Debts hopeful and desperate : $b Financing the Plymouth Colony — John Shaqi
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
Nothing has been discovered about the remaining adventurers to alter
the character of the group as described above; they were chiefly
Puritan merchants, possessed of substantial means but not great wealth.
It is true that Robert Alden, a prosperous salter, at the opening of
the Civil Wars adhered to the Royalist minority of London citizens.
William Greene, described as “one of the most religious of the
adventurers,” was among those whose opposition to sending out any more
emigrants from Leyden, made him withdraw his support. Another, Thomas
Brewer, lumped together and imprisoned by the royal authorities with
Brownists, by 1640 had become Anabaptist, a sect not tolerated by the
Pilgrims.[35] For the most part, however, a consistency of business,
religious, and political purposes seems to have prevailed among those
who closed out the Company of Adventurers to New Plymouth.
PART II
Plymouth Reorganizes Financially
The colony looks to the fur trade to pay its debts
The method devised for repaying what was a stiff debt for the young
colony, as one writer puts it, “shows considerable business ingenuity.”
With ownership transferred from London to Plymouth, the plantation
became a virtual corporation in fact. Two important matters still had
to be decided. Should all the settlers share in the disposition of the
corporate lands and assets and in the obligation of repayment to the
adventurers? How would they be able to guarantee satisfaction of the
London men? It was wisely decided to include as holders of shares, or
“purchasers,” all men, whatever their former status, who were either
heads of families or single and not indentured servants. At the 1627
division of assets in the form of land and cattle, every such person
received twenty acres of tillable land to add to the one-acre portion
allotted him when the plantation had ended the “common course.” The
livestock was parceled out for a time among twelve groups, a total
of 156 individuals, with every six persons receiving one cow and two
goats. These “purchasers,” of whom in 1640 fifty-three were listed as
living in Plymouth and five in England, were to benefit from subsequent
divisions of land as the colony opened up.
The immediate task of paying the Londoners fell upon a group of eight
leaders, including William Bradford, Miles Standish, Isaac Allerton,
Edward Winslow, William Brewster, John Howland, John Alden, and Thomas
Prence, known as the “Undertakers.” These men founded a partnership to
manage the fur trade of the colony for six years, the time during which
the returns from the Pilgrims’ most profitable business enterprise
were to be devoted to paying the debt and importing essential English
goods. This became the business of the eight who took possession at
once of the company boats and “the whole stock of furs, fells, beads,
corn, wampampeak, hatchets, knives, &c.”
Public-domain text, read in full here on John Shaqi.
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