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
Thus ended the history of Plymouth Colony as a business venture.
Even after careful study of all the details we know, it is hard to
interpret and correctly assess whether the London capitalists or the
colony can really be blamed for the contradictory financial muddle.
In their somewhat uneasy alliance, the Londoners with spare funds and
the group of obscure artisans and small farmers, mostly dissenters
from the established church, no doubt emphasized different goals. Most
of the merchants, while Puritan in religious sympathies, nevertheless
anticipated profits. This appeared to them fitting, since they
risked great loss in so untried a speculation. Then, after Plymouth
was settled and valuable returns established, the Londoners held an
advantage to the end, for they were always in a creditor position as
they continued to supply essential goods at high prices and rates
of interest. The colonists’ payment was slow, interrupted by many
misfortunes and contingencies, but eventually it was made. Although
the investors in the original company lost most of their money, the
businessmen who stayed with the enterprise, such as Sherley, seem to
have increased their capital.
The Pilgrims, too, achieved success, for they had built the essentials
of a free and self-sustaining community. If they were never wealthy in
their new environment, the leaders of Plymouth, developing business
experience and judgment, by 1645 enjoyed modest prosperity. They had
paid off the expenses of shipping over their fellow exiles from Leyden
and bought the livestock and equipment needed as the foundation for
settlement. Ignorance, desertion by their first backers, cruel losses
at sea, their agent’s misdeeds, all had been overcome. They were now
rid of the burdens inherent in the London merchants’ sponsorship of the
colony. Their debts, both “hopeful and desperate,” lay behind.
Notes
[1] William Bradford, _Of Plymouth Plantation_, ed. Samuel E. Morison
(New York, 1952), 16–17, 24, 27, 33, 49. Quotations will ordinarily be
from this modernized version of Governor Bradford’s history. Quotations
from other sources have been modernized. Henry Martyn Dexter, _The
England and Holland of the Pilgrims_ (Boston, 1905), App. 601–641, for
list of occupations; Roland G. Usher, _The Pilgrims and Their History_
(New York, 1918), 35–40, on the economic and religious motives for
removal.
[2] John Smith, _Description of New England_ (1616), is in Smith,
_Works_, ed. Edward Arber (Westminster, 1895), II; for Brewster’s copy,
see “Plymouth Colony, Wills and Inventories,” 1641–1649 (typescript,
Pilgrim Hall, Plymouth, Mass.), 49; Bradford, _Of Plymouth Plantation_,
ed. Morison, 28–29; Smith’s comment on the Pilgrims, Bradford, _History
of Plymouth Plantation_, ed. W. C. Ford, 2 vols. (Boston, 1912), I,
192n. Edward Winslow, _Hypocrisie Unmasked_ (1646), told the story
about consulting God’s will, cited _ibid._, 66n.
Public-domain text, read in full here on John Shaqi.
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