I think we need to define capitalism a little bit, because modern connotations can sort of cloud our understanding of these things. Further, the American religious landscape of the 19th century is impossible to generalize. The Second Great Awakening led to the schisming and creation of dozens of new Christian denominations, which separated from one another over issues large and small (the Baptist churches being a great example of this — New Light, Old Light, Primitive, Northern, Southern, etc. being just a few which emerged). Therefore, I can only offer you some broad insight.

If you’re talking about capitalism by way of participating in the stock market (i.e. investing capital), then there was actually a pretty strong cultural current against it. Speculation, as it was called then, was seen as gambling. William Dean Howells’ 1885 novel The Rise of Silas Lapham goes out of its way to condemn speculation, with the title character often claiming that he ‘earned every cent’ of his wealth. This language can be seen outside of literary fiction as well, as in the Fort Scott Daily Monitor (Fort Scott, Kansas; Nov. 4, 1884):

”The increase of the number of bankrupts and the liabilities, and the “shrinkage” in the value of the assets will be due in large proportion to “outside speculations” and to inside speculations also; to stock and “market” gambling in all manners and forms, and to a considerable amount of actual rascality.

Likewise, the Atlanta Constitution newspaper (Atlanta, Georgia; Oct. 13, 1896) twelve years later covers an address given by William Jennings Bryan, challenging Senator William Washburn of Minnesota. The words following are a quote of Washburn given by Bryan.

”Mr. President, the people of this country were startled... when the statement made in an article in one of the magazines a few weeks since that one-half of the property and wealth of this country were owned by 36,000 persons. The millionaires, ten millionaires, the forty millionaires, or the hundred millionaires almost without exception, have neither created nor earned their wealth.

The royal road to wealth has been through illegitimate speculation, stock and grain gambling, market working, railroad wrecking, trusts and the whole family of iniquities that have been developed under the nefarious methods of the exchange of this country.”

Decks of cards have been considered gateways of sin since their invention due to their use in gambling. Because of this, it seems fair to determine that many churches would have been against capitalist speculation, though I confess I don’t have a specific sermon or other primary source to cite here.

Now if you’re talking about capitalism in terms of large-scale production, productivity, and industry, then I might say the opposite. Protestant American Christianity has a long history of condemning idleness and encouraging the virtue of industry. This began with the Puritans and never really went away.

Some prominent examples from the 19th century would be the Shakers, Harmonists, and the Oneida Community — all of which where communitarian Christian sects.

The Shakers are active to this day (albeit in severely diminished numbers) and have been well-known throughout history for their furniture and handicrafts which they would sell in the towns and cities near their communities. Not only did the Shakers keep their hands busy, but their minds as well. We have them to thank for — among other things — the circular saw, thresher, and washing machine. They used the proceeds from their sales to support their community and their various charitable activities (orphanages, etc.).

The Oneida Community may sound familiar — they were the creators of what is, today, the silverware and dishware company. John Humphrey Noyes, the founder of the community, needed to find a way to support his followers. After horticultural subsistence proved unviable in the long-term, the Community turned to making animal traps and — ultimately — silverware.

The Harmonists created three enormously successful towns across Pennsylvania and Indiana. Their combined efforts guaranteed that over one thousand members of the Society (c. 1814-1824, the Indiana decade; Arndt) lived in brick or frame houses, had medical care, food, and access to religious service at a time in Indiana’s history when most settlers in western Indiana were still living in cabins or open-face lean-to’s.

The Harmonists had one of the largest libraries in the Old Northwest and, when they moved back to PA to found Economy, ended up creating one of the first museums of natural history west of the Alleghenies in 1827. Frederick Rapp, the adopted son of the founder and leader of the Society, George Rapp, kept up correspondence with contacts across the nation and managed a business network that shipped Harmonist produce and textiles as far south as New Orleans and as far east as Philadelphia. He was in constant communication with other manufacturing interests and constantly strove to keep the Harmony Society on the cutting edge of productivity, investing in new steam engines, looms, and other machinery.

Interestingly, in the late 19th century, during the Henrici-Lenz trusteeship, the Harmony Society actually began investing heavily into oil and railroads, shifting their economic focus from production to speculation. So, I suppose in at least one case, we can say concretely that an influential religious community supported speculation!

Again, it’s difficult to make broad strokes given the tumult of the Second Great Awakening. Nothing, in history as today, is a monolith — one can always find exceptions, but I hope this was a useful sampler to give you an idea of the perspectives which existed.

Let me know if you have any questions. Obviously the Harmonists are my specialty, but I’ll be happy to try and help in other areas as well.