History professor Jeffrey Rogers Hummel has a fascinating article on the lessons from 19th century America, when many states had to default because they had borrowed enormously for foolish “internal improvement” projects, mainly canals. Fortunately, they did not get a federal bailout, as Henry Clay and the Whigs wanted. Because they had to suffer the consequences of their actions, they learned valuable lessons. Possibly, Hummel suggests, the federal government would have to become more responsible if it defaulted on its obligations. That would be beneficial to nearly everyone.