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
The partnership’s general account thus became simply a convenient place
for Allerton to unload losses, with records “so large and intricate,
as they could not well understand them, much less examine and correct
them without a great deal of time and help....” His lists of all sorts
of expenses took advantage of the Pilgrims’ weakness with accounts:
“£30 given at a clap, and £50 spent in a journey.... Yea, he screwed
up his poor old father-in-law’s [Elder Brewster] account to above £200
and brought it upon the general account ... because he knew they would
never let it lie on the old man....” Puzzled, Bradford admitted that
he did not know “how it came to pass, or what mystery was in it,” that
Allerton even was able to present a list of all “disbursements,” though
it was Sherley who made them during his own absence. In the final
calculations a sizable discrepancy (£2300) arose. Whereas the agent
claimed the partners owed him £300, the latter represented his debt to
them as £2000.
When Sherley wrote that “if their business had been better managed they
might have been the richest plantation of any English at that time,” he
could blame the financial incompetence of the “Undertakers” at Plymouth
as well as Allerton’s deficiencies. Their initial trust in the honesty
of others, however praiseworthy, was no match for the shrewdness of the
businessmen who soon were to make Boston and the Bay colony the center
of trade in New England. Consider how they accepted their associate
Hatherley’s unauthorized “honest word” that they would be discharged
from the _Friendship_’s account, thus permitting Allerton and him to
collect all its returns, even though they paid the Pilgrims only £200.
Then, after Hatherley’s London partners repudiated this discharge, the
Pilgrims were billed for losses, but with no countervailing credits.
“... they were ... now taught how to deal in the world, especially with
merchants, in such cases,” Bradford sadly noted in comment, but the
lesson unfortunately did not improve their keeping of accounts.[43]
Public-domain text, read in full here on John Shaqi.
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