The True George Washington [10th Ed.]Ford, Paul Leicester
History
The True George Washington [10th Ed.]
Ford, Paul Leicester
Generals -- United States -- Biography; Presidents -- United States -- Biography; Washington, George, 1732-1799
As these extensive land ventures bespoke a national characteristic, so
a liking for other forms of speculation was innate in the great
American. During the Revolution he tried to secure an interest in a
privateer. One of his favorite flyers was chances in lotteries and
raffles, which, if now found only in association with church fairs,
were then not merely respectable, but even fashionable. In 1760 five
pounds and ten shillings were invested in one lottery. Five pounds
purchased five tickets in Strother’s lottery in 1763. Three years later
six pounds were risked in the York lottery and produced prizes to the
extent of sixteen pounds. Fifty pounds were put into Colonel Byrd’s
lottery in 1769, and drew a half-acre lot in the town of Manchester,
but out of this Washington was defrauded. In 1791 John Potts was paid
four pounds and four shillings “in part for 20 Lottery tickets in the
Alexa. street Lottery at 6/ each, 14 Dollrs. the Bal. was discharged by
2.3 Lotr prizes.” Twenty tickets of Peregrine and Fitzhugh’s lottery
cost one hundred and eighty-eight dollars in 1794. And these are but
samples of innumerable instances. So, too, in raffles, the entries are
constant,—“for glasses 20/,” “for a Necklace £1.,” “by profit & loss in
two chances in raffling for Encyclopadia Britannica, which I did not
win £1.4,” two tickets were taken in the raffle of Mrs. Dawson’s coach,
as were chances for a pair of silver buckles, for a watch, and for a
gun; such and many others were smaller ventures Washington took.
There were other sources of income or loss besides. Before the
Revolution he had a good sized holding of Bank of England stock, and an
annuity in the funds, besides considerable property on bond, the larger
part of which, as already noted, was liquidated in depreciated paper
money. This paper money was for the most part put into United States
securities, and eventually the “at least £10,000 Virginia money” proved
to be worth six thousand two hundred and forty-six dollars in
government six per cents and three per cents. A great believer in the
Potomac Canal Company, Washington invested twenty-four hundred pounds
sterling in the stock, which produced no income, and in time showed a
heavy shrinkage. Another and smaller loss was an investment in the
James River Canal Company. Stock holdings in the Bank of Columbia and
in the Bank of Alexandria proved profitable investments.
Public-domain text, read in full here on John Shaqi.
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