Tobacco in Colonial Virginia: "The Sovereign Remedy"Herndon, G. Melvin
History
Tobacco in Colonial Virginia: "The Sovereign Remedy"
Herndon, G. Melvin
Tobacco -- Virginia -- History; Virginia -- History -- Colonial period, ca. 1600-1775
In the 1670's prices climbed to one and one-half pence, but a
tremendous crop in 1680 glutted the market again. The crop was said to
have been so large that it would have supplied the demand for the next
two years, even if none were produced in 1681. The General Assembly
once again came to the aid of the planter by rating tobacco in payment
of debts at one and one-fifth pence in 1682, and two pence in payment
of quit-rents in 1683. Once again Virginia renewed attempts to bring
about a cessation of production, but the English government refused to
permit such action claiming that it would stimulate foreign production
and thereby reduce the revenue to the Crown. In April, 1682 the General
Assembly convened but was prorogued by Lieutenant Governor Sir Henry
Chicheley a week later, when it was apparent that the members were
determined to discuss nothing but the cessation of tobacco. A week
later a series of plant cuttings broke out in Gloucester County
followed by others in New Kent and Middlesex counties. Approximately
10,000 hogsheads of tobacco were destroyed before these riots were put
down by the militia. Probably as a result of this destructive act,
prices rose to two and a half pence in 1685, but a bumper crop of over
18,000,000 pounds in 1688, the largest ever produced to that date,
caused prices to drop to one penny per pound in 1690.
Throughout most of the seventeenth century the tobacco planters were
plagued with the problem of overproduction and low prices. To add to
their woes the entire eighteenth century was one of periodic wars
either in Europe or in America, or both. King William's War ended in
1697 and the following year tobacco prices soared to twenty shillings
per hundred pounds and prices remained good for the next few years. The
outbreak of Queen Anne's War and another 18,000,000 pound crop ushered
in another depression. Several thousand hogsheads of tobacco shipped on
consignment in 1704 brought no return at all, and the next year many of
the planters sold their tobacco for one-fourth of a penny per pound.
Instead of attempting to limit production in an effort to relieve the
market conditions, these low prices caused the planters to increase
production as they attempted to meet their obligations. In 1709 tobacco
production reached an all-time high of 29,000,000 pounds.
Public-domain text, read in full here on John Shaqi.
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