The First Liberty

Challenges to religious liberty are increasingly common today as historical Christianity comes into conflict with a new, secular orthodoxy. In this thoroughly revised second edition of First Freedom, leading evangelical scholars present the biblical and historical foundations for religious freedom in America, and address pressing topics such as: * Religious freedom and the exclusivity of the gospel * The Christian doctrine of religious liberty * Religious liberty and the public square * Religious freedom and the sexual revolution * Baptist contributions to religious freedom, and much more. The contributors equip churches, pastors, and Christian citizens to uphold this “first freedom” given by God and defended by Christians throughout our nation’s history.

Explores the American concept of religious liberty: how it originated, its enactment into law, and its continuing consequences.

At a time when the concept of religion-based politics has taken on new and sometimes ominous tones—even within the United States—it is not only right, but also urgently necessary that William Lee Miller revisit his profound exploration of the place of religious liberty and church and state in America. For this revised edition of The First Liberty, Miller has written a pointed new introduction, discussing how religious liberty has taken on deeper dimensions in a post-9/11 world. With new material on recent Supreme Court cases involving church-state relations and a new concluding chapter on America's religious and political landscape, this volume is an eloquent and thorough interpretation of how religious faith and political freedom have blended and fused to form part of our collective history-and most importantly, how each concept must respect the boundaries of the other. Though many claim the United States to be a "Christian Nation," Miller provides a fascinatingly vivid account of the philosophical skirmishes and political machinations that led to the "wall of separation" between church and state. That famous phrase is Jefferson's, though it does not appear in the Declaration of Independence nor in the Constitution. But Miller follows this seminal idea from three great standard-bearers of religious liberty: Jefferson, Madison, and Roger Williams. Jefferson, who wrote the Virginia Statute for Religious Freedom, the precursor of the First Amendment of the Constitution; James Madison, who was politically responsible for Virginia's acceptance of religious liberty and who, a few years later, helped draft the Bill of Rights; and the even earlier figure, the radical dissenter Roger Williams, who propounded the idea of religious freedom not as a rational secularist but out of a deeply held spiritual faith. Miller re-creates the fierce and vibrant debate among the founding fathers over the means of establishing public virtue in the absence of established religion—a debate that still reverberates in today's passionate arguments about civil rights, school prayer, abortion, Christmas crèches, conscientious objection during warfare—and demonstrates how the right to hold any religious belief has dynamically shaped American political life.

The evolution of “a marvel of modern finance,” the market for U.S. Treasury securities, from 1917 to 1939. The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including “regular and predictable” auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.