Millions for Credit: Peace with Algiers and the Establishment of America’s Commercial Reputation Overseas, 1795–96
In September 1795, the United States of America agreed to pay a large sum of money to the independent Ottoman regency of Algiers so that Algiers would not interfere with its trade in and around the Mediterranean. This trade was of great importance for American farmers and merchants, who hoped to meet warring European armies’ increased demand for grain, as well as for the American commercial fleet, which sought to increase its share of the Mediterranean carrying trade. For the next thirteen months, however, the United States struggled to make the payment, and the Dey of Algiers repeatedly threatened to cancel the treaty.  American historians usually describe this series of events as a diplomatic crisis and national disgrace, during which the United States was forced to pay protection money to safeguard its ships from the Algerian corsair fleets mistakenly termed “pirates.” This article argues, however, that the American payment to Algiers benefited the United States by establishing American commercial credit and political credibility overseas. As the treaty payment left the Bank of the United States in Philadelphia, entered the London financial markets, and passed through the hands of merchant houses in Cadiz and Livorno, a diverse group of international creditors became invested in American success. When the payment at last arrived as specie in Algiers, government leaders, diplomats, merchants and insurers around Europe and the Mediterranean had new reason to believe that the credit of the new republic was good.
Uncle Sam in Barbary: A Diplomatic History
This book tells the story of America's first hostage crisis, which began in 1785 with the capture of two American ships off the coast of Portugal, and provides the intriguing details of the diplomacy mobilized to address the crisis. The incident constituted America's first challenge from the Muslim world and led to the creation of the U.S. Navy and to an American naval presence in the Mediterranean, which has continued intermittently to the present. The Algerine corsairs (also known as the Barbary pirates), who seized the American Seamen, played by the strange set of rules that operated 200 years ago along the Barbary Coast. Interested in booty and ransom money, they routinely extorted "tribute" from merchant ships that were not protected by treaty or navies. With no navy of its own and no longer covered by British treaties after the Revolutionary War, the United States eventually had to buy its way to peace with the Barbary powers. By the time the episode was resolved in 1796, American seamen had spent eleven years as prisoners in Algiers and the U.S. had paid close to a million dollars in cash and kind to ransom 103 surviving captives from 13 ships. However, from 1801 to 1805, the U.S. was again at war with Tripoli over the tribute demanded - the struggle celebrated in the opening lines of the Marine Corps Hymn. Although the popular slogan at the time was "Millions for defense, not one cent for tribule," the U.S. eventually paid USD60,000 for a treaty with Tripoli. Uncle Sam in Barbary is based on dispatches, personal papers, and the official communications of those involved, including unpublished Italian and Tunisian documents. Richard Parker puts flesh on the bare bones of the standard narrative of this crisis, bringing to life the fate and identity of the American captives as well as the leaders in Algiers and clarifying for the first time the unhelpful roles played by the British and French. This history offers insights for today about the roles of diplomacy and military force in international relations. A major episode in the foreign affairs of the early Republic, the events involved a roll call of American founding fathers - including George Washington, Thomas Jefferson, John Adams, Benjamin Franklin, James Madison, James Monroe, and Alexander Hamilton.
Industrial Relations in 1988
Undoubtedly, the election of the Hawke Labor Government in 1983 marked a turning point in Australian industrial relations. To a large extent industrial turbulence receded, helped along by global econ omic instability and the influence ofthe Prices and Incomes Accord between the Australian Labor Party and the Australian Council of Trade Union (ACTU). Arguably, the apparent success of the Accord owed something to a widespread concern within unions that the election of a Liberal-National Party government at the federal level would have resulted in a major pro gram of economic regulation, especially in relation to the institutions ofthe labour market. During 1988, despite an increasingly buoyant economy, the continuing influence of these economic and political conditions ensured that the level of industrial disputation remained subdued by historical stan dards, though those opposed to the nascent corporate state or centralised wage fixing may have been heartened by signs that wage restraint was fraying at the...