Tocqueville, apparently, was wrong. Jacksonian America was not a fluid,
egalitarian society where individual wealth and poverty were ephemeral
conditions. At least so argues E. Pessen in his iconoclastic study of the very
rich in the United States between 1825 and 1850. Pessen does
present a quantity of examples, together with some refreshingly intelligible
statistics, to establish the existence of an inordinately wealthy class.
Though active in commerce or the professions, most of the wealthy were not
self-made, but had inherited family fortunes. In no sense mercurial, these great
fortunes survived the financial panics that destroyed lesser ones. Indeed, in
several cities the wealthiest one percent constantly increased its share until
by 1850 it owned half of the community’s wealth. Although these observations are
true, Pessen overestimates their importance by concluding from them that the
undoubted progress toward inequality in the late eighteenth century continued in
the Jacksonian period and that the United States was a class-ridden, plutocratic
society even before industrialization. The author’s attitude
toward Pessen’s presentation of statistics can be best described as
A. disapproving
B. shocked
C. suspicious
D. amused
E. laudatory