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
Meanwhile, several circumstances fed Plymouth’s dissatisfaction with
James Sherley, including his continuing to do business with Allerton.
After selling the latter the controversial ship, Sherley nevertheless
could write with unctious fervor, “Oh the grief and trouble that man,
Mr. Allerton, hath brought upon you and us! I cannot forget it, and to
think on it draws many a sigh from my heart and tears from my eyes.”
Yet he rescued Allerton from trouble with his ship, sent Plymouth’s
supply on board it in 1632, and allowed him easy terms. It was hard to
reconcile Sherley’s depressing complaints about his own heavy debts
with this extension of credit to Allerton and participation in other
ventures, such as sending Captain William Peirce to Massachusetts Bay.
Unfortunately, Peirce’s ship met disaster on her way home in 1632, so
the beaver that Plymouth had entrusted to her, along with some of their
accounts, was “swallowd up in the sea.”
By 1636 Bradford reckoned that Plymouth had sent to England about
12,530 pounds of beaver estimated to be worth more than £10,000, with
1,156 otter skins to pay the freight charges. Because of Winslow’s
shaky accounts, they could only estimate the receipts of English goods.
They thought these cost about £2000, and even if the debt of £4770 was
increased, they could not understand why the fur receipts would not
have more than paid it off. One explanation probably is that Sherley
was unable to sell all of the beaver at the high prices they had
counted on. During the plague year of 1636 he complained that prices
dropped to 8s. a pound. Also, Sherley was unable to determine just
how many skins belonged to the “Undertakers’” account, and how many
Winslow had bought from settlers who had no part in the “Undertakers’”
scheme.[45]
The London partners quarrel among themselves
To the problem of extricating the Plymouth venture from its financial
straits a new one was now added. A quarrel had broken out among the
English partners themselves, James Sherley, John Beauchamp, and Richard
Andrews. These men had shared in the debts incurred after 1626 to keep
Plymouth supplied. The Pilgrims had expected all three to profit from
the large quantities of furs shipped after 1631. Instead, in 1640
Beauchamp and Andrews revealed a rift with Sherley of several years
standing. They complained in court that they had not received a fair
share of the returns on their investment and tried to force a full
accounting of Sherley’s transactions with Plymouth. This suit, with its
contradictory sets of figures, exposed the nature of their association.
Public-domain text, read in full here on John Shaqi.
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