By Jerry W. Markham
This complete monetary heritage of the U.S. makes a speciality of the expansion and enlargement of banking, securities and assurance because the colonial interval. The ebook breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid growth.
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Additional info for A Financial History of the United States. (1492-1900) From Columbus to the Robber Barrons
Although Raleigh’s first colonization attempt failed, the efforts of those settlers led to the introduction of tobacco, corn, and potatoes to England. Raleigh introduced potatoes to his estate in Ireland, which would later become the predominant Irish crop. Raleigh sent five expeditions to Virginia between 1587 and 1602. Those efforts were frustrating and not always profitable. Raleigh therefore sought assistance from other English merchants. In March of 1589, Raleigh granted rights of free trade with Virginia to Thomas Smith, John White, Richard Hakluyt, Thomas Smythe, and others.
In order to avert a war between these two nations, Pope Alexander VI issued a papal bull in 1493 that established a line of demarcation between the East and the West. Spain was given control over the western discoveries. It owned the New World, or so it seemed until England’s King Henry VII refused to recognize the papal bull. 49 Cabot had been given ten pounds sterling as a reward by Henry VII for those discoveries. 50 The English waited almost 100 years after Cabot’s journey before they began serious efforts to colonize the Atlantic coast of America.
The London backers for the Plymouth Company included about seventy investors (“adventurers”), most of whom were merchants. The Plymouth Company’s first settlement on the Kennebec River in 1606 was an unsuccessful effort to find quantities of gold and silver. This colony was quickly abandoned, but the company continued its exploration efforts. In 1620, the Plymouth Company was given a patent for New England. This occasioned a need for colonists, and the Pilgrims were recruited for that purpose. Each migrating Pilgrim over the age of sixteen was given a single share in the Plymouth Company valued at £10.
A Financial History of the United States. (1492-1900) From Columbus to the Robber Barrons by Jerry W. Markham