The legislature’s refusal to relent on its deflationary debt policy in the midst of the postwar depression was in part responsible for the outbreak of rioting in western Massachusetts known as Shays’ Rebellion.  Throughout the new republic, as taxes rose to sink the states’ debts in the midst of deflation and depression, angry taxpayers began demanding relief – tax abatements and postponements, the right to pay in virtually any sort of outstanding ste or federal notes or certificates, or to pay in commodities and produce.  Most state (Massachusetts excepted) adopted extensive tax relief programs in the mid-1780’s…

General Henry Knox, the Commander of U.S. forces who opposed tax rebels in 1786, wrote:

As the situation worsened in 1786 armed bands of impoverished debtors forcibly prohibited courts from sitting including the Court of Quarter Sessions in Worcester County. Violence was most intense in New England and the Northeast, where population pressures combined with depleted soil to press subsistence [sp] farmers to desperation. Rioting mobs intent on preventing the enforcement of judgements [sp] against debtors struck in many areas, including New York, Connececut [sp], Vermont, New Hampshire, Rhode Island, and Massachusetts.

In Massachusetts, Connececut [sp], and Rhode Island the discontent was organized along military lines. thousands of men, commanded by continental army Veterans and current officers of the Massachusetts state militia, were organized into rebel regiments."

The most important military engagement of these revolts was Shays' Rebellion, a battle for a Federal arsenal at Springfield, Massachusetts, on January 25, 1787.

Their Creed is, that the property of the United States has been protected from the confiscations of Britain by the joint exertions [sp] of all, and therefore out to be the common property of all; and he that attempts opposition to this creed is an enemy to equality and justice and ought to be swept from the face of the Earth.