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FINANCING
THE COLONY |
| "I
make no question now but that New Plymouth will quickly return your
money again. For the most part they are honest and careful
men. However, they have had many crosses." |
Emmanuel
Altham, 1624
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The Mayflower passengers
went heavily into debt to come to
America, borrowing from a group of English "merchant adventurers."
Merchants and passengers together formed a stock company, which held all
money, livestock and land. Assets were to be divided after seven
years.
The Pilgrims were unlucky in their moneymaking efforts. Ships
were lost at sea or captured by pirates. The Pilgrims had to ask for
even more money for supplies.
The debt, which quickly became much larger, was renegotiated in
1626. Eight colonists, with four London associates, undertook to repay
an agreed portion; these "undertakers" shared the debt with 45
Plymouth householders. Click HERE for a quote from the 17th century journal of
Pilgrim Governor William Bradford.
Plymouth Colony was not a success for the investors. The
colonists eventually repaid 1800 pounds; the total invested may have been as
high as 7000 pounds.
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Constance Hopkins' beaver hat
In order to pay off their debts, the Plymouth colonists grew corn
and traded it to Natives in Maine for furs. The furs were
shipped to England and sold at auction to hatters. The
hatters shaved the wool off the pelt and then felted the wool to
produce fashionable and expensive hats such as this.
High-crowned hats, usually with decorative bands, were very
popular in Western Europe for both men and women.
This particular hat found its way back to Plymouth. It was
owned by Constance Hopkins Snow, who voyaged on the Mayflower
as a young teenager. |
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The Pilgrims' primary trading partner was
England. They did not, however, do business with England
exclusively. In 1627, Dutch colonists from New Amsterdam first
visited the Pilgrims to arrange trade relations.
The Plymouth colonists also traded with other English colonies. In
1630. a thousand Puritans came from England to the Massachusetts Bay
Colony north of Plymouth and founded Boston. People from Plymouth
Colony traded with the new arrivals, who needed cattle and finished goods.
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