Debts hopeful and desperate : $b Financing the Plymouth ColonyMcIntyre, Ruth A.
History
Debts hopeful and desperate : $b Financing the Plymouth Colony
McIntyre, Ruth A.
Massachusetts -- History -- New Plymouth, 1620-1691
It took two years of negotiations before the adventurers agreed with
Isaac Allerton to accept the following terms for winding up the
old stock. They signed them in London on November 16, 1626. Then,
reluctantly but courageously, the members of the colony known as the
“Undertakers” pledged their own credit to carry them out. The forty-two
adventurers signing the composition in London[20] consented to sell to
their associates in New Plymouth all the shares of the stock in the
lands or merchandise up to now belonging to them both. The “generality”
in Plymouth in turn undertook to pay £1800 in annual installments of
£200 each, to be paid at the west side of the Royal Exchange in London,
beginning in September 1628. The five merchants designated to receive
the payments were John Pocock, John Beauchamp, Robert Keane, Edward
Bass, and James Sherley. The Pilgrims also assumed £600 remaining of
the debts of £1400 which Sherley reported the company owed in 1624.
How this compared as a return with the original sums invested in the
plantation at Plymouth, we do not know. Captain John Smith reported in
1624 that altogether £7000 had been spent, and it has been suggested
that £5600 of this was share capital, and £1400 debts, so that in
repaying £1800 the colony was giving back to the London adventurers
only one third of the share capital.[21]
The London investors were linked by common associations
As we move beyond the period dominated by the company of merchant
adventurers, how are we to characterize this group? What was their
usual form of business, and had they other colonial interests besides
Plymouth? Did they sympathize with the religious aims of the emigrants,
or were they simply indifferent to them as long as profits beckoned?
Captain John Smith’s statement that Plymouth was financed by “... about
70. some Merchants, some handy-crafts men, some adventuring great sums,
some small, as their estates and affections served,” is revealing, but
to discover answers to these questions requires close analysis of the
names of the individual subscribers.
This is the complete list of merchants known to have invested in
the Colony. It includes the signers of the composition of 1626 as
Bradford recorded them in his Letterbook, and, in brackets, five
other persons. Names have been rearranged alphabetically. Spellings
follow Bradford.
Public-domain text, read in full here on John Shaqi.
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