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Capital and Credit in British Overseas Trade
The View from the Chesapeake, 1700–1776
Jacob Price
Harvard University Press, 1980

In a model study Jacob Price illuminates the dynamic growth of Britain’s foreign trade in the eighteenth century through an investigation of the investment patterns and credit institutions that financed that expansion. Concentrating on the trade between Britain and the Chesapeake tobacco colonies of Virginia and Maryland, for which a unique set of records exists, Price surveys the ways in which commerce developed and working capital was mobilized in Britain to support expanding overseas trade.

Price develops the clearest picture ever of the financial environment within Britain as it affected Southern colonies in the preindustrial age. He does so by determining the kind of capital resources merchants in foreign trade actually commanded and measuring how much of their own wealth merchants brought to trade. In great and absorbing detail he discusses also the development of merchant-oriented banks in London and other ports, reinvestment of profits, long-term borrowing on bond, and the long-term credit provided to export merchants by wholesalers in textiles, ironmongery, and other industries.

The relationship of debt to the coming of the American Revolution is also treated. Tobacco growers suffered more than others from a psychological unease caused by immense debt and were more revolutionary than farmers with less intensive capital needs and, hence, with lighter debt. This history will enlighten Anglo-American historians, economic historians, and historians of the American revolutionary era.

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front cover of Night Watch On The Chesapeake
Night Watch On The Chesapeake
Peter Meinke
University of Pittsburgh Press, 1987
Night Watch on the Chesapeake is Peter Meinke’s third collection of poetry. The poems traverse a wide landscape of topics from playing baseball, the death of a friend, divorce, and even poetry itself.
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front cover of Urban Dreams, Rural Commonwealth
Urban Dreams, Rural Commonwealth
The Rise of Plantation Society in the Chesapeake
Paul Musselwhite
University of Chicago Press, 2018
The English settlers who staked their claims in the Chesapeake Bay were drawn to it for a variety of reasons. Some sought wealth from the land, while others saw it as a place of trade, a political experiment, or a potential spiritual sanctuary. But like other European colonizers in the Americas, they all aspired to found, organize, and maintain functioning towns—an aspiration that met with varying degrees of success, but mostly failure. Yet this failure became critical to the economy and society that did arise there. As Urban Dreams, Rural Commonwealth reveals, the agrarian plantation society that eventually sprang up around the Chesapeake Bay was not preordained—rather, it was the necessary product of failed attempts to build cities.

Paul Musselwhite details the unsuccessful urban development that defined the region from the seventeenth century through the Civil War, showing how places like Jamestown and Annapolis—despite their small size—were the products of ambitious and cutting-edge experiments in urbanization comparable to those in the largest port cities of the Atlantic world. These experiments, though, stoked ongoing debate about commerce, taxation,  and self-government. Chesapeake planters responded to this debate by reinforcing the political, economic, and cultural authority of their private plantation estates, with profound consequences for the region’s laborers and the political ideology of the southern United States. As Musselwhite makes clear, the antebellum economy around this well-known waterway was built not in the absence of cities, but upon their aspirational wreckage.
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