The Planters of Colonial VirginiaWertenbaker, Thomas Jefferson
History
The Planters of Colonial Virginia
Wertenbaker, Thomas Jefferson
Slavery -- Virginia; Virginia -- Economic conditions; Virginia -- History -- Colonial period, ca. 1600-1775
In the years from 1630 to 1640, when the price of tobacco seems to have
stabilized itself at from two to three pence, cases of such
extraordinary returns must have been of less frequent occurrence, but to
some extent lower prices were offset by larger crops. If our freedman in
1635 could raise 800 pounds of leaf and dispose of it for four pence,
his income would be £13.6.8; in 1649, by producing 1,000 pounds, he
could sell it at three pence for £12.10.0. In fact, it is not too much
to say that the average annual income from the labor of one able worker
at any time prior to 1660 was not less than £12. When we take into
consideration the fact that the planter produced his own food, and that
out of the proceeds of his tobacco crop he paid only his taxes and his
bills to the English importers, it is evident that he had a goodly
margin of profit to lay aside as working capital.
It must not be forgotten, however, that this margin was greatly reduced
by the high cost of clothing, farm implements and all other articles
brought from across the ocean. The long and dangerous voyage from London
to the Chesapeake made the freight rates excessive, while the merchants
did not scruple to drive a hard bargain whenever possible. The letters
of the Governors are filled with complaints against the exactions of
these men. "This year the Merchants have bought our tobacco with their
commodities at less than a penny the pounde," Harvey wrote in 1630, "and
have not shamed to make the planters pay twelve pounds Sterlinge the
tunn freight home."[4-41] Two years later he complained that a certain
Captain Tucker had just sailed leaving his stores well stocked with
goods, but with "instructions to his factors not to sell but at most
excessive rates."[4-42] In 1628, the Governor, Council and Burgesses, in
a petition to the King, declared that for years they had "groaned under
the oppression of unconscionable and cruel merchants by the excessive
rates of their commodities."[4-43] Six years later Governor Harvey
stated that all things which "come hither" are sold at "thrice the value
they cost in England."[4-44]
It is obvious, however, that after all expenses had been paid, a goodly
margin of profit was left, a margin perhaps averaging some three or four
pounds sterling. The provident and industrious immigrant, a few years
after the conclusion of his term, might well lay aside enough to make it
possible for him in turn to secure a servant from England. This
accomplished, he at once rose into the class of employers and his future
advance was limited only by his capabilities and his ambition.
Public-domain text, read in full here on John Shaqi.
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