History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial TimesMyers, Gustavus
History
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times
Myers, Gustavus
United States -- Economic conditions; Wealth -- United States
It would appear that in New York, at least, the practice of the most
audacious usury was an early and favorite means of acquiring the
property of others. These others were invariably the mechanic or
laborer; the merchant dared not attempt to overreach the aristocrat
whose power he had good reason to fear. Money which was taken in by
selling rum and by wheedling the unsophisticated Indians into yielding
up valuable furs, was loaned at frightfully onerous rates. The loans
unpaid, the lender swooped mercilessly upon the property of the
unfortunate and gathered it in.
The richest merchant of his period in the province of New York was
Cornelius Steenwyck, a liquor merchant, who died in 1686. He left a
total estate of L4,382 and a long list of book debts which disclosed
that almost every man in New York City owed money to him, partly for
rum, in part for loans.[32] The same was true of Peter Jacob Marius, a
rich merchant who died in 1706, leaving behind a host of debtors, "which
included about all the male population on Manhattan Island."[33] This
eminent counter-man was "buried like a gentleman." At his funeral large
sums were spent for wine, cookies, pipes and tobacco, beer, spice for
burnt wine and sugar--all according to approved and reverent Dutch
fashion. The actual currency left by some of these rich men was a
curious conglomeration of almost every stamp, showing the results of a
mixed assemblage of customers. There were Spanish pistoles, guineas,
Arabian coin, bank dollars, Dutch and French money--a motley assortment
all carefully heaped together. Without doubt, those enterprising pirate
captains, Kidd and Burgess, and their crews, were good customers of
these accommodating and undiscriminating merchants. It was a time when
money was triply valued, for little of it passed in circulation. To a
people who traded largely by barter and whose media of exchange, for a
long time, were wampum, peltries and other articles, the touch and clink
of gold and silver were extremely precious and fascinating. Buccaneers
Kidd and Burgess deserved the credit for introducing into New York much
of the variegated gold and silver coin, and it was believed that they
long had some of the leading merchants as their allies in disposing of
their plundered goods, in giving them information and affording them
protection.
THE TRADERS' METHODS.
Public-domain text, read in full here on John Shaqi.
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