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
Sherley insisted that he had sold no furs for his own profit, but had
informed Beauchamp and Andrews when he disposed of any. In a final
balance of all records he was sure that Plymouth would still owe
him money, not he owe his copartners, for the latter had adventured
absolutely nothing since 1631. He, not they, had carried the burden
in London in the “sickly” years of 1635 and 1636. With this defense,
Bradford says, Beauchamp and Andrews failed to win the suit,[46] and
indeed, Sherley’s letters confirm that his credit was sorely taxed in
the 1630s.
Through arbiters, Plymouth and London reach a financial settlement
While this dispute was in progress, however, the Pilgrims were so
perplexed about its rights that they were persuaded to send 1,325
pounds of beaver directly to the other two partners, hoping to satisfy
their claims that Sherley had paid them nothing. After selling it,
Beauchamp chalked off £400 of their debt, but Andrews, through
mismanagement, sold his at a loss and in 1642 still claimed between
£500 and £600. He finally agreed to accept payment in cattle to
Governor John Winthrop of Massachusetts Bay and designated the “godly
poor men” and “poor ministers” of that colony as the beneficiaries of
Plymouth’s debt. In addition, Andrews and Beauchamp received land in
Scituate, one of several flourishing daughter towns now settled in
Plymouth.[47]
Meanwhile the business with Sherley was wound up at last. Trade with
him had already broken off because of distrust of his repeated delays
in accounting to his London partners. For fear of legal reprisals from
any of these, it was decided not to risk sending another agent to
London but to have some “gentlemen and merchants in the Bay” hear the
dispute. Even “though it should cost them all they had in the world,”
the “Undertakers” promised to accept their award. This decision was
prompted by two considerations. First, they feared that the price of
cattle, by now a greater source of income than furs, might drop and
change their circumstances. Also, the colony’s founders, surviving
into old age, wished to clear up their affairs before death overtook
them. Sherley himself believed that lawyers would be “the most gainers”
from legal action, and therefore selected John Atwood and William
Collier, recent merchant arrivals in Plymouth from London, to draw up a
composition. Another participant in the settlement was Edmund Freeman,
Beauchamp’s brother-in-law, and now the leading citizen of Sandwich.
After laborious days of investigation of accounts, they estimated
everything left in Plymouth of the old stock, housing, boats, the bark
and goods for the Indian trade, and “all debts, as well those that were
desperate, as others more hopeful,” at £1400.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account