"I have lost a fortune and scarcely able to stand my ground":
Failure and the Other Side of the Self-Made Man
Sarah Kidd
University of Missouri
Failure in the early nineteenth century was a difficult and complex concept
for Americans to grasp. This condition--according to prevailing cultural
and ideological norms--applied to those deemed "unable" to succeed in the
market because of character flaws such as intemperance, a weak work ethic,
or the moral failings of the confidence man. The dominant value of
success and the example of the self-made man seemed to assure middling
Americans that upstanding character would result in financial security
and independence. The Panic of 1819, however, upset the existing
definition of failure and cast a new moral burden on those thought to be
above such vice. For middling Americans, the stigma of failure provided
a painful lession on their frail position in a fickle market. Once
perceived as positive indicators of stability and financial prosperity,
these failing individuals learned that the path to a self-made man might
take a wrong turn and instead end in a self-made failure.