Debts hopeful and desperate

Financing the Plymouth Colony
by Ruth A. McIntyre
PLIMOTH PLANTATION
© Plimoth Plantation, Inc., 1963
The publication of this study was made possible through a grant to Plimoth Plantation by the partners of Hornblower and Weeks in memory of their senior partner RALPH HORNBLOWER who died at Plymouth September 18 1960
“For had not you and we joined and continued together, New England might yet have been scarce known, I am persuaded; not so replenished and inhabited with honest English people as now it is. The Lord increase and bless them....” An extract from a letter written in 1633 by James Sherley, London merchant, to Governor William Bradford of the Plymouth Colony.
The Pilgrims decide to emigrate to America § They obtain a patent and seek financial backing § Some London merchants offer to invest in the colony § 1620—Pilgrims and merchants form a joint stock company § Despite difficulties and controversy, the colonists set sail § Contrary to their patent, the Pilgrims settle at Plymouth § New Plymouth struggles with hardship and debt § Quarrels develop among the London merchants § The joint stock company breaks up § The Pilgrims agree to purchase the merchants’ interest in the company § The London investors were linked by common associations
The Colony looks to the fur trade to pay its debts § Three London merchants agree to continue as Plymouth’s partners § The Pilgrims encounter difficulties in the fur trade § Plymouth obtains a new patent to protect its trading rights § Plymouth’s business agent is dismissed for a “conflict of interest” § The colony and its London partners dispute over their accounts § The London partners quarrel among themselves § Through arbiters, Plymouth and London reach a financial settlement § 1645—Plymouth’s debts, “hopeful and desperate,” at last are discharged
It is a pleasure to thank all those who have assisted me with this study. For careful reading of the manuscript and helpful suggestions, I am particularly grateful to: Professor Bernard Bailyn, Harvard University; Mr. Henry Hornblower II, President, Mr. David B. Freeman, Director, and Mr. Arthur G. Pyle, Education Director, Plimoth Plantation; Miss Juliette Tomlinson, Director, Connecticut Valley Historical Museum; Dr. A. M. Millard, London, England.