New England -- History -- Colonial period, ca. 1600-1775
The emigrants had anticipated that two days a week would be allowed them
for their own profit, and that, at the end of the seven-year period,
they would retain individual possession of their houses and improved
lands. Indeed, it was only after they were so far committed to the
scheme that many of them could not well turn back, that they found this
was not to be the case.[213] The merchants, however, can hardly be
blamed for refusing to allow so large a vent for possible profits to
slip through. It was the general custom at the time for any one going to
the colonies, who could not pay his way, to become an indentured servant
for seven years in exchange for his transportation.
Footnote 213:
The text of agreement and objections is in Bradford, _Plymouth_, pp.
45 _ff._
The suggestion of the emigrants that one third of their working time,
and the permanent improvements, as well as the land on which they lived,
should accrue to themselves, and in no part to those who were providing
the means, must have seemed as grasping to the Adventurers as their
attitude, in turn, seems to have been considered by the Pilgrims. The
exact amount put into the venture by the capitalists, during their
connection with it, cannot now be determined accurately; but according
to Captain John Smith, there were about seventy of them, and the joint
stock invested up to 1624 was about £7,000.[214] The greater part must
have been subscribed by the Adventurers, not by the emigrants; so that,
making all due allowances for the share contributed by the latter, and
for returns made subsequently by their efforts in America, the final
loss on the part of the capitalists was very heavy. Their judgment as to
the risk their money was running was thus unpleasantly justified. They
were not subscribing to foreign missions, but employing their capital in
a purely business venture, and the terms, as business was conducted at
that time, cannot be considered as at all harsh. Cushman, in London, who
was acting as agent for the Leyden people, fearing the failure of the
entire enterprise if the merchants' terms were not accepted, exceeded
his authority, and agreed to them, to the great resentment of his
principals, who refused to sign the revised contract.
Footnote 214:
Smith, _Works_, vol. II, p. 783.
Public-domain text, read in full here on John Shaqi.
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