Colonial Williamsburg Digital Library

STORE ADVERTISEMENT
Courtesy of
Mrs. Joseph Carson
Bryn Mawr, Pennsylvania

TABLE OF CONTENTS

FRONTISPIECE	i
TABLE OF CONTENTS	ii
I ARCHIBALD BLAIR AND COMPANY, 1701-1733	1-14
II TOBACCO IN THE RETAIL ECONOMY	15-27
III THE ERA OF THE PRENTIS FAMILY, 1733-1779	28-63
IV RETAIL CREDIT AND DEBT	64-89
V MONEY AND THE RETAIL TRADE	90-102

ARCHIBALD BLAIR AND COMPANY, 1701-1733

The development of mercantile activity from the crude and haphazard system of supply in the seventeenth century to the highly complex and sensitive economy of the revolutionary crisis period parallels to a marked degree the expansion of population and agricultural production during these same years. The increasing demand for manufactures and foodstuffs made necessary not only new methods of distribution but also new sources of goods and credit. Where seventeenth-century Virginians could be supplied from England by shipping directed to nearby wharves, the next century saw population move beyond the reach of ocean-going shipping. In addition, the tremendous increase in tobacco production created new problems of marketing the crop and supplying the rapidly growing number of planters with clothing, hardware and other necessities. In brief, the eighteenth century saw the merchant assume a commanding position in the Virginia economy; for good or ill he greatly influenced the prosperity of the colony.

Of primary importance in creating a profitable climate for new retail enterprises was the very significant increase in population in the eighteenth century. It is true that population figures had doubled since 1660,¹ but the sixty thousand odd inhabitants in 1700 were easily accommodated in the tidewater area. By the middle of the eighteenth century, nearly three hundred thousand people were living in Virginia and at the time of the revolutionary outbreak, this figure climbed to half a million.² Obviously, this tremendous influx of both free individuals and slaves had to be clothed, fed, and provided with tools. It is also a fair assumption that most of these people 2 were engaged in some kind of agricultural endeavour, either as indentured servants, slaves or independent producers. This meant that additional crops were under production and would require carrying and marketing facilities both in Virginia and on the continent.

Unlike several of the other colonies on the American continent, Virginia could absorb the new colonists and push back the frontier with a minimum of difficulty. It has been suggested that Virginia was able to support a large population based on agriculture, not because soil and climatic conditions were more favorable than in several other areas, but as a result of the natural communications system offered by the four great river systems and the Chesapeake Bay.³ These river systems that spread to the Virginia back country, the James, the York, and Rappahannock and the Potomac, made possible the penetration of the lands behind the tidewater more rapidly than the other American colonies. Although navigation of the rivers by ocean-going vessels did not extend beyond the fall line, smaller craft could and did make extensive use of several of these waterways almost to the Blue Ridge.

The convenience of these river systems, while providing means of access to the Piedmont, also contributed to the decentralization of the Virginia economy. Instead of channeling the imports and exports of the colony through a single port of entry and thereby concentrating commercial enterprises, the myriad of small tributaries to the main waterways made every planter's wharf a port of entry. Virginia did not produce a New York, Boston or Philadelphia around which the economic life of the colony might center. To be sure, Norfolk grew in size and importance until its destruction in 1776, but its rise came as the result of its proximity to the products of portless North Carolina, its special interest in the West Indies trade and its shipping and 3 shipbuilding interests.⁴ In short, the predominance of tobacco and the dependence on the far reaching river systems for the direct transportation of the tobacco crop precluded the development of a centralized economy and, as a by-product, a local merchant class.

At the beginning of the eighteenth century, towns or even villages in Virginia were virtually non-existent. Jamestown had served as the capital of the colony since its founding in 1607, and until the seat of government was moved to Williamsburg, remained the only town worthy of such designation. When the statehouse burned in 1698 for the third time, the Royal Governor and Burgesses decided to move the center of government to the more desirable location at Middle Plantation and to build the city of Williamsburg.⁵ At this time, there existed on the site of the new city "a few Stores, Mills and inhabited Dwellings"⁶ besides the College building and Bruton Parish Church. This was the nucleus of commercial endeavor which would expand during the century to become an important center of retailing in the Virginia colony.

The importance of Williamsburg as a commercial center has been debated by historians for some years. Several have pointed to conflicting statements by contemporary residents and travellers while other studies have examined remaining business records and discovered equally divergent pieces of evidence.⁷ As far as the retail merchant is concerned, the very fact that the 4 city was the seat of government made it a desirable business location. He counted on the busy periods occasioned by the meetings of the House of Burgesses and the courts to carry him over the remainder of the year. During these "publick times", the town was filled with legislators, lawyers, plaintiffs and defendants, and many merchants from other sections of the colony. A local storekeeper not only prepared for extensive sales, but also hoped to collect debts and transact other credit arrangements. As we shall see, these meetings were also essential to the settling of the monetary exchange rate and the going price of tobacco.

A detailed study of the commercial importance of Williamsburg has revealed that, as early as 1735, the custom of buying and selling bills of exchange at the capital was well established.⁸ Merchants and planters gathered in the taverns and on the streets to exchange information, and one naive traveler observed that in the Raleigh Tavern "more business has been transacted than on the Exchange of London or Amsterdam."⁹ Most of the dealings were of an informal nature, and not until 1769 was an attempt made to place the meetings on a regular basis. By that time, they had grown to be such a vital part of the commercial life of the colony that it was agreed to "expedite the mode and shorten the expense of doing business" by instituting a set of rules and regulations fixing specific days for the merchants to gather.¹⁰ Any effort to enforce the meeting times was perhaps doomed to failure, but each year new resolutions were adopted suggesting fines and other disciplinary measures. The meetings did, in addition to their practical function, serve the very useful purpose of bringing together businessmen from all over the colony and making it possible for them to realize a common interest in the problems of their day.

5

One of the first men to take notice of the commercial advantages offered by the new city of Williamsburg was Archibald Blair, the brother of the president of William and Mary College. Blair had been trained as a physician at the University of Edinburgh and came to Virginia to practice his profession.¹¹ He attended to the medical needs of the planters in the vicinity of Williamsburg¹² and on occasion was called upon to minister to the occupants of the public jail.¹³ Like many of his fellow practitioners, Blair soon expanded his activities to include the sale of prescriptions, patent medicines and sundries associated with the medical profession. Perhaps his practice prospered as a result of his close relationship with Commissary Blair for he was soon engaged in much more ambitious commercial schemes.

Not long after Williamsburg was established, Dr. Blair, Commissary James Blair and Phillip Ludwell decided to capitalize on the potential importance of the new political center and open a retail store. Where it was located is completely unknown. In 1700, Blair petitioned and received from the trustees of the city of Williamsburg an indenture granting him lot no. 46 on the town plan, subject to the usual condition that he build a minimum size structure on the lot within two years.¹⁴ At that time, however, the store must have been located elsewhere, for Blair failed to fulfill the building conditions.¹⁵

There is no question that the partnership had an important retail 6 establishment somewhere in the city. Governor Nicholson informed the Lords of Trade that it was owned by "Collo Ludwell, & Mr. Blair's brother, and it is supposed that Mr. Blair has a share in it now, or at least had when it was first set up… ". and also that it was "one of the principal stores in the Country, wch hath been Kept about three years…"¹⁶ Phillip Ludwell advised a correspondent to write him in care of "Dr. Blair's store, in Williamsburg,"¹⁷ and several years later William Byrd recorded in his diary that Daniel Wilkinson, one of his servants, had gone to Williamsburg to "keep Dr. Blair's store," a result, so Byrd thought, of his letter of recommendation.¹⁸

Archibald Blair was the nominal operator of the store since both his brother and Ludwell were busy with official duties. However, Blair himself was no less concerned with civic affairs. He was appointed a director for building the city of Williamsburg in 1705,¹⁹ and in 1722, when the city was incorporated, he was one of the aldermen named in the charter.²⁰ In 1714 he was one of the justices of the James City County Court, and was of the quorum.²¹ From 171S until his death in 1733, Blair was a member of the House of Burgesses, representing either Jamestown or James City County.²² He served on committees of 7 the House for directing repairs of public buildings;²³ for purchasing furniture and "ornaments" for the Capito1;²⁴ and in 1728 was appointed to a committee to superintend the printing of a collection of the laws of the Colony then in force.²⁵ He became a member of the Vestry of Bruton Perish Church in 1721.²⁶

Not much is known about the operation of the Blair-Ludwell store, although Governor Nicholson suggested that the partners were somewhat less than patriotic for dealing "in ready money only," a practice that he thought tended to make the colony too independent of the mother country.²⁷ Local records offer no clue as to the location of the store until 1719. In that year several deeds to the adjoining property mention "the storehouse of Archibald Blair Gent" as being immediately adjacent on lot 46,²⁸ and additional deeds in 1721 and 1722, 1729 and 1743 further substantiate this. (See history of lot 46.) Apparently Blair either purchased or leased lot 46 from James Shield, who had owned it since 1717.²⁹ The physical structures on the lot remain even more of a mystery. 8 In 1946, archaeological investigation established that a building approximately thirty by thirty-two feet had been standing on the property early in the 18th century. This building had a vaulted section in the basement portion which was probably used for storage and steps led to an entrance on the eastern side of the house. These steps were closed off subsequently, and a new entrance prepared on the southern side facing the Duke of Gloucester street.³⁰ Later, a brick store was constructed that has remained intact to the present, but these earlier foundations probably represent the structure which housed Blair's first storehouse on the property.

That the store was a prosperous one is known beyond doubt. Blair retained such a wide reputation for business ability that the House of Burgesses offered to place £4000 in his hands to be lent out at interest.³¹ These funds came from the surplus that had accumulated in the colonial treasury and the undoubted trust in Blair, himself a member of the House, is illustrated by the provisions in the grant.

Resolved That there be paid to Mr Archibald Blair the Sume of ffour thousd pounds upon his giving good and Sufficient Security out of the publick money in the Tresurers hands and that he be Impowered to put out the Same or any part thereof to Interest at the rate of four P Cent. per Annum and be allowed One half of Such Interest in consideration that he be chargeable for all bad Debts which shall heppen to be made in Lending the Said money not including the Interest. ³²

9 The interesting feature of the bill is, of course, that if Blair chose to use the money himself, no interest charge would be made. Also it is significant that no time limit was placed on the repayment of the principle sum. A bill prepared at the same time authorized the Treasurer of the colony to do precisely the same thing with another £4000, but he was given only one year to return the funds and no easy provision for bad debts was included.³³ Governor Spotswood, who took an exceedingly dim view of the proceedings, commented on the affair in a letter to the Board of Trade:

… A Bill was prepared by the Burg's's and sent up to ye Council and passed there, whereby £4000 of the publick money was Ordered to be put into the hands of Mr. Arch'd Blair, under the pretence of intrusting him to put it out at Interest for 4 P C't P Annum, of w'ch he was to be allowed one-half for his trouble, but w'th this express Condition, that if he did not lend it he should pay no Interest at all. This Gent., now a Member of the House of Burgesses, is brother to Mr. Com'ry Blair, one of the Council, and they are in Partnership with Colo. Ludwell and are concerned in one of the most considerable Trading Stores in this Country, And as this money, being placed in his hands by Act of Assembly, could not have been called out of his hands but by the same authority, and as there is in the Council a great Majority of the Relations of those Gent'n, should they have refused their Concurrence to recalling that money, it must remain his hands without any interest to the Country as long as they pleas'd, And for this Reason I have Resolved to reject that Bill.³⁴

The Governor's suspicious view of the proposal may well have stemmed, in part, from a running feud he had conducted with the Commissary and Ludwell over another matter, yet the grudging admission that the Blair-Ludwell partnership was "one of the most considerable Trading Stores in this Country," is ample testimony of the position the store occupied in the business community.

9a

Spotswood to Lords of Trade
June 24, 1718
CO 5/1318, f. 200 That this is no unreasonable Conjecture will appear from another Step taken after their Agents Bill miscarryed: A Bill was prepared by the Burgesses, sent up to the Council and passed there, whereby £4000 of the publick money was into the hands of Mr Archibald Blair under the pretence of entrusting him to put it out at Interest for 4 P Cent p annum, of which he was to be allowed one half for his troubles: but with this express condition that if he did not lend it he should pay no Interest at all. This Gentleman now a Member of the House of Burgesses, is brother to Mr Commisary Blair one of the Council and they two are in Partnership with Collonel Ludwell in one Trading Stores in this Country: and as this money being once placed in his hands by an Act of Assembly could not have been called out but by the same authority, and as there is on the Council a great Majority of the Relations of those Gentlemen, should they have refused their concurrence to the recalling that mony it must have refused their concurrence to the recalling that money it must have remained in their hands without any Interest to the Country as long as they pleased: And for this Reason I have Bill.

10

There is no direct evidence to provide any clue to the stock of goods carried in the store, but it may be assumed that, like the British factors residing in the colony, Blair supplied the basic needs of the planters and townspeople for goods that they could not produce themselves. One of the chief requirements was cloth. Both cottons and woolens in great variety were in constant demand, ranging from the very cheap materials used to clothe slaves and indentured servants, to the more expensive cloth for the planter and his family. Ready made articles were usually on hand, a profusion of gloves, hats, stockings, buckles, buttons and other sundries were a major part of any store inventory. Planters also needed tools and hardware of different kinds: saws, hammers, hoes, scythes, knives, axes, nails, locks, hinges, paint, glass and many other necessities. Since Blair continued to practice medicine throughout his lifetime, he probably sold the standard group of patent elixirs, salves, pills, powders, and tonics, and a full range of pharmaceutical products familiar to the apothecary of that day. To be sure, an occasional luxury could be found on the shelves, and, like the modern small merchant, if the storekeeper did. not have the desired article in stock, he was happy to order it immediately.

Perhaps an even more important aspect of the business was the role it played in providing banking and credit facilities in an economy that did not have these modern necessities. Governor Nicholson reported to the Lords of Trade that at Blair's store "they deal for nothing but money, and some Merchants and Factors have talked to me how prejudicial it is to them, for that they were obliged to let the planter have a good deal of money in order to put off [sell or dispose.] their goods &c or else they would all have gone to the other store [Blair's.]."³⁵ Nicholson hit on the obvious need of the planters and the willingness of shrewd businessmen like Blair to cater to this need. He further explained, "If the planters can be furnished at such Stores 11 with money for their Tobacco, no doubt they will sell it to them in order to get moneys to pay the Quitt rents, as likewise the Mrs of Ships &c for the duty of their Tobacco, as likewise to defray other necessary charges & Expenses."³⁶

During these early years of the century, before the practice of exchanging local currency for sterling bills of exchange became somewhat more formalized, Archibald Blair frequently acted as a banker, both of deposit and payment. In 1721, for example, the deputy-Collector of his Majesty's Quit Rents³⁷ deposited with Blair some receipts for that year amounting to £254.18.9.³⁸ Unfortunately, the money was stolen from the store shortly after and was never recovered, yet the fact that the money was placed with Blair for security indicates the type of demands made upon him. Presumably, Blair was to purchase sterling bills for the collector so that the funds could be transferred to Great Britain. The store also provided a central pool of capital on which planters could draw bills of exchange for the payment of local debts.³⁹ William Prentis, who became associated with Blair sometime before 1721,⁴⁰ usually acted as the agent in these transactions and paid the bills for the drawers. The planter would then settle with the store when paying the balance of his 12 account, or if he maintained a credit balance the bills would be charged against it. The partnership also acted for the colonial government in making payments to individuals for salaries or work performed for the colony. In 1727 Prentis paid the gunners manning the several batteries on the river, reimbursed the workmen and bought materials for repairs on the Governor's house, paid the jailer and other individuals responsible for the execution of several pirates, and took care of the miscellaneous contingent charges on the colonial administration.⁴¹ In the period from 1726 until 1733, when Blair died and the partnership was reorganized,⁴² Prentis handled a total of £3934.10.4 for the government, for which the store charged a commission of about two and one half per cent.⁴³

The activities of the partnership extended beyond Williamsburg, in other ways. Occasionally, Blair broadened his interests by buying tobacco and exporting it under the store's name,⁴⁴ and in at least one instance, he gathered a cargo of pork and corn and sent it to the West Indies for a handsome profit.⁴⁵ These flyers were hardly a regular practice of the firm and there is little evidence to indicate that the partners ever contemplated entering the wholesale market. The store remained a profitable enterprise without branching out in these risky ventures, and sales indicate a very healthy state of affairs over a long span of years.

The original capitalization of the store is unknown. Ludwell's interest was apparently terminated near the time of his death in 1727, since 13 neither his estate nor his heirs figured in the reorganization of the firm. By 1733, the stock in the store, which was split equally between Archibald and Commissary Blair, was worth £7000.46 In that year, a dividend of £413.11.4 ½ was made at the annual settlement which meant that the two partners received £206.15.8 ¼ each, certainly a generous income by eighteenth-century standards.⁴⁷ In addition, Archibald Blair received a commission of five per cent on all imported goods sold, another five per cent on all goods bought in the colonies and sold either there or abroad, plus a five per cent commission on recovery of all protested bills of exchange due the company.⁴⁸ In this particular year, the firm disposed of goods to the value of £12$4.17.1 ¾ current money. But it must be noted that of the rather sizeable capitalization, £4944.17.7, or nearly five-sevenths, represented debts owed the concern, a figure and a proportion of the store's assets that rarely declined in later years⁴⁹.

After Archibald Blair died in 1733, the firm that he founded under-went a reorganization that changed its character from a family partnership to a stock concern. The age of the pioneer entrepreneur gave way to an era of professional management. Although the partnership was to continue under the management of William Prentis with increasing profit for the next forty years, the commanding position of the store as the most important retail outlet and of the capital as the chief trading center of the colony declined as the colony itself reached out from the tidewater. With the passing years, Scotch merchants opened chains of small country stores at the principal tobacco inspection points, 14 and in Williamsburg, new, more specialized establishments were begun. Within a short time, the colonial government ceased to use the store as a source of capital and it settled back to carrying on its business with established local customers as the surge of westward expansion ended the role cf Williamsburg as a center of retail trade for the whole tobacco economy.

TOBACCO IN THE RETAIL ECONOMY

That the entire economy of Virginia revolved around the tobacco trade is a fact recognized since the eighteenth century. Even those farmers, merchants, and craftsmen not directly engaged in the production or sale of tobacco remained closely tied to the rise and fall of the market. After 1750, for example, a number of planters converted much of their land to the growing of corn, wheat and other staples, but a good deal of their production was absorbed either by their own plantations in the tobacco belt or by other domestic users unable to supply enough food for their laborers. Merchants were affected by the general level of tobacco prosperity whether or not they dealt in the commodity themselves. In some cases tobacco notes were received in payment for goods, but if the merchant extended credit to any degree, the payment of debts depended on the success of his customers in realizing a profit on their crop. No less did the welfare of the craftsman depend on the general level of prosperity, and, of course, he faced the same credit problems as the merchant. It is pertinent to any study of retailing, therefore, to examine briefly the means of growing, marketing and converting tobacco into goods, credit or money.

As suggested earlier, not only did the tidewater area lend itself almost perfectly to the cultivation of tobacco, but it was the established policy of the London Company to encourage the development of marketable crops. Tobacco so far outstripped any rival in returning a profit that by the middle of the seventeenth century it was firmly entrenched as the single prop of the Virginia economy. Originally, two types of tobacco were grown, Oronoco and sweet-scented. The sweet-scented was much more popular at first, probably due 16 to its mildness,¹ and was cultivated almost exclusively on the banks of the tidewater rivers.² By 1735, however, sweet-scented tobacco was declining in popularity in the British market. By the end of the century, all kinds of tobacco were lumped under the general title of Oronoco.³ This strain was easily cultivated in all parts of Virginia and Maryland and represented the major portion of the normal production.

Raising tobacco, although a crude procedure, required critical attention at all stages of the process from preparing the soil to prizing the hogsheads; normally, the more care that accompanied all phases of production, the better the crop and the higher the selling price would be. As slaves came into almost universal use in the eighteenth century, the planter or overseer had to supervise many of these operations very carefully. Many small planters and farmers managed to produce a hogshead or two without the use of slaves, and while this individual total was low, the vast number of these small operators swelled the annual production considerably. An excellent account of the methods of cultivation and curing was given by one Thomas Glover in 1671:

The Manner of Planting and Ordering Tobacco is thus: In the twelve Days they began to sow their Seed in Beds of fine Mould, and when the Plants be grown to the Breadth of a Shilling, they are fit to replant into the Hills; for in their Plantations they make small Hills about 4 Foot distant from each other, somewhat after the Manner of our Hop-yards. These Hills being prepared against the Plants be grown to the fore-mentioned Bigness (which is about the Beginning of May) they then in moist Weather draw the Plants out of their Beds, and replant them in the Hills, which afterward they keep with diligent Weedings. When the Plant hath put out so many Leaves as the Ground will nourish to a Substance and Largeness that will render them Merchantable, then they take off the Top of the Plant: If the Ground be very rich, they let a Plant put out 12 or 16 Leaves 17 before they top it; if mean, then not above 9 or 10, and so according to the strength of their Soil. The Top being Taken off, the Plant grows no higher, but afterwards it will put out Suckers between their Leaves, which they pluck away once a Week, till the Plant comes to Perfection, which it doth in August. Then in dry Weather, when there is a little Breeze of Wind, they cut down what is ripe, letting it lie about 4 Hours on the Ground, till such time as the Leaves, that stood strutting out, fall down to the stalk: Then they carry it on their Shoulders into their Tobacco Houses, where other Servants taking of it drive into the stalk of each Plant a Peg, and as fast as they are pegg'd, they hang them up by the Pegs on Tobacco-Stocks, so nigh each other, that they just touch, much after the Manner they hang Herrings in Yarmouth: Thus they let them hang 5 or 6 Weeks, till such time as the Stem in the Middle of the Leaf will snap in the Bending of it: Then when the Air hath so moistened the Leaf, as that it may be handled without breaking, they strike it down, strip it off the stalk, bind it up in Bundles, and pack it into Hogsheads for Use.⁴

As Tatham suggests, however, air curing was supplemented in the eighteenth century by smoking the tobacco to maintain the proper humidity and pegging the leaves was replaced by slitting the stalks and arranging them on a tobacco pole.⁵

Once the tobacco had been harvested and had entered upon the curing process, the skill of the planter in determining when the leaf was in case (that is when the tobacco was in condition to be handled without breaking or crumbling and was not too damp to risk rotting later) became particularly important. The plants were removed from the tobacco sticks, the leaves stripped from the stalk and made up into small bundles that were stored in bulk preparatory to stemming or prizing into hogsheads. If the tobacco was to be stemmed, an operation that removed the central veins or stems from the individual leaves, the leaves had to be in a pliable but not wet condition. Stemming was prohibited for a few years during the 1720's, but generally planters added this operation to the preparation process in years of boom or depression to make 18 their tobacco bring a higher price.⁶ Following stemming, the leaves were ready for prizing. Once again, the selection of the proper moment when the tobacco was neither too wet nor too dry, made the difference between merchantable or trash tobacco. The hogsheads, made from well-seasoned oak staves, were given a final drying over a blaze of shavings immediately prior to packing. The bundles of leaves were then placed in the hogshead in alternating layers and the excess space filled with small bundles or loose leaves. Then the hogshead was placed under the prizing beam and pressure applied to pack the tobacco before the head was applied to the hogshead.⁷ Now the tobacco was ready for marketing.

The planter had at his disposal two methods of marketing his yearly crop. One was known as the consignment system, whereby the tobacco was shipped at the planter's expense to an agent in England who sold it for him in the British or continental market. The Navigation Acts required that all tobacco must first be shipped to England before it could be sold abroad, and a group of British tobacco merchants developed to handle this particular function. Frequently, one of these merchants purchased goods in England for the planter and sent them on outgoing ships; for this dual function, he received a commission on all sales, purchases and other transactions. Each year he sent the planter an annual statement of his account, indicating either a credit or a debt in pounds sterling. The planter could use the other method and sell his tobacco to an agent of a British or Scotch firm in the colony, thereby converting his crop into cash or credit immediately and eliminating commission charges and the risks of shipment. Normally he was given a lower price under these circumstances and depended on 19 the store operated by the agent for his necessities.

The use of the consignment system flourished, of course, while the main tobacco producing areas were still within the tidewater river network. Normally, a planter concentrated his dealings with one or two merchants in London,⁸ partly as a matter of convenience, but more frequently because he was in debt to a merchant for past advances either for goods or bills of exchange.⁹ The merchant became, in fact, the agent of the planter in most of his overseas dealings.¹⁰ For his efforts, the merchant usually received a commission of from two and one half to three per cent on all of the transactions.¹¹

As one might expect, the services rendered by the British merchant did not always meet with the approval of the consignee. Because of distance and slow communications, Virginia planters really had little knowledge of the tobacco market and consequently were often displeased with the price received for their crop. Peter Lyons complained to John Norton:

I observe you complain of the badness of my last Tobacco, and I acknowledge it was but indifferent, but I must tell you, that the prices for good Tobacco in England, do not answer the high prices that are given for it here, and that I have always lost more by shipping good Tobacco, than by the bad, which has discouraged me from 20 buying fine Tobacco, & from shipping any, unless to oblige my Friends. You may think ten pounds Sterling a HHd a fine Price, as it sounds large, but what is it for Tobacco that costs twelve pounds sterling here… ¹²

Since the Virginians lacked precise information on the factors that governed the price of tobacco, the fluctuations of tobacco prices from whatever cause, be it war, overproduction, credit supply or some other reason, seemed to the planter a vast conspiracy to bilk him of the profits of his labor. When prices fell, his only recourse was to produce more tobacco. This, in turn, further depressed the market. As the planter assumed nearly all of the risk when consigning tobacco and had to pay nearly all of the charges related to shipment and sale, he was at the mercy of small fluctuations. Most of the production costs, shipping charges and other expenses remained fixed, regardless of market conditions, and a consigner might well find that these costs exceeded the entire return on his crop. Nonetheless, the consignment system continued in use although on the whole it declined in importance relative to direct sales in the colony.

To a certain extent, direct sale of tobacco in the colony had been practiced throughout the 17th century.¹³ Either local merchants or representatives of London firms might purchase a planter's production, sometimes as a result of a contract or oral agreement of long standing.¹⁴ In the eighteenth century, however, the direct purchase of tobacco became the chief means of disposing of the annual crop, especially in years of short crops and high prices in Virginia. L. C. Gray estimates that in 1728, more than half the crop was still sold by consignment,¹⁵ but in 1770, at the height of a boom, James Parker 21 wrote that "the trade of Consigning Tob to the london Merchts seems to be nearly at an end."¹⁶ The decline of the consignment system was by no means abrupt nor complete, yet the expansion of the tobacco producing plantations and farms into areas beyond the reach of ocean-going craft made necessary a new method of marketing. It can be said that an economic vacuum was created, and into this vacuum stepped the vigorous Scottish merchant.

Following the Act of Union between England and Scotland in 1707, the British commercial system was opened to the merchants of the North. They were handicapped by a distinct lack of capital and the fact that the tobacco market was centered in London. To overcome these disadvantages, the Scotch provided hard work, tight organization, smaller overheads, slimmer profits and amazing shrewdness.

The consignment trade and the tobacco market of the tidewater were established in the hands of London merchants. The Scots and other outport merchants were, therefore, forced to carry their hopes into the Piedmont to obtain clients both for purchase of tobacco and sale of goods. They were given a tremendous boost by the Inspection Act of 1730 which established tobacco warehouses and inspection stations at the head of ocean navigation of the main rivers and creeks. Around these inspection points, (Fredericksburg, Petersburg, Richmond, Alexandria and others,) small communities grew up; and in each of these places, as well as other convenient transshipment points, the Scots established small trading stores operated by a factor for the home firm.¹⁷ 22 These small stores were, of course, not an exclusive area of Scottish operation, yet Northern firms retained the bulk of the Piedmont and back country commerce.¹⁸

An insight into the relations between a factor and the home firm is provided by a series of instructions given to one John Turner who had signed a contract to manage a store for the Cuninghame Company:

Having extended a missive [contract] with you, for the management of Messrs. William Cuninghame & Coys Store, to be fixed at Rocky Ridge you have Given up the Charge of their store, at Fauquier … and are on the way to open the Trade, at the former place, I intend to Give you a few hints of whatt the Company expects from you, in that Station, and what may be your duty therein, this they have required from me,…

By forming Sundry Settlements on James River your constituents are desirous of Acquiring as Large a Share in the Exportation of Tobo from that River as possible, they therefore expect the manager at each of these Settlements ussing the Utmost of his Vigilance and Attention to promote that End by every prudent Legall and Justifiable method in his power — As you were Bred to Business at Rocky Ridge, and as you have shown your capacity therein and Given me much Satisfaction by your Operations at Fauquier store I hope you will soon answer their Expectations.

……

As soon as you have gott the goods open for Sale you will write the Company your Sentiments of the Trade and the prospect that is then opening, and you must at all times keep them duly advised giving them frequent and full Advices by every opportunity, how that Business under your direction is going on, Receipt and Sales of Goods the Situation of the crops of Tobacco on orr Taking of the Ground, and the Quantity's at Markett, the prices, & Purchasers, in which be particular and full.

……

Tobacco as you well know is the Chief aim of this Concern, All other Commoditys Such as Wheat, Corn, Flour, Hemp &Ca are but Secondary and Subservient objects to that article, To it therefore your endeavours are to be chiefly directed…Altho' as above mentiond your chief and constant vue is to be to the Purchasing of Tobacco yet it will be well if you buy as many of the other Articles as you can find a profitable Sale for in the Country or from which you can Supply your store or stores with West India Goods.¹⁹

23

From this list of instructions or "hints," it is evident that the major interest of the Scottish firms was to make their chief profit on Tobacco purchased in the colony and exported on their own ships. To be sure, the local stores were expected at least to provide the factor with an income but the company hoped to clear its profit largely from tobacco. The extent to which the Scots competed against each other in an effort to engross the production of particular areas is clearly indicated in a letter of instruction to another Cuninghame storekeeper:

Messrs William Cuninghame & Coy Merchants Glasgow having determined fixing a Store at Culpr Courthouse this fall I hereby Authorize and Apoint you the manager thereof…
The more immediate motive for fixing this store was to be a Check on Mr. Lawsons transactions at his store in the little fork of the Rappahannock and to Prevent any Other Company occupying the situation at the Courthouse, which Appears to your employers a suitable place for a Settlement being in a Good Tobacco Country and in the Center of the County and where they expect in time a purchase of 5.6. may 800 hhds may be made with proper management But in Conducting the business They Command that No endeavour shall be used in getting any person to deal there who are Allready Customers to their Fredricksg or Falmouth stores as they Can gain no additionall Interest or influence by such but rather be the means of Ruin to the Planter on his being indebted at two Places tho' the same Concern, As he will frewuently lose sight of the debt owing by him at one Place, when he is Running in debt at the Other probably more than he is Able to pay such therefore should Rather be discouraged from dealing unless you find them determin'd on it, in which event lett them dale there altogether — On the Other hand the Outmost Pains must be used in endeavouring to procure as many Other Customers as Possible, to increase the Companys influence in the County And to enlarge the purchase on Rappahannock But in Carrying this into execution, they intreat it may be done with as little noise and parade as possible, for fear of Alarming Others, and Puting them on the same scheme before the store is well established…²⁰

This storekeeper was warned that,

Mr. Stephens who Keeps store for Jno Mitchell at the Courthouse will be your more immediate Opponent, he has been some time settled there, and must be thoroughly acquainted with the People, but he Can be but Indifferently supplyed especially with money he Cannot therefore Afford to give any Considerable sums in Crops, hence I Conclude his Chief Customers are those who have only a 24 Single hhd or two to dispose Off and who require all goods, and he may be enduced to sell at a Low advance…²¹

One of the frequently used methods of competition was the practice of giving a planter a substantially higher price for his tobacco in the form of goods. William Johnston complained to his superior that "the planters having keept back their Tobacco for one Mr Winch in hopes of his Giving them 25/. P % he is lately arrived with a Considerable Cargo and allows them 25/. P % I intend to continue him some small time longer and if cannot make a purchase their without allowing that Extravagant price, must remove the Store over to Accomack."²²

Johnston's letter, of course, touches upon the fundamental advantage of the Scots in gaining the largest share of the back country business. Few of the planters were able to pay cash for their purchases and by offering inflated prices for tobacco in the form of goods, it is not surprising that these stores were able to build a flourishing clientele. It goes without saying that the goods in question were also inflated in price. The storekeeper made an appeal of the same sort as the large trade-in allowance so popular in more recent times. In this way he not only made a profit for himself, but carried out the intention of his employers by accumulating tobacco in large amounts. The extent of these purchasing operations is well-illustrated by the estimated collection of tobacco by the thirteen stores in the William Cuninghame chain for the year 1773. The store quotas varied considerably, but the firm expected to buy a total of 5,250 hogsheads in that year or about ten per cent of the estimated exportation from all of Virginia.²³ In that year, the average price of tobacco on James 25 River finally settled at 18 shillings per hundred pounds in the stores, that is for goods or as applied to debts, and 16 to 16 shillings 8 pence in cash.²⁴ In most cases a planter would receive at least part of the purchase price in cash. The higher store price theoretically represented the premium the factor was willing to pay to speed the discharge of debts owed to him and to acquire tobacco for export. In practice, of course, the price advance on the goods was often raised to cover the premium. The intricate procedures of determining the advance on imported goods, the cash price and goods allowance for tobacco, buying a sufficient amount of tobacco, collecting it for immediate shipment when the home firm's tobacco fleet arrived in Virginia waters, and determining to whom to extend and to whom to refuse credit were only a few of the many responsibilities of the storekeeper. The margin of profit was narrow and only the successful combination of these many factors would produce a profitable year.

To make sure that factor carried out the plans of the parent organization, he was kept under constant supervision, usually by a chief factor of the company. John Turner, operating a store at Fauquier for the Cuninghame chain was warned; "…I beg you to look into Every Part of the management yourself, when you have your Eye on Every thing business of all kinds will thrive the better." His correspondent added, "I expect from your store in whole this year from 250 a 300 hhds and that You will be able to deliver me at June fair besides what I have allready received from 100 a 150 hhds."²⁵ The same John 26 Turner had replaced a storekeeper whom the company had been obliged to discharge because they felt that his marriage would interfere with the conscientious conduct of business.²⁶ Another Cuninghame factor at Culpeper was advised, "…Strongly from forming Acquaintance with the Idle and Profligate Part of your County, lett Business be followed thro Choice and it will become a pleasure — Any Intervall may be filled up much to his Improvement, by readg Good Authors who Generally prove the best friends—…"²⁷ From these comments, it is apparent that not only the business efficiency, but the moral and social life of the factor came under the observation of the parent company.

The degree to which the Scots were successful in acquiring a large portion of the tobacco crop is apparent from import figures. In 1708, 1,450,000 pounds were brought into Scottish ports; by 1741, this figure had grown to 8,000,000; in 1745, 13,000,000 pounds were sent to Northern ports; 1760 saw 32,000,000 pounds imported; and in 1771, a total of 47,000,000 pounds were sent from all sources.²⁸ All of these figures include a portion of the production in Maryland which has been estimated at approximately one third of the total. Even with this limitation, the Scots were accounting for nearly half of the Virginia crop by the 1760's.

The Scottish chain store system had an obvious effect on the distribution of English goods in the colony. The stranglehold of the consignment system was broken in the first two or three decades of the eighteenth century, and planters were able to purchase goods by sight rather than by letter. It 27 meant that, even without the advantages of a metropolis in the colony, retailing became a necessary and accepted form of endeavor; it meant, too that the entire economy was becoming less primitive with all the attendant opportunity to develop other mercantile ventures. These Scottish stores supplied the greatest competition for Williamsburg merchants, and it is from these back country factors that we can learn most about the operation of colonial retail establishments.

THE ERA OF THE PRENTIS FAMILY, 1733-1779

While the transition in management following the death of Archibald Blair was accomplished with a minimum of difficulty, the ownership of stock in the store was considerably scattered by his bequests. Blair's will divided his estate equally among his three daughters, Sarah, Ann, and Elizabeth.¹ At that time his full half share in the partnership was valued at £3500 in Virginia currency, certainly a sizeable investment by colonial standards.² The complicating factor was the colonial legal tradition which placed the property inherited by a wife in the hands of her husband.³ The one-sixth share given to Ann Blair Whiting remained in her hands since she was a widow. However, Elizabeth Blair had recently married John Bolling of Henrico County, and her share passed to him. Since the third daughter, Sarah, was the wife of Wilson Cary, her interest came into his possession.⁴ Within two months of Blair's death, John Bolling reached an agreement for the sale of his stock to William Prentis and executed an assignment of interest to him for a consideration of £900.⁵ Although he had been Blair's assistant for many years, this purchase gave the new manager his first interest in the firm. The annual settlement 29 settlement for 1733, therefore, recorded the stock in the enterprise to be held as follows: one-half by Commissary James Blair; one-sixth by Mrs. Ann Whiting; one-sixth by Wilson Cary; and one-sixth by William Prentis.⁶

William Prentis was the logical person to become the new manager. He had been closely associated with Archibald Blair since 1721, and his reputation as a shrewd and successful businessman was already well established in the community. In addition, the purchase of Bolling's stock gave him a more substantial interest in the store. Little is known of his background or family history other than a few notes in a family Bible suggesting that he may have come to Virginia from the English County of Norfolk.⁷ Sometime before the spring of 1724, Prentis married Mary Brooke of Williamsburg, the daughter of John Brook , a former ordinary keeper in the city. The couple purchased a small house standing on the elder Brooke's property, just a block from the Blair store, and lived there until the death of Mary's father.⁸ Later, probably after Mrs. Brooke's death, the Prentises occupied the main house on the lot. The property remained in the Prentis family until the next century.⁹

Upon assuming the direction of the store, Prentis altered the name of the firm to William Prentis and Company and changed the symbol, or mark of the partnership to conform with the new ownership.¹⁰ Blair had used a symbol 30 comprised of an intricate arrangement of the letters of his last name, .¹¹ To designate the broader ownership of the reorganized company, the new mark employed the initials of the stockholders thus .¹²

The individuality of his mark was of considerable importance to a storekeeper for it was the chief means of identifying most of the articles involved in any business transaction. For example, an order placed with a London merchant required a mark, for in many instances he was ordering goods from a local tradesman for a number of Virginia correspondents. The tradesman usually filled the orders separately with the appropriate mark imprinted on each package.¹³ As the merchant collected the items ordered from several sources, he placed the parcels bearing the same mark together for overseas shipment. Occasional mix-ups were unavoidable, for the marks of many Virginians were so similar in design that they were constantly plagued with misdirected goods.¹⁴ These symbols appeared in correspondence concerning orders, in all of the papers necessary to the sale of tobacco, and in many of the legal documents related to commercial or plantation transactions. Even in private affairs, the use of a mark was common as is well-illustrated by its inclusion in the private annual accounts of the Blair-Prentis-Cary partnership.¹⁵

Like his predecessor, Prentis at first managed the store on what 31 amounted to a commission basis. The terms of which these commissions were to be paid were renewed each year in the form of a loose contract that was normally included in the annual Settlement of stock. It provided that:

The Whole stock to be Managed and Negotiated by him the said William Prentis by Instructions from time to time agreed upon by himself and the said Company, for which his trouble he is to be allowed Salary as followeth Vizt. five P Ct of the Selling Price for all Goods by him sold when the said price is paid and recovered in this Country, and likewise five P Ct for all Goods bought in this Country when sold again or Shipped off or Exported, the said five P Ct to be reckoned out of the Nett Proceeds of the Selling Price in this or any other Country; and likewise five P Ct on the damage of all protested Bills of Exchange Negotiated and received by him on Accot of said Company as also his Traveling Expenses in Recovering any Debts or protested Bills of Exchange due to the Company.¹⁶

Although these terms may not appear particularly generous, they did provide Prentis with an income well above average for the colonial period. For the nine years during which he operated the store on this semi-contractual basis, he earned an average annual commission of £139.18.3.¹⁷ When the dividends to which he was entitled as a stockholder are computed on the same scale, they increase his yearly income by an average of £100.2.8.¹⁸ In the entire nine year span, Prentis' annual earnings fell below £200 only once.

To make these income figures more meaningful, it is interesting to compare them with the profit on tobacco sales of a successful planter. In 1734, Robert Carter of Nomini made a net profit of £137.2.0 on the sale of twenty-five hogsheads of tobacco or an average of £5.9.8 per hogshead.¹⁹ The income 32 from Prentis' commissions and dividends in that year therefore equaled over thirty-seven hogsheads of prime tobacco, more than the normal crop of even a rather large planter.²⁰ Similarly, in 1740 John Custis was paid an average of £5.34 per hogshead for his tobacco.²¹ By the same computation, Prentis made a salary equivalent to the production of nearly forty-tree hogsheads²² Naturally these totals cannot be used to present an absolute comparison of net worth, but they do show that during the first decade of his management, William Prentis received a very substantial return from the store in commissions and dividends.

When Commissary James Blair, his nephew John Blair representing Mrs. Ann Whiting, Wilson Cary and William Prentis gathered for the annual meeting of the stockholders in 1742, a new salary arrangement for the store manager was considered. For one thing Prentis' commissions had been dropping in the 1740's and the dividends paid the partners also suffered during this period.²³ The shareholders agreed to pay Prentis an annual salary of £200, eliminating the commission plan except where it applied to the collection of debts or protested bills of exchange.²⁴ Subsequently his salary was raised to £250 in 1752 and finally to £300 in 1759.²⁵ The commission system was dropped completely after 1749.²⁶

The Blair-Prentis-Cary partnership was a unique endeavor in many ways, 33 but as a colonial retail firm, one of its most unusual features was the institution of the annual settlement. When James and Archibald Blair were equal partners it was a relatively simple matter to divide the years' profits and to work out matters of policy; but with the shares in the firm more widely distributed, it became necessary to present a more formal accounting of the store's financial condition. The records of these annual meetings which have been preserved begin in 1733, the year of Archibald Blair's death. Normally they were held in the fall, although on occasion they were postponed as late as the next spring. The informality in setting a date is traceable to a desire to make the meetings as convenient as possible for the participants. John Blair reported in 1751, for example, that "Col. Cary being here we settled ye Dividds at Store."²⁷ The meetings were attended either by the stockholders or their legal representatives, and in cases where an estate remained unsettled, by the executor.

The annual reports consisted of two documents. One, a written statement listing the terms under which the store was to be administered has already been cited in connection with the manager's salary schedule. This document further stated that:

We the Subscribers having Examined and Audited the Accounts of William Prentis under the Name of himself and Company … [to date] … do find the same rightly stated and that the stock of the said Company has been well & truly managed by him the said William Prentis & therefore We acquit & Discharge him his heirs Executors and Administrators of all his past Intromissions with the said stock.

The statement next listed the value of the total stock, the names and shares held by individuals, and the commission terms or salary of the manager. The statement continued:

Further it is hereby declared that the store houses built in the City of Williamsburg & the lot or Parcel of Land on which the said 34 Houses are Situated & all the goods & books of Accounts & other Necessaries at the said stores were bought & Paid for out of the said joint stock & do really & truly belong to each of us the Subscribers according to the several Shares and Proportions above Mentioned to be managed by the said William Prentis in his own Name and for our Use and upon our Common Risque to be accounted for to us the Subscribers our heirs Executors Administrators or Assigns.²⁸

Each of the stockholders signed the document, accepting thereby the terms of the settlement.

The second portion of the report took the form of a debit-credit statement. Listed on one side of the sheet were all of the obligations of the firm such as creditors, salary and commissions of the manager, any expenses due the manager, the total dividend for the year, and the sum required to balance the statement. This last entry represented the total investment value of the stock. Opposite the debit entries, the various credits of the firm were listed, including goods imported, bills of exchange on hand, and sterling debts; the list continued with the valuation of the storehouses and lot, the amount of cash on hand, goods purchased in the colonies, accounts receivable in Virginia currency, and any other assets such as tobacco, country produce or property. In order to balance the debit side of the account, the values listed in Sterling were reduced to Virginia currency, the accepted standard for accounting procedures. Occasionally a separate account was kept for all Sterling transactions. This dual money standard, which will be discussed more fully in connection with bills of exchange and pricing, saddled the merchant with a bookkeeping headache.²⁹

The yearly meetings also provided the shareholders with an opportunity 35 to discuss operating policies with the manager. In 1745 such an instance occurred when the conclusion was apparently reached that Prentis might improve business relationships by going to England.³⁰ On another occasion the stockholders agreed to invest some of the firm's capital in property belonging to Colonel Jones.³¹ This deal indicated a shrewd business maneuver since the houses were sold six years later at a handsome profit.³² Perhaps the best example of the importance of the shareholders in making policy was the decision to expand the facilities of the store in the late 1730's. Building a new store was an undertaking of considerable proportion and the subsequent construction of a building in 1740 committed the partnership to a larger program of operation.³³ Unquestionably the holders of shares were influential in determining major decisions, particularly during the period in which Prentis remained a minority stockholder.

From the early years of Archibald Blair's stewardship the store was located on the northern side of the Duke of Gloucester street at the intersection of Botetourt Street.³⁴ Colonial records designated the lot as number 46 of "the great street," bordered by "a lane" on the east and Nicholson Street the north.³⁵ At Blair's death the holdings of the firm were described as 36 "the Houses built in the City of Williamsburgh commonly known by the Name of Doctor Blair's stores and the two Lotts or parcels of Land on which the said Houses are Situated (though bought by the said Archibald and Deeds taken in his own Name)".³⁶ The precise meaning of this description is somewhat obscure. The word "stores" or "storehouses" appears in the plural form in all of the annual settlements, and the phrase "two Lotts or parcels of Land" is included through 1740.³⁷ From 1734-1740 the "storehouses & Lotts" were valued at £150. The 1740 annual account values the "store Houses & Lots " at £350, while the succeeding annual statements through 1778, value the "storehouses & Lot" at £290.³⁸ One of the storehouse lots valued at £60 was apparently disposed of during 1742; whether or not this included any improvements is not clear. Possibly the property lay in the James City County portion of Williamsburg for which no pertinent records exist, or perhaps it was part of the property owned by Blair on North England Street.³⁹ In any event, the Blair-Prentis-Cary firm occupied only lot 46 after 1741.

The term store or storehouse had a somewhat different connotation in the eighteenth century than it does today. Throughout the colonial period these two words remained interchangeable; even to the extent that they occasionally appeared in the same text. John Frazer, for example, advertised;

To be SOLD, on Thursday the 19th of September, at King William Court, MY STORES and LOT at West Point, which I advertised some Time ago, 37 but did not describe them. The storehouses are new, twenty eight Feet by sixteen each, stand close to the Water Side, and are as well finished as any in the Colony…⁴⁰

In much the same vein, a piece of Williamsburg property was described as:

THE Dwelling House, Out Houses, Store Houses, &c. in the main Street, opposite to Mr. Wetherburn's in Williamsburg, (the most convenient Spot in this City for Trade, and a well accustomed Store,) now the Property of the Subscribers, will be exposed to publick Sale, to the highest Bidder, at the said House, on Tuesday the 4th of March next, in the Afternoon: … And such Persons as have hitherto neglected to settle and pay off their Accounts due to the said Store, are desired to discharge the same before that Time, to prevent their being sued, by
Harmer & King.⁴¹

A storehouse could be, and frequently was, nothing more than a repository for goods or commodities awaiting sale, shipment or disposal in another place. Certainly at least one of the buildings which was standing on the site of the Prentis firm at the time the so-called Frenchman's map was drawn (ca. 1782) was a storehouse of this type. It seems much too small for any other use.⁴² Normally such buildings were utilized for the storage of bulky packages such as barrels, boxes and crates containing yard goods, china, hardware, sugar, rum, and other merchandise. In some cases, retail firms that dealt in tobacco to any great extent had a warehouse to accommodate hogsheads; and the term generally implied a larger building. The Petersburg firm of Gordon & Alston advertised their property as: "THE HOUSES and LOT where we lately kept store,… consisting of two very commodious storehouses, each of which has a good brick cellar, an exceeding fine warehouse, 40 feet by 40, and a stable for four horses… "⁴³ Many of the commercial properties in Norfolk also 38 boasted warehouse space for tobacco.⁴⁴ Blair, Prentis and Cary did not deal in tobacco in large amounts, at least not in such a way that they would accumulate hogsheads in Williamsburg. Occasionally, a hogshead or two might have been acquired, but in that case, it could be stored in one of their small buildings. Actually, the bulk of their dealings in tobacco remained largely paper transactions.⁴⁵

Despite the frequent use of the term "store," there is little question that the common reference to storehouses meant places of business or trading, either wholesale or retail. Joseph Wyatt informed the readers of the Virginia Gazette that he had:

…a new Store-House 16 Feet square, shedded down, double studded and shingled, that I would sell, or rent, on very reasonable Terms: It is a very convenient Place for a Merchant, or an Ordinary-Keeper…⁴⁶

A prominent Williamsburg location was offered:

To be Sold by Auction on Friday the 12th Day of December next, before Mr. Trebell's Door,
A VERY handsome and convenient STORE HOUSE, on the Main street in WILLIAMSBURG. It has every Advantage from it's Situation, either for a Merchant or a Tradesman. The House is in exceeding good Repair, having been built but a short Time. The Credit will be agreed on at the Day of Sale. The Purchaser must give Bond and Security to
JOHN THOMPSON, & Co.⁴⁷

In each of these cases, the storehouse was obviously being used or was intended for use as a business establishment.

39

Very little is known about the physical characteristics of the first store occupied by Dr. Blair and maintained by Prentis. Its relatively small area was probably adequate during the early years of operation. Blair seems to have devoted some of the space to dispensing drugs and medicines and this required a minimum of floor area. The building was almost square in plan and of frame construction; but its architectural features remain a mystery. Soon after Prentis became manager of the store, the limited space of the structure apparently led to a proposal for a new building. Late in the 1730's, the stockholders must have agreed to go ahead with the plans, and sometime in 1740 the new storehouse was ready for occupancy.⁴⁸

This new building remained the seat of the partnership until the onset of the American Revolution. Evidently no expense was spared. It was constructed of brick laid in the familiar Flemish bond pattern, and embellished by the incorporation of glazed headers within the pattern.⁴⁹ Brick stores were not uncommon, but they represented a considerable investment of capital, in this case about £200.⁵⁰ It is of interest to speculate on the degree to which eighteenth-century merchants, like their modern descendants, hoped to impress their customers and to create the psychological impression of solvency with a substantial building. There were of course, very real and practical reasons for constructing 40 a brick building in the damp climate of tidewater Virginia.

One and one half stories in height, the structure presented an A-type gabled roof toward the street which was broken on each side by two dormer windows. Below, three windows illuminated each side of the store, and the entrance to the building was flanked with two large display windows. Architectural evidence indicates that another window, placed in the pediment, was at one time somewhat larger and extended downward to the horizontal cornice; suggesting that it was probably a doorway through which parcels could be hoisted from the street.⁵¹

The floor plan of the store seems to be typical of eighteenth-century design. The outside dimensions of the building measured 36 by 24 feet and the lower floor was divided into two separate sections. This conforms in striking fashion to a general plan published in England early in the century. In this volume, Joseph Moxon offers a plan 20 feet by 40 with a similar first floor division and almost identical treatment of the entrance and front windows.⁵² Several other stores in the colony followed the same general arrangement. John Frazer's stores at West Point were "twenty eight Feet by sixteen each," one of which had a "Lodging Room, with a Brick Chimney, at one End,…"⁵³ Alexander and Peterfield Trent advertised for bids on the construction of their store at Rocky Ridge which was to be "forty four Feet by twenty two, ten Feet Pitch, with a Cellar…,"⁵⁴ and a store at Newcastle owned by Samuel Pearson was described as "a large commodious storehouse thirty six Feet by twenty six,… "⁵⁵ 41 Similarly, a piece of rental property in Norfolk measured "36 by 24 wh a Cellar abt 5 feet high Brick parts to the 2d floor a fire place Countg Room & Bed Chambers…" at one end.⁵⁶

The Prentis store, like most of the colonial structures built specifically for commercial purposes, included a "backroom" or an area set apart from the space where goods were sold. Very likely this section of the store was used as an office, or counting room in eighteenth-century terminology. The complex nature of the Prentis firm's financial dealings required very precise bookkeeping procedures and even in stores operated on a much smaller scale, the presence of a counting room was a standard occurrence. John Pagan's property at Cameron in Fairfax county included a "Store-house 24 Feet square, in which is a Counting-room 12 Feet by 16…"⁵⁷ In Smithfield, William Rand advertised "a storehouse and counting room under the same roof,°"⁵⁸ Each of two stores at Cabin Point, one owned by James Buchanan and the other by John Finnie, contained a counting room as a desirable feature;⁵⁹ and James Govan's property near Aylett's Warehouse utilized a "Counting House" for essentially the same purpose.⁶⁰

The counting room was furnished with a good deal of variety, but one almost universal piece of equipment was a desk. Henry Hacker, a Williamsburg merchant of the 1730's, used a fairly valuable desk in his store office,⁶¹ and 42 John Goodrich, of Portsmouth, maintained "2 Accomptg Rooms handsomely furnished, with Mahogany Desks, &c, fixes."⁶² The et cetaras and fixtures were probably extra chairs, tables, candlesticks, perhaps a bookcase, writing materials and other bookkeeping equipment. The office occupied by the Virginia factor for Robert and Thomas Dunlop and Company was furnished in much the same way with "a black walnut desk, black walnut chairs and tables…"⁶³ Since the Prentis counting room included a fireplace, a shovel, tongs, and fender would become necessities. Also, because the firm did transact many business arrangements of a private nature with clients of social stature, the room was probably very comfortably furnished. Probably tea or coffee was available and, judging from the excellent cellar maintained by Prentis, wine may have been served to special customers.⁶⁴

On the second floor of the store, most of the space was occupied by storage, but this area also provided living quarters for one or more of the store clerks. It was common for a young apprentice or other employees to sleep in a store, partly as a security measure, and also as a matter of economy. In 1721, as already noted (page 11), Blair's store had been broken into and robbed. A newspaper report from New York revealed that, "…an Attempt was made to break into the store of Mr. Henry White of this City,… by endeavoring to force the windows and Doors of the Front and Rear of the House at the same Time; but the Clerks who lay in the store being well provided with Fire-Arms, the Villains on finding they were discovered thought proper to retreat in due Season."⁶⁵ Another 43 robbery incident at John Lidderdale's in Prince George county indicated that the storekeeper slept in the store.⁶⁶ Not infrequently store buildings were constructed to include living quarters such as Dudley Digges' storehouse in Yorktown "which has necessary Apartments for a private Family."⁶⁷ In the Prentis establishment, the upper floor was furnished with "a Bed, Bedstead, Cord, Hide, Sheets, 2 Pillows and Cases," and a "Ship's stove," all for the use of one of the clerks or apprentices.⁶⁸

The main room of the store functioned, of course, as an area for the display and sale of merchandise. It was set apart from the counting room by a difference in floor level and presumably by a partition.⁶⁹ Architectural evidence does not indicate, however, the type of fixtures used in the room. It was customary for colonial stores to have plenty of shelf space for the active storage of goods, but the precise arrangement of shelving in the Prentis building cannot be documented. Usually when advertising a building for sale or for rent the owner mentioned only that the property was "ready fitted for Keeping a Store…,"⁷⁰ or perhaps that it was "completely furnished,"⁷¹ or that it had "every advantage from its situation either for a merchant or tradesman…"⁷² Seldom was any reference made to the nature of the fixtures. One of the few extant building contracts in Virginia referring to the interior furnishings of a Petersburg store mentions only that "the store Room to be shelved… in the 44 manner of other stores…"⁷³ A store offered for sale in Princeton, New Jersey was described as "very convenient for a Merchant's shop or tradesman;" in which "the shelves are all standing…"⁷⁴ In Williamsburg, the inventories of Dr. Thomas Wharton and Alexander Craig each list shelves in their places of business,⁷⁵ and a "well built Store with …Shelves," was advertised for sale in Hanover county by one James Mills.⁷⁶ Within the confines of the main room of the Prentis structure, it is probable that the east and west walls were shelved from floor to ceiling as well as the north wall on each side of the entrance to the counting room. These wall areas are unbroken except for one window on the east and west and constitute the only logical storage space in the room. Since the company carried a relatively large inventory throughout its many years of existence, and since the wide variety of merchandise for sale demanded frequent access, this wall storage space was an essential feature of the store's fixtures.

Along at least one side of the store, a counter ran almost the entire length of the wall. This piece of equipment was a necessary fixture in any well furnished store, due primarily to the way in which merchandise was shown to a prospective customer. Instead of being open to view on the shelves, many items were kept in chests or boxes to prevent wear and soiling. Yard goods in particular were carefully preserved in this way, as well as almost all clothing, such as gloves, hats, stockings, shirts, breeches, coats, handkerchiefs, and many smaller items like buttons, buckles and garters. In order to show 45 this merchandise to customers, the storekeeper had to remove the box or chest from the shelf, place it on the counter, and still have open space available to lay out the contents.

When advertising for a contractor to build their store at Rocky Ridge, Alexander and Peterfield Trent specified that a "compter" would be included in the contract.⁷⁷ Another back country store in Hanover County was offered for sale as "a well built store with Compters…;"⁷⁸ and in Williamsburg, Alexander Craig's inventory listed counters, presumably from his store.⁷⁹ A particularly pertinent comment was made by Robert Anderson, a Williamsburg merchant, when he wrote to a friend; "I am closing my affairs; scribble a little, count a little; or lend my hand, as usual, to any honourable, Trusty or profitable business which may come within my view; in time my dear friend I expect to be as busy now, and hereafter, as when I was selling goods behind the counter…"⁸⁰

As far as the use of other store fixtures is concerned, it is difficult to guess which, if any, of these devices were in the Prentis store. Local records reveal that some merchants with a more specialized inventory, such as wigmakers, goldsmiths, milliners and apothecaries, did employ "show glasses," "show cases," or "glass cases" for display purposes.⁸¹ These devices were meant to show off delicate merchandise: rings, necklaces, wigs, fragile fans, 46 toilet articles, and the like. The Prentis company did carry some of these items, but the bulk of its inventory was comprised of more practical materials. Possibly to emphasize the unique nature of any luxuries on hand, however, the store might have displayed them in this manner. Unfortunately, nothing is known of their size or design except in the most general terms.

Another type of shop furniture that may have been in the Prentis store were drawers. Dr. Blair maintained an apothecary section in the store from the beginning and it was a common practice to store the various pills, powders, and elixirs of his profession in small drawers. John Thomson, a Petersburg apothecary, described this kind of fixture as "A VERY neat Set of DRAWERS, in four Nests, neatly painted and lettered, with BRASS RINGS…"⁸² A similar "Nest of Drawers" was recorded in the inventory of John Stots of Bruton Parish in 1749.⁸³ More utilitarian drawers were also popular as recorded or advertised by the previously mentioned Thomas Wharton and James Mills.⁸⁴ These were apparently much larger and in some cases in behind the counter. Occasionally such a location even served as a cash drawer for the merchant.⁸⁵

The basic equipment of a store was not complete without a pair of money scales. It was quite common in the eighteenth century to "clip" or "shave" coins, or to reduce their weight by defacing them in some other way. Weighing each suspected coin was the only method of determining its' worth. In addition, the wide variety of Spanish and other foreign coins in circulation 47 made it difficult to ascertain their correct value without an accurate scale. Robert Carter Nicholas, Treasurer of the Colony from 1766 to the Revolution, described one of the larger scales in writing to John Norton: "The Money Scales you sent me last are exceedingly exact & true; I beg the favour of you to have me a pr made by the same Hand, sufficient to weigh £150 or £200 of Silver at a Dr[augh]t; to be fix'd in the same Manner to a strong Beam, with a compleat Sett of Weights exactly tried & stampt according to Standard…"⁸⁶ A scale of this size would not, of course, be used for weighing one or two coins, but the design of the smaller variety was essentially the same. Normally, a merchant, or anyone else who might receive coin, had two or more scales of different sizes to accommodate their needs. A store like Prentis', which dealt in cash to a great extent and frequently functioned as a bank of deposit, probably had one in the salesroom and one or more in the counting room.

To say with finality what pieces of furniture of special construction and other equipment characterized a well-furnished store is, of course, impossible. Neither newspaper advertisements nor private correspondence nor accounts provide this sort of information. However, the basic requirements — the necessities that would be found in almost every commercial structure — have been described. In the case of other more or less essential items such as lighting, door and window hardware, and the like, it must be assumed that stores conformed generally to the pattern of private residences.

Within the framework of the partnership, Prentis exercised fairly exclusive executive control, subject only to the review of his policies at the yearly gathering of the stockholders. As we have seen, major decisions like building a new storehouse, required the consent of the partners, but the business experience of the manager was generally reflected in the handling of the firm's capital. Under William Prentis' careful guidance the company continued 48 to show a reasonable profit throughout the 1740's despite the depressing effects of King George's war.⁸⁷ As the manager of the store, his salary was probably adequate to care for his family and the additional income that he received from his one-sixth interest in the partnership was available for further investment. Prentis used his additional income partly to purchase more stock whenever it came on the market.

Commissary James Blair bequeathed his full half share of the firm to the five children of his nephew John Blair, to be divided among them equally as they came of age or married. In the meantime, the profit from this stock was given to John Blair, and the entire holding remained under his management. Early in 1748, Prentis persuaded. John Blair to sell part of these holdings. At that date, Blair's three-sixth interest was worth about £4000, since the capitalization of the firm had continued to rise.⁸⁸ Prentis purchased one-fourth of this stock for a consideration of nine hundred pounds in Virginia Currency, realigning the stock interest in the store in the following manner:

£3000.-.-	…Or 9/24 to John Blair Esq & Children
2666.13. 4	… or 8/24 to Wilson Cary Esq & his 4 Daughters
2333. 6. 8	… or 7/24 to William Prentis
£8000. -. -

⁸⁹

Within three years another portion of William Prentis and Company stock came up for sale. Robert Carter Nicholas, who had married Wilson Cary's daughter Ann, decided to dispose of his 1/24 share in the firm. Prentis was more than eager to buy, and the deal was concluded for the sum of £408.6.8.⁹⁰ 49 After the annual settlement in 1751, therefore, the ownership of the company was divided 9/24 in the hands of John Blair, 8/24 held by William Prentis, and the remaining 7/24 owned by Wilson Cary and three of his daughters.⁹¹

These two stock purchases were a severe financial drain on Prentis' resources, but fortune smiled upon his efforts in two ways. First, the stock-holders voted to raise his salary to £250 per year in 1752;⁹² and second, the improving prosperity in the early 1750's brought a more substantial dividend. His increased stock holdings were therefore profitable investments despite the fact that, after 1751, the company paid dividends only every two years.⁹³

Again in 1755, one of Wilson Cary's daughters married and her stock passed to the control of her husband. In this instance, Edward Ambler became the husband of Mary Cary and almost immediately determined to sell his interest in the partnership. The firm's capitalization had now risen to £12,000 and Prentis' offer of£440 for Ambler's 1/24 share was quickly accepted.⁹⁴ At the completion of this transaction, the stock holdings stood at 9/24 valued at £4500 in John Blair's possession, a like amount in the hands of Prentis, and 6/24 priced at £3000 held by Wilson Cary and his two remaining unmarried daughters.⁹⁵ This transaction concluded William Prentis' efforts to acquire stock in the company. His son and successor as manager, John Prentis, revived this policy and bought several shares as they became available.

Two more changes in the make-up of the company did take place before 50 William Prentis relinquished the management. When the last two of Wilson Cary's daughters finally married, their husbands, George and Bryan Fairfax, were amenable to negotiating the sale of their holdings. Apparently because Prentis could not raise the necessary capital himself, the partners decided to retire the shares by purchasing them with company funds. After the arrangements were concluded in November of 1757, the number of full shares in the firm was reduced to twenty-two, nine held by John Blair, four by Wilson Cary, and nine by William Prentis.⁹⁶

During the next decade, the profits of the company continued to increase. Although paid every other year, and certainly reflecting the higher rates of exchange quoted at the time, the dividends of £2427 in 1757, £1957 in 1759, £2391 in 1761, and £2200 in 1765, represented able and judicious management by William Prentis.⁹⁷

Operating the store was not the only call upon his abilities. Prentis was appointed a justice of James City County in 1734 and served for several terms.⁹⁸ He continued to act as a paymaster for many of the functions of the colonial government and for a time kept the land office for the sale of head rights; once he received an honorarium of fifty pounds from the government for "Extraordinary Service."⁹⁹

With these outside responsibilities, plus the time consuming process of keeping the firm's books in order, the manager of the store needed a certain 51 amount of help to handle routine clerking and menial tasks. Prentis was fortunate in having four sons, John, William, Daniel and Joseph, all of whom probably worked in the store from time to time. The eldest son, John Prentis, showed considerable talent in business affairs and was trained in all phases of store operation, much as his father had been by Archibald Blair. In addition, William Prentis owned thirteen slaves of capable working age and undoubtedly two or three of them helped out around the store.¹⁰⁰ It is also possible that Prentis employed one or two clerks or apprentices, particularly if they had some experience with bookkeeping. Vacancies were apparently constant in Williamsburg and the turnover in such employees seems to have been rather high.¹⁰¹ An experienced clerk could count on a salary of as much as £20 a year plus room and board if he were especially qualified.¹⁰²

As might be expected, Prentis' activities outside the store included investments in property in Williamsburg, and the surrounding areas. Among these holdings were two 150 acre tracts in York County and one other of about 430 acres in James City County,¹⁰³ a third parcel of 150 acres that he gave to his eldest son,¹⁰⁴ and several lots and buildings in Williamsburg.¹⁰⁵ Some of the land was obviously worked by his own slaves, probably under the direction of an overseer, although there are no surviving records of agricultural production 52 in the extant Prentis papers. The inventory of his estate, however, lists a variety of farm tools and other plantation equipment "At the Quarter in James City."¹⁰⁶ Two entries suggest that corn and wheat were the principal marketable crops cultivated there.¹⁰⁷

The career of William Prentis as a merchant ended with his death in the summer of 1765, yet he seems to have planned for this eventuality as carefully as if he were making out an invoice of goods. His stock in the store was divided in the following manner: £1000 was bequeathed to his wife and a like amount to his sons William, Daniel, and Joseph; £1000 was also given to his daughter Elizabeth and £670 to William Waters, the husband of his daughter Sarah; finally, £1444 was left to his eldest son John with the stipulation that "…it is farther my Will and desire that such parts of the said stock as I have given my Children who are under Age may during their Minorities be continued in Trade under the Management of my Son John…"¹⁰⁸ John was, therefore, picked by his father to continue the operation of the store, and the surviving partners were happy to conform with this wish.

It was John Prentis' misfortune to serve as the manager of the store during the difficult years leading to the Revolution. It is unlikely that anyone in the partnership had the training or ability to match the experience he had gained under his father. He was popular as an individual, having served as Mayor of the city,¹⁰⁹ and he retained a Colonelcy and command of the Williamsburg militia throughout the 1760's.¹¹⁰ During the height of the religious 53 controversy surroundu1g the selection of a rector for Bruton Parish, Prentis was an active member of the vestry.¹¹¹ John Prentis did not enjoy robust health, however and the problems of doing business under the exigencies of non-importation associations and the financial crises of the 1770's probably contributed to his early death.

During his tenure as manager of the company, John Prentis maintained the profits of the firm at a fairly high level although the alarming percentage of capital tied up in debts did not decline. In 1767 the dividend amounted to £2282; in 1769 it increased to £2706; by 1771 the total declined slightly to £2174, and in the following year dropped further to £180; in 1774 the profits slipped again to £1645; but in the year of his death, the dividend climbed once more to £2250.¹¹² It must be remembered in calculating the true value of these profits that the rate of sterling exchange is a critical factor. In the ten years of John Prentis' management, the rate averaged slightly less than the par figure of twenty-five, indicating a greater relative value of the dividends than the partners had known since the 1740's.

The stock in the store was split so many times in these brief years that to record the changes serves no useful purpose. William Prentis divided his holdings among his wife and five children; Mary Prentis, his wife, died in 1768 and distributed her £1000 share between her four sons;¹¹³ John Blair's death placed his stock in the hands of his eight children;¹¹⁴ and finally Wilson Cary, whose bequests are not clear, fragmented his holdings among his survivors. In addition, at least two of the heirs mentioned above also died, 54 dividing the stock even further. Perhaps the only significant bequest was that of William Prentis, Jr., who willed that "…my Estate may be Equally divided between my Brother Daniel & Joseph and my Cousin Robert Prentis."¹¹⁵ The generosity of his cousin gave Robert Prentis, who was to become the last manager of the partnership, his first interest in the store.

Behind the profits and dividends, the growing political conflict over the rights of the colonists indicated troubled times ahead for the merchant class. The stamp tax had been met and defeated., but many forgot that the Declaratory Act was still on the books and that a jealous Parliament would sooner or later take up the challenge. In late 1767, the notorious Townshend Acts passed the British Parliament and when news of them reached Virginia, a series of petitions were not long in appearing before the House of Burgesses.¹¹⁶ Three memorials were drawn up by the House and transmitted to Parliament objecting to the new duties on the grounds that they were still internal taxes, but no further action was taken at that time.¹¹⁷ Many hoped that the new Royal Governor, Baron de Botetourt, would bring with him a relaxation of the tensions between Virginia and the mother country. These hopes lasted throughout the winter of 1768, but when the Burgesses were called into session in the following spring their deliberations lasted only eleven days before the Governor saw fit to dissolve them.¹¹⁸ The immediate result of his action was the gathering of an extra-legal body at the Raleigh Tavern composed of many of the dissolved Burgesses and 55 chaired by the former Speaker, Peyton Randolph. A resolution, drafted by George Mason and presented by George Washington, was adopted. This resolution declared the Townshend duties unconstitutional and pledged the signers not to import directly or indirectly any of the taxed items. Another part of the resolution further decreed that the signers would refuse also to buy a long list of hardware cloth, spirits, furniture, and many other luxury goods, until the duties were repealed.¹¹⁹

The Association of 1769 drew immediate response, particularly from several of the piedmont counties, but it soon became evident that the support of the merchants must be enlisted before the non-importation movement could be successful.¹²⁰ To add to the problems of the Associators, Parliament repealed the duties on all imports except tea, thereby retaining the principle of imperial control. Certainly the agreement had not noticeably affected the amount of goods imported by John Prentis and Company; the firm's books shewed a total of £2724 worth of imports in 1767 which decreased only slightly to £2374 in the critical year 1769.¹²¹ To counteract this trend, the leaders of the Association held another meeting at the Raleigh on June 22, 1770; this time leaders of the merchants meeting in the city were invited to join the revised Association and the resulting document was signed by all of the well-known Virginia entrepreneurs. The 1770 Association made few changes in the list of non-importable items, but the articles of agreement did have one new 56 feature of some importance. Now each county could organize a committee of five members whose duty it would be to police the merchants and planters in its area and to coerce them, short of violence, to conform to the spirit of the organization.¹²²

The effect of the new program was considerably less than was hoped for by sincere backers of the Association. While the Virginians were taking action, the principle of non-importation had already suffered several setbacks in the northern colonies and was for all practical purposes non-existent. As a by-product of the recent tensions, inventories of storekeepers were down and credit had improved as a result of continued remittances to England; the stage was indeed set for a tremendous revival of importation. The year 1771 probably represented the largest influx of goods into the colonies in their history. Many firms like John Prentis and Company imported more merchandise than ever before and Prentis had been not only a signer of the Association, but also a member of the committee of merchants chosen to examine the state of the trade.¹²³ The four years preceding the closing of the port of Boston were not without incident, including severe financial upheavals in England. Those who remained solvent in Virginia, and were diligent in the collection of their accounts, managed to weather the storm, but many failed to find the business they had anticipated.¹²⁴

Perhaps the most severe blow to the storekeeper was the political protest that grew as a consequence of the closing of the port of Boston. The news of this event arrived while the Burgesses were in session in May of 1774. The House declared a day of fasting and prayer on June 11 (the day of the 57 closing), and the Royal Governor dissolved them almost immediately. Once again a rump session met at the Raleigh to take independent action; turning to their most effective weapon, they adopted an association aimed specifically at the products of the East India Company. Most of the Burgesses had left Williamsburg before the famous Boston circular letter arrived so the few still on hand instructed all to test the sentiments of their districts and meet in Williamsburg on August 1 to draw up a general agreement on importation.¹²⁵ When the General Convention met on that date, they were armed with resolutions from many of the county meetings and drew up an Association so similar to the Continental Association proposed by the Continental Congress, that the two can be considered as one as far as their affect on trade is concerned. Absolute non-importation was to begun on November 1, 1774, whereas the Continental Association called for implementation of this provision by December 1. The Continental document, however, called for the formation of local committees to insure compliance by all. Any offending articles reported to these committees could be stored with them at the importer's risk or sold at public sale, the profits of which were earmarked for relieving the victims of the Port Act. After February 1, all imports were to be returned.¹²⁶

John Prentis was among the first to run afoul of the Virginia Association. In November of 1774, a ship arrived off Yorktown containing two half chests of tea consigned to John Prentis and Company from John Norton in London. Apparently word of the shipment leaked out and a mob assembled, boarded the ship and destroyed the tea.¹²⁷ One account states that the patriots intended 58 to burn the ship, but, unsuccessful in this venture, their passion was mollified by hanging a bag of feathers and bucket of tar on a pole opposite the Raleigh Tavern.¹²⁸ The incident obviously had an effect on the business of the company for Prentis advertised in the Gazette:

It gives me much Concern to find that I have incurred the Displeasure of the York and Gloucester Committees, and thereby of the Publick in general, for my Omission in not countermanding the Order which I sent to Mr. Norton for two Half Chests of Tea; and do with Truth declare, that I had not the least Intention to give Offence, nor did I mean an Opposition to any Measure for the publick Good. My Countrymen, therefore, it is earnestly hoped, readily forgive me for an Act which may be interpreted so much to my Discredit; and I again make this publick Declaration, that I had not the least Design to act contrary to those Principles which ought to govern every Individual who has a just Regard for the Rights and Liberties of America. ¹²⁹

John Norton followed with a disavowal of any responsibility in the affair, implying that Prentis had every intention of contravening the rules of the Association.¹³⁰ If this incident were not enough to damage permanently his reputation, the unlucky Prentis was soon in hot water over another shipment; this time, however, he took the precaution of complying with the standards of the patriots:

THE Chairman acquainted the Committee, that Mr. John Prentis, Merchant in Williamsburg, had, on the 7th Instant, informed him of the Arrival of Captain Andrew M'Vey, of the Ship Warwick, from Glasgow, by whom he had imported a Parcel of CUTLERY, &c. amounting to 40£, 10s. sterling, which was ordered early in the last Summer; that the Package was still unopened, on Board of the Ship, at the Ferry, and submitted to the Committee to dispose of it as they thought proper.

* * * * * * *

Resolved, that the several Articles imported by Mr. Prentis … after being twice advertised in the Gazette, ought to be sold at publick Auction, in small Parcels, for ready Money, in Conformity to the 10th Resolution of the AMERICAN CONTINENTAL CONGRESS; and 59 that Colonel Taliaferro, Mr. Spratley, Mr. Travis, Mr. Wilkinson,and Mr. Harburton, Members of this Committee, or any three of them, do advertise and manage the Sale, and dispose of the Money thence arising, agreeable to the said Resolution.
Published by Order of the Committee,
JOHN NICHOLAS, Junior, Clerk.

? Pursuant to the above Resolution, we hereby give Notice that the Sale will be on the third Thursday in January, before the Raleigh Door, at 11 o'Clock in the Forenoon. The Package contains a large Number of green Ivory TABLES KNIVES, PEN-KNIVES, &c. &c.¹³¹

The extent to which these incidents hurt the company is impossible to gauge accurately. Probably among the more fervent patriots a few customers were lost. It is possible to see, however, that the Continental Association was beginning to pinch the imports of the firm; from £4476 in 1773, they dropped to £2622 in 1774 and finally to £1560 in 1775, a sure indication that the restrictions were becoming more and more effective.¹³²

When Col. John Prentis died on November 2⁴, 1775, Robert Prentis, who had been acting manager for some time because of his cousin's ill-health, at once raised two questions: whether the store was to be continued, and who was to succeed John Prentis as manager.¹³³ He himself feared that the partners would "…be inclined to dissolve the Partnership.…"¹³⁴ If they did not, he was the logical person to become the manager, not only because of his experience but also because he was to inherit one-third of Colonel John Prentis' stock.¹³⁵

60

John Blair, the partner to whom Robert Prentis apparently addressed his questions, returned a gloomy answer:

Dear Sir [Robert Prentis],
I am truly concerned over the Death of our Partner and worthy Manager; and should willingly attend his Funeral, in Testimony of my Respect, but that I am not a little disordered by a Cold —
With Respect to the Subject on which you desire my Sentiments, I must own I know not well what to entertain, & I am as much a stranger to Mr. Cary's — I can only say, that I always had thought of you as a proper Person to suceed Col. Prentis in the Management of the Partnership — Affairs — but I have had Doubts too for some Time past, whether it would not be adviseable to discontinue the Trade till better Times; I mean to shut the Store, because I am apprehensive it will be impossible to Continue the Trade —
This however will depend upon the state of it, & the Goods on Hand; I shall write to Col. Cary, & if possible get him to come here, then the matter may be inquired into and agreed upon.¹³⁶

A short time later, another letter from Blair informed Prentis that:

…I have wrote to Col. Cary to know his Opinion about shutting up the Store, or keeping it open, but have not yet had his Answer — I have some Notion the Treasurer is concerned jointly with him; I think he is an Exor of the late Col. Cary; but if not he is concerned in Interest at least; Suppose you now ask his Opinion on that Subject—…¹³⁷

Robert Prentis was appointed to manage the store, but the future of the partnership remained unsettled.¹³⁸ Early in December John Blair again detailed his reasons for doubting the wisdom of continuing the store:

I return you the Inventory of the Partnership goods — Since I saw you, I have had some Conversation with the Trasurer with Respect to the Propriety of keeping the Store open — He too is of Opinion, from the Quantity of Goods on Hand, & the Impossibility & the peculiar Risk now of increasing it in these difficult Times, of what goods we have; that it would be more to our Advantage to discontinue the Trade — I should be glad to know the Sentiments of Col Prentis's Exors on a matter in which we are all considerably interested; if they should not concur in Opinion, I think the best way would be to have a Meeting, and communicate our Reasons — If the store is to be shut up; still we shall have some Points to adjust — the Collection of the Debts — in what Manner the Goods are to be sold, & 61 for what Credit — whether the Partnership is to be dissolved, or suspended only; if the former, the Store Houses &c. must be sold; if the latter I conceive it would be better to keep them in Hopes of better Times; and as, if they should ever arrive, I should be desirous, my Self, to be engaged again in Trade, my own Opinion at present is only for a Suspension — …

¹³⁹

Although a few weeks later an advertisement appeared in the Virginia Gazette advising those indebted to the store to settle their accounts, the partners decided to continue the store for another year.¹⁴⁰ The new manager announced the decision obliquely in a letter to his British correspondents, John Norton and Sons of London and incidentally revealed his own preference for the old regime in Virginia.^14l

The surviving records of the firm indicate that John Blair and Robert Carter Nicholas were approximately correct in their estimation of future business possibilities. The "supply of goods on hand" from a value of £1560 in late 1775 and £280 in 1777; and by the next year, a mere £15 worth was carried on the annual account.¹⁴² Apparently the partners agreed that the end had come, for the two newspapers then published in Williamsburg carried advertisements offering the storehouses and lot for public sale.¹⁴³ Robert Prentis was the highest bidder at the auction which followed, and bought the property of the partnership for £1000. The final arrangements were not concluded until November of 1779. At that time, an indenture was signed by the 62 major stockholders agreeing:

…whereas the said John Blair for himself and as Executor of his fathers Estate, and the said Wilson Miles Cary for himself and as one of the Executors of his fathers Estate, Robert Prentis for himself and as one of the Executors of the Estate of Mr. John Prentis, were for themselves and the aforesaid respective Estates interested in a certain Lot of Ground in the City of Williamsburgh denoted in the Plan thereof by the figures [46] — which said Lot and store Houses thereon were considered as part of the joint stock in Trade under the firm of Robert Prentis and Company, by a Settlement of the said stock made the 4th February 1778.

And whereas, it has been agreed on by the aforesaid John Blair, Wilson Miles Cary, and Robert Prentis, sole Managers and Directors of the said Partnership to dissolve the same and in order to close the account thereof it became necessary to make Sale of the said Lot. the same was accordingly advertised in the Gazette … and sold to Robert Prentis the highest bidder for the sum of 1000 pounds current money

Now this Indenture witnesseth, that the parties of the first part grant, bargain sell unto the said William Hornsby … the Lot and storehouses above mentioned with all Appurtenances whatsoever to the same belonging … In trust to and for the only proper use, and behoof of him the said Robert Prentis his heirs and assigns forever & to no other Use Interest or purpose whatsoever, …¹⁴⁴

This ended the seventy-nine year chain of continuous ownership and operation of the store. Robert Prentis struggled for a time to maintain a retail business, but his efforts met with a notable lack of success. For a time he rented the store and acted for the government, selling surplus military stores and other seized goods. For his employment he was paid thirty-five pounds a month in salary and fifteen pounds rent for the store,¹⁴⁵ but this income was definitely temporary in nature. At some point, his loyalty to the cause of opposition to Great Britain came into question, possibly as a reflection of his earlier services on behalf of the Receiver-General and as a courier for Governor Dunmore while his Lordship was ensconced on board the William; in 63 any event, Prentis decided to seek his fortune in the West Indies, far away from the political quarrels in Virginia. After his departure, the store and lot were rented to a succession of tenants until they were finally sold early in the nineteenth century.¹⁴⁶

Of the last years of the partnership's existence it can be said only that the manager sought diligently to collect what he could of the huge debt load carried by the store. Many of these accounts were discharged with heavily inflated paper currency and therefore represented only a fraction of their true value to the stockholders. If the return on the original investments of the partners is considered by itself, the profits in dividends alone were tremendous. Even without considering the first thirty-two years for which there are no accounts, the forty-six year total of dividends amounted to £43,427.4.9 ¾, truly a staggering figure when compared to the original investment of £6000.¹⁴⁷ Add to this the figure of £10,8l1.2.1 ¼ paid to William, John and Robert Prentis during the same period and the comparison becomes even more amazing.¹⁴⁸

RETAIL CREDIT AND DEBT

During the eighteenth century the operation of even a small retail store was a complicated and sometimes very frustrating occupation. Like his twentieth-century counterpart, the colonial merchant had to maintain a varied and appealing inventory calculated to meet the requests of his customers, sell these goods on reasonable terms in a highly competitive market, give credit and collect debts, and promote sales in every way that he could. Moreover this merchant was forced to do business under a number of rather serious handicaps with which the modern businessman would find it difficult to cope. Virginia, like most of the other colonies, suffered from an acute shortage of currency; an adequate money system just did not exist; storekeeper and customer alike were forced to improvise a workable substitute. Another difficulty lay in the lack of an effective system of communications. In ordering goods, drawing bills of exchange or any other essential correspondence, the merchant was severely hampered by the long distances between sender and receiver, not to mention the dislocations that frequently occurred during the unsettled conditions of wartime. Added to these basic problems was the general inconvenience to operate a retail establishment more than two thousand miles from its wholesale sources.

Once established in a place of business, the first task of the independent storekeeper was to acquire a stock of goods. Usually he applied to one or more British mercantile houses to send him a cargo on credit and testified his intention of paying for the goods by a certain date. It was customary for one of the regular correspondents of the wholesaler to recommend the new customer and sometimes to act as security for the first order until the credit of the newcomer was established. Illustrative of this practice is a letter written by Charles Steuart, a well known Virginia merchant, to William Bowden 65 in London:

I am Desired by William Dickenson & Comy. Merchants in Williamsburg to write for an assortment of Goods for them, and take the liberty to trouble you with the inclosed order. They are [illeg.] punctual men, have dealt with me for upwards of £700 this Summer & have hitherto made better payments than they ingaged for. They are to allow me 10 P Ct. on the foot of the Invoice for Importing them & are to pay for the whole in 6 months after their arrival, that is, if any paimt. should be later the other paimts shall be such that Credit. on the whole shall not exceed that time for they expect to be able to pay one half on receipt of them, and the money shall be remited you in the best manners I can after it comes into my hands. Please to ship them by one of the earliest ships for York or James River…

¹ In much the same manner, Robert Carter Nicholas wrote John Norton introducing James Cocke of Williamsburg, offering his own credit with Norton as security for Cocke's first several orders.²

Occasionally if an established store owner wished to change his wholesale supplier he took the precaution of applying well recommended. John Snelson advised one of his British correspondents that "Colo Prentis will write to you for the Bristol goods wanted for their store which is of longer standing than any in Williamsbg and no better pay in the Colony you will often have Money for the great part of the goods order'd and always be cash in 6 months 'Tis an offer that were I in your place I would readily embrace, their Credit is indisputable…"³ This applicant, the son of William Prentis, could stand on sixty-eight years of profitable business and prompt payment by the Blair-Prentis-Cary partnership.

When a British firm agreed to ship an order, the first step had been taken in the vast chain of credit transactions that held the Virginia economy 66 together. The mother country was, for the most part, the ultimate source of capital for nearly all commercial undertakings. A mercantile house like John Norton & Son depended on wealthy individuals and lending institutions for much of its capital, and its stability was therefore geared to the smooth operation of the entire credit system.⁴ Naturally these British firms were concerned about their Virginia customers because so many of their resources were tied up in debts owed to them by planters and merchants. John Norton wrote his son, who was acting as the company representative in Virginia, "…I have just finished the Ballancing of my Books & to my great surprise after charging a very reasonable rate of interest to those indebted the Foreign Debts amount to £11064.12.6 … this enormous sum when added to my debts due in Virginia on my store accounts greatly alarms me…"⁵ When sufficiently alarmed, Norton could and did act. In 1772, for example, he constantly warned his son to refuse new accounts of dubious stature and occasionally took the drastic step of dropping an old customer. Catherine Rathell, a Williamsburg milliner, who was listed as a bad credit risk, had her orders refused by the Nortons.⁶ The same consequences befell William Anderson, who concluded somewhat philosophically, "I have received your favour of 29th May & 14th August — your not shipping the Goods I ordered was no disadvantage to me as I have sold my Store & declind the trade here, and intend as soon as I can collect the bulk of my Debts … to return to London…"⁷

Not all cases ended in this melancholy fashion. Throughout the years preceding the Revolution British merchants poured thousands of pounds worth 67 of goods into Virginia on the most liberal terms. Usually an importer was given nine to twelve months from the date of shipment to pay for his goods with no interest charge at all. When this period expired, only a nominal charge of five per cent was made.⁸ Actually the British wholesaler not only charged a commission when remittances were made in tobacco, but also included in his goods price a hidden interest charge.⁹ It should also be stated that the extension of credit varied according to a number of external factors including the money supply, the availability of other profitable investment opportunities, dislocation by war, and other depressive factors. The very changeability of the credit supply was reflected in the amount of merchandise available in the colony and therefore in the prosperity of the average storekeeper.¹⁰

Most of the conditions necessary to placing an order with an overseas supplier are included in this letter to Norton from two Virginia partners:

Gentlemen,
Inclosed is an invoice for Goods to the amount of abot £400 Stg which we shall be obliged to you to ship us by the first ship to James or York Rivers & the same. We should be glad to have them in time for the Fall Market and shall be careful in Remitting you for them within the usual time of your general Credit. If agreeable to you send them on these terms but if not you will please give us as early notice as possible which will oblige
Gentlemen
Your me hum Servts
Francis Jerdone
Wm Holt¹¹

The amount of the order, the place in which it was to be landed, insurance, 68 time of arrival, and credit terms are all mentioned, with the additional request for notification if the order would not be filled so that the partners could try elsewhere. On the order itself, the price of each item was carefully specified as well as the quantity. It is also interesting to note that these partners were very particular about where the goods were to be purchased. Iron ware was to come from Tappendan and Hanby, haberdashery from Messrs. Barrity & Lardner, ribbons from Clay and Aggullin & Co., hats from Mr. Saml Richard, hose from Mr. Jno Yarbury and a final note was added, "by no means send any British oznbs F.J. has lately seen specimens of Goods from Howard & Kirkman cheaper than from any other house therefore we recommend it to you to make tryal of them."¹² Great detail was necessary in writing the order, for, as a Falmouth storekeeper was warned, "…in future when you are making out a Scheme you must be much more Particular than in the one Sent this year, It must be divided into generall Heads such as Linnen, Woollens Hatts Sadlery &c, under Each of these the Quality and Price of the most minute Article must be precisely Specify'd…"¹³

Nearly every store proprietor was thoroughly familiar with the requirements of his clientele and placed his order with this consideration in mind. A store that dealt primarily with planters would stock up on agricultural tools, cheap cottons and wools for slave clothing, and other plantation staples. Conversely, a Williamsburg merchant might also carry these items, but he would rely more heavily on the business created by the influx of people at "publick times." His stock usually included more luxury items and merchandise popular with town dwellers. Neither of these hypothetical dealers catered exclusively to a particular market, but it was of considerable importance to them to have 69 a full stock of desirable articles on hand at their busiest season. Thomas Jett of Leedstown advised his British source, "…inclosed you have also an Invoice for the spring Goods which please to ship so as to be here early in March— …"¹⁴ William Anderson registered a bitter complaint with his wholesaler because "…A good many articles Vizt Broad Hoes, Rolls, Oznabgs &c are to late to be sold this season, the planters being chiefly supply'd before my goods arrived— … I live where there are several neighboring stores, which are chiefly supply'd with goods from Glasgow — and have them early in the year, which gives them a great advantage over me…"¹⁵

Occasionally a merchant attempted to reduce costs and to supervise the selection of his goods by making a trip to England. The Maryland firm of Wallace, Davidson and Johnson maintained one of the partners in London on a full time basis to buy goods at better prices in the manufacturing towns and to handle other business schemes, thereby eliminating the ever present commission charged by British companies.¹⁶ Even the indefatigable Williamsburg milliner, Catherine Rathell, advertised that "…she proposes going to England after June in order to purchase a cargo for the October court…;"¹⁷ and, as we have noted, William Prentis made one voyage to England ostensibly for the same purpose.¹⁸ For the most part, the colonial merchant realized that he was helpless to combat the excessive charges and commissions of the British firms and expended his efforts in trying to make a profit in spite of them.

70

After a successful purchase was arranged and the goods were on their way to Virginia, the merchant still faced a number of hurdles over which he must pass before his shelves were actually filled. Rare was the circumstance in which a cargo was sent directly to a convenient wharf. Williamsburg storekeepers might find their goods shipped either to the James or York rivers; from that point, further transportation had to be arranged by the recipient. William Prentis solved the problem by sending his own cart on numerous trips to the wharves at Yorktown or Capitol Landing,¹⁹ but others were frequently less fortunate. The trials and tribulations experienced by Daniel Fisher in transporting his goods to Williamsburg read like a tragedy,²⁰ and many of the less favorably located stores were at the mercy of wagoners.²¹

A merchant also had to contend with damaged and mislaid shipments. In many cases such merchandise was insured and the importer suffered only the inconvenience of another long wait before the order could be refilled. The newspapers of the colony were filled with advertisements like that of Edward Hill:

TWO Bales of German OSNABRUGS, containing about sixteen Hundred Ells, damaged on Board the Thomas & Mary, James Dunsley Commander, from London, will be sold, on Friday the 31st Instant (July) for ready Money, at the Subscriber's store in King and Queen, for the Benefit of the Ensurers.²²

Often the merchant had no idea of what happened to his order. William Anderson informed the readers of the Virginia Gazette that he had:

IMPORTED, last October, from Liverpool, in the Sparling, Captain Priestman, two HOGSHEADS and a TIERCE of STONE and EARTHEN WARE 71 marked WA in a Piece, numbered 5, 6, and 7. Any Person having these Packages in Possession will much oblige the Subscriber by giving him Notice thereof, who will pay all Charges for conveying them to him, in Hanover Town.²³

Consider, too, the situation encountered by the partnership of Allan and Turner:

IMPORTED in the MILLHAM, Captain James Whitefield, last April, a Cask of STOCKING THREAD marked A Crow's foot , which was to have been left at Burwell's Ferry, but was neglected. The Captain is desired to send it there immediately, as it is greatly wanted.²⁴

Another frequent complaint was that of breakage. A Cabin Point storekeeper, Adam Fleming, wrote his principal that "…there has been Terible doings amongst the Beere, I have overhalled it & there wants out of the 13 Casks 20 Doz & 2 Bottles I have made Large Allowances, for have only Counted what is missing I have taken no Accot of the Brooking Bottles of which there is a Great many…"²⁵

European manufacturers were not the only source of merchandise tapped by Virginia businessmen. New England traders, who subsisted largely on the carrying trade, brought many articles from the West Indies and South America, including coffee, molasses, sugar and fruits.²⁶ Frequently these raw commodities were processed in New England factories and rum, loaf sugar and other items dispersed to the other colonies.²⁷ Many products common to the northern areas such as fish, lumber and cranberries were exported to their southern neighbors.²⁸ Finally, the simple articles manufactured by the infant New England industries — earthenware, woodenware, iron hardware, furniture and the like — found 72 their way :into the stream of Virginia commerce.²⁹ There were also a few items produced in Virginia of salable quality. One Virginia entrepreneur wrote to Neil Jamieson for advice, remarking:

…When I had the pleasure of seeing you last we had some conversation on the Linen Manufactory. since which I am determined to endeavour at it provided I can gett a weaver on any tolerable terms. I should be obligd to You if Youl advise me what You think a Man — might be had from Scotland for who understands coarse work & the Expence of the Slays. I would willingly engage One for four Years & Pay his Passage over… ³⁰

In nearby Maryland, the Baltimore Iron Works in which Robert Carter of Nomini had a considerable interest produced a variety of iron bars and rods that were sold in Virginia. Robert Prentis, a partner in the Blair-Prentis-Cary firm, often acted as his sales agent in Williamsburg, supplying the needs of both merchants and planters.³¹

Other ready sources of merchandise were the frequent sales and auctions of stores going out of business or of partnerships in the process of dissolution One expiring Williamsburg firm advertised:

To be SOLD by WHOLESALE,
A Considerable quantity of GOODS, very suitable for the fall. For the Convenience of the purchasers they will be divided into lots, or the whole sold together at a very easy advance and on reasonable credit, bond and security being given.
JERMAN BAKER

N.B. All persons indebted to the late partnership of Hubard and Baker are desired to make speedy payment.³²

A similar situation confronted two Blandford partners, who stated in the Virginia Gazette:

THE partnership of Gordon, Ramsay, and Co. being now expired, they 73 desire all those indebted to them to be speedy in making payment;…

We have for sale about 1000£ sterling of European GOODS, pretty well assorted, which we will sell at a moderate advance, and long credit; if not sold at private sale before the 25th of April next they will then be sold to the highest bidders in lots, as may best suit the purchasers, on twelve months credit.³³

It was often necessary to dispose of merchandise to settle an estate and on such an occasion local store owners gathered in search of a bargain. John Lightfoot's property in Brunswick was sold in this manner after the following advertisement was placed in the newspaper by his administrator:

To be SOLD, on the 13th Day of February, for ready Money, to the highest Bidder, … a Parcel of new Store Goods, amounting to about 500£ Sterling, an Invoice of which may be seen, and the Terms known, by applying to the Administrator.

³⁴

The extent to which a stores stock of goods could be supplemented by purchases either in the colony or from sister colonies is well-illustrated by the example of William Prentis and Company. The annual accounts of this firm were broken down to include a total listing of goods imported and "goods bought in the country." During the stewardship of William Prentis this annual figure remained surprisingly high when the paucity of manufacturing establishments is considered. The following table compares the local purchases to imports:

Year	Goods Imported in Sterling	Goods Purchased in Currency
1734	£1100.17.2	£508.17.2
1735	£1181. 6.9	£296.17.10 ¾
1736	£1214.18.4	£465. 1.2
1737	£1398. 3.3 ¾	£375.13.5 ½
1738	£1455.17.5	£222.11.1 ½
1739	£1953. 1.11 ¼.	£203.12.8
1740	£1278.15.5	£ 94. 6.1
1741	£1597. 9.6	£ 60.18. 2 ¼
1742	£1677.17.11	£ 78.19.0
1743	£1653. 1.6	£232. 0.10
1744	------	------
1745	£1023.14.8	£287.14.0
74
1746	£1030.9.9	£321. 8.6
1747	------	------
1748	£1068. 3.2	£198. 3.9
1749	£1342.18.3	£129.10.3
1750	£1757.14.6	£ 61. 3.2
1751	£1759.17.10	£117.19.0
1752	------	------
1753	£1467. 9.4	£ 93. 2.8
1754	------	------
1755	------	------
1756	------	------
1757	£1770.10.11	£242. 3. 5
1758	------	------
1759	£4243. 7.10	£116.13.11
1760	------	------
1761	£3555.17.10	£133. 3.10
1762	------	------
1763	------	------
1764	------	------
1765	£3403.10.6	£247. 7.9

³⁵

Unfortunately, the amounts listed for goods bought in the country are not further reduced to specific purchases, but we do know from a few miscellaneous bills that Prentis bought such unlikely items as ninety-two and one-half barrels of powder out of the public magazine, presumably for resale.³⁶ Probably the bulk of the merchandise included in this category was brought in from the northern colonies and represented finished goods of colonial manufacture.

All of the firms in England with whom the Prentis Company dealt are not known, but it is possible to cite a few examples. Apparently Farrell and Jones handled their Bristol imports for many years and Edward Harford of that city also sent a cargo or two.³⁷ In London, John Norton and Son shipped as much as one fourth of their total imports in the 1760's and 1770's. Norton 75 indicated in a number of letters Prentis' cargoes were being processed, and he obviously considered the firm to be an excellent customer judging from his remarks in a letter to his son:

…it will be necessary for you to let our cargo Correspts know, except Messrs Bradley & Co. and Mr. Prentis, that I cannot until times mend ship any more goods if order'd, it being my fixed resolution not to lay myself further at the mercy of hungry Tradesmen…³⁸

After the Revolution, another London merchant, Samuel Athawes, offered to "individually renew that friendly & amicable Intercourse that [we] heretofore subscribed & which in general I should hope the late Confusions have only suspended but not broke off; so that…we may…be ready to renew those Connections which may be for our mutual Benefit & Advantage."³⁹ These, of course, are only a few of the firms that supplied the Williamsburg store. Every careful merchant tried to buy his goods as near the original source as possible. William Allason, one of the most successful chain store operators in Virginia, suggested that this factor represented the difference between profit and loss.⁴⁰

Unlike a modern businessman, whose burdens are lightened by fair trade laws and other price fixing schemes, the eighteenth-century-merchant faced a very critical decision in setting the value of his goods. It would be patently unfair to compare his markup to modern standards since his overhead was much higher. Not only were goods transported long distances at high rates, before they reached the merchant, but he also had to absorb a high percentage of bad debts.

During the period under discussion, the "mark up," in modern terminology, was referred to as the "advance" over the wholesale price exclusive of 76 shipping charges. Thus, when the advance was quoted at sixty-five per cent, it meant that the retail price was sixty-five per cent above the wholesale cost of a given item. It is impossible to compute the advance at a particular date because it depended on many factors, but the range generally remained between twenty-five and one hundred per cent; within that span it moved between fifty and eighty-five per cent most of the time. Among merchants the rate of advance was, of course, no secret; and it is amazing to observe the lengths to which some merchants went to mislead their customers while others were perfectly frank about their charges. Robert Davidson and Thomas Goodwin, two Williamsburg "Chymists" baldly maintained that their wares were dispensed "At the same Prices as Sold in England."⁴¹ An equally disingenuous storekeeper named William Hooper gave the distinct impression in his advertisements that he would dicker for almost anything.⁴² Although extremely high or low advances often occurred in periods cf depression or boom, the general rate of advance seems to have remained fairly constant between fifty and seventy-five per cent. Charles Steuart informed a North Carolina friend that it fluctuated between sixty-five and seventy-five per cent in the summer of 1753.⁴³ Seven years later the advance on European goods was again cited at the figure of seventy-five,⁴⁴ and in 1769 the same note occurs once more.⁴⁵ The decade of the 1770's was one of severe hardship for all commercial enterprise, and it is not surprising to find a wide range in the markup of goods. The dislocations of trade resulting from bank failures in Britain, the vicissitudes of overproduction 77 and oversupply in overseas trade, and the mounting political crisis, capped by a wartime economy, make it impossible to apply any generalizations to that period. For the most part, the advance continued around the level of seventy-five per cent, subject always to the effect of local competition and general economic conditions.

Within the limits of the common markup rate, local competition played no inconsiderable role in determining the actual price of goods. The Cuninghame factor at their Fauquier store was advised to, "…weigh well the Quality of the article … and the Prices your neighbor sells Such goods at: Indeed you will do well to be att much Pains to gett acquianted with his Transactions in these matters for your Government, as you must not upon any Actt Lose any of the present Customers, I hope you will acquire more."⁴⁶ Much the same policy was suggested to their Rocky Ridge representative; "…the advance on goods should be an object of great attention, butt for the Present you must be conformable to your Neighbors Raising it with their concurrence, in future as any circumstance will admit—."⁴⁷

The inevitable law of supply and demand also played its part in regulating prices, David Ross advised his partner John Hook to " … look upon your Goods as the very next thing to Cash & if you cant sell them to good pay & upon saving terms let them lay in the store as I presume Goods will not be a drugg much longer…"⁴⁸ These sentiments were echoed in a letter received by Francis Hay, a Cuninghame factor at Dumfries, "… In Pricing and Selling those Goods due regard must be paid to the prices of those on hand … From 78 the late failures and unsettled state of Creditt in Britain, it is thought few Goods will be Imported into this Colony for Sometime…"⁴⁹ Conditions grew so unfavorable at one time that William Allason suggested that merchandise in the stores might be re-exported to Glasgow at a profit. He verified these remarks by relating that, "… at Wmsburg saw goods that well bought and not advanced offered for 75 P c advance all debenture to be discounted and a long Cr for the payment and yet refused so from that you may Judge of the demand…"⁵⁰

Another important ingredient in the price setting formula was the manner in which the goods were purchased. A storekeeper like Robert Adam might protest that his goods, "…are rated at a very low Advance, and that not only a few Articles for a Name of selling cheap, but they are rated all through at the same low Profit…,"⁵¹ yet it remained a common practice to charge cash buyers one price and those purchasing on credit another. John Likly was carefully instructed by his superior, "…when you come to sell…consider the Ability of the Person [who is buying]…"⁵² This principle was explicitly stated to a new storekeeper in Culpeper; "…In your sales bear in mind that every Person ought not to have goods on the same terms It would be unjust as well as imprudent that those people who pay ready money or Tobacco, Or those on whom you Can depend will make regular Payments once every year to the amount of their dealings should Pay as much for Goods As some Others…"⁵³ 79 Almost as an afterthought, this same storekeeper was cautioned to, "…take Care that these variations in ye prices be as little Known as Possible…"⁵⁴ On occasion, merchants specifically stated in their advertisements that cash customers would receive better prices. A Richmond partnership advised the public that, "…We intend in future working for ready Money only, and, on those Terms, cheaper than usual."⁵⁵ Similarly, Walter Peter, who kept a store at Cabin Point, induced his customers to pay cash by advertising that "Three per Cent. Discount will be allowed for ready Money."⁵⁶

One of the most disturbing elements with which the merchant had to contend when pricing his goods was the relation between the currency used by his customers and the money credits that he used to satisfy his wholesale source. The exchange problem will be dealt with more fully in later pages, but in connection with pricing it can be simply stated. If a businessman bought his goods at a normal rate of exchange and the exchange went up, he had to either raise his markup or face a severe loss on merchandise paid for with depreciated currency. During most of the eighteenth century the exchange rate varied less than ten per cent from one year to the next, but on a few occasions it rose steeply. Merchants therefore took considerable pains to keep well posted on the rate since their profits were at stake. At times, however, it appeared almost impossible to do this. William Reynolds became so confused at one point that he was prompted to remark, "…our Exchange [is] so fluctuating, that we are at a loss to know what Advance to sell at, for Goods that were sold when Excha was at 20 [%] the money now Collecting at 30 [%] and am fearful Exchange will be still higher…"⁵⁷

80

The difficulties encountered by the merchant in pricing his goods were insignificant, however, when compared to the complicated process of selling them. The present generation is very familiar with orderly time payment plans and other credit programs for purchasing relatively expensive items; but modern society is also wedded to a system of buying in which money plays an important part. The eighteenth-century storekeeper had neither of these business aids. Money, as such, was frequently in short supply and a much less efficient credit system provided the bulk of the individual's purchasing power.⁵⁸ Earlier in this chapter it was noted that the wholesaler usually bought his supplies on credit and in turn allowed his retail customers rather liberal terms of purchase. This precess was extended one more step to include the consumer, the person upon whom the cost of the credit system ultimately fell.

To judge from the advertisements inserted in the Virginia Gazette, it would seem that few of the Williamsburg stores offered credit. Yet the same advertisements often carried an admonishment to debtors to pay up immediately. The number of suits threatened to recover from recalcitrant debtors would have crowded the court dockets for a century, and certainly belied the actual practice of those who purported to sell "for ready money only."⁵⁹ Frances and John Webb, who operated a small store near the Governor's Palace in Williamsburg, seemed to have adopted almost a defensive attitude when they appealed to their customers: "…we hope those who have favoured us with their Custom will not take amiss our dealing for ready Money only."⁶⁰ The true state of affairs was much more accurately described by William Reynolds when he observed to John 81 Norton: "…you know the nature of Our Trade here that we are obliged to give extensive credit and a great deal of indulgence especially at first setting out to establish a set of Customer…"⁶¹

The normal period of grace was approximately twelve months. William Johnston reported "… our Custom here is to supply the planters with goods now, and to be paid next Crop which allways keeps the List Large which If I will not do must Luse my Customers…"⁶² After the economic crisis of 1772, the Cuninghame factors were instructed in this way; "…I have Recomended, the not Selling to any Person (at whatever the Advance may be) but to those on whose Pay their is an Absolute Certainty in twelve months."⁶³ Usually a merchant tried to limit the credit period as much as he could and in many cases the precise terms were haggled over until the parties to the sale could reach agreement. Tate and Tarpley, on the Duke of Gloucester Street in Williamsburg, sold goods on the "…usual Time of Credit…,"⁶⁴ while Matthew Holt, near the Capitol, adhered to the principle of "short Credit."⁶⁵ In practice, no absolute limit was set because the trouble and delay in pressing a suit led most merchants to grant additional time as long as some hope of collecting remained.

Many businessmen realized that the inherent instability of the credit system made it undesirable, but few could offer a workable alternative. William Reynolds wrote his London connection:

…I observe what you say in regard to a resolution lately made in your Trade not to pay any bills nor ship any Cargoes without Cash in hand from which I am to expect no Goods in this next Spring, but 82 altho (shou'd that be the case) it would be a very great disappointment to met yet I shou'd most cheerfully submit to a loss as an Individual where it was likely to promote a publick Good, which I verily believe would be the Case, as it must of Necessity, shorten our shamefull Credits given here, & the Man who had a Capital would then derive an advantage adequate to his trouble, which at present is prevented by the Numbers in this Colony who Trade entirely on Credit… it is impossible that you should be able to adhere to that Resolve, for there is a Gentleman now soliciting strongly for Consignments to a new house, & at same time offering to advance £5 sterling a hhd on the Shipping which you well know will prove a very tempting bait to the Needful. ⁶⁶

The extent to which even the most solid commercial enterprises were forced to conform to the general credit structure can be clearly seen in the expansion of the Prentis company, For fifty years, first Archibald Blair and then William Prentis, managed to keep the yearly credit figure someplace near the value of their inventory.⁶⁷ They were able, therefore, to pay for the next year's goods with the collections from the preceding year and no new capital was required to keep the firm operating. After 1750, this was no longer possible. The debt list rose from £6027.12.7 in 1751 to more than double that amount in 1775 without a compensating proportional increase in business.⁶⁸ The partnership was, in fact, investing more and more capital at a lower and lower return.

Naturally, the collection of debts was closely allied with the extension of credit. As stated previously, most merchants would rather give the debtor every opportunity to retire his balance than take the case into the courts. However, the threat of a suit and possibly prison, were the chief weapons at the disposal of a creditor. Sometimes a mere threat of unspecified action was tried as in the following advertisement:

WHEREAS Robert Crichton, store keeper to Buchanan and Hill, goes home Passenger in the Buchanan, Capt. Hugh Crawford: They desire 83 all Persons who have dealt with them to come and settle their Accounts, before his Departure, to prevent Trouble hereafter.

⁶⁹ The direct attack was the remedy decided upon by James Parker. He warned tardy customers to pay up, "…otherwise LAW will be the immediate Consequence of further Delay…"⁷⁰ Frances Webb tried a different approach, hoping to play on the sympathy and fair-mindedness of the debtors:

WHEREAS many Persons indebted to me, have, contrary to their Promise, neglected to pay me at the Time agreed, and thereby subjected me to great Inconveniencies and loss, and most of my Creditors have insisted on Bonds, from me, which must go on INterest 'til People discharge their Debts; I hereby give Notice, that whatever Ballance, or Debts, remain unpaid at Oyer and Terminer next, must be put in Suit; … To those Persons who will consider how great a Sufferer I am by paying Interest, for that very Money that they are indebted to me, and discharge their Accounts this Court, I shall always acknowledge myself
Their obliged humble Servant, ⁷¹

Bonded debts, as Frances Webb discovered, were at once the curse and the salvation of the storekeeper. They worked in this way; when the normal credit period had expired, the creditor attempted to induce the debtor to sign a bond for the amount he still owed. However, unlike a straight book debt, the bond carried interest. Since the storekeeper himself was often forced to sign a bond for his debts, any money owed to him that could be bonded helped to reduce his interest load. Although a common practice early in the century, bonding became almost mandatory in the two decades before the Revolution. One Williamsburg partnership advertised:

THE partnership of HUBARD and BAKER being expired, all persons indebted to them are desired either to make payment, or give bond for the balance of their accounts to JERMAN BAKER, who continues the store, and to whom those who have any demands against them are desired to apply.⁷²

84 John Thompson was a bit more specific as he warned

AS I intend to leave this colony in a short time, I must desire all those indebted to the partnership of TARPLEY, THOMPSON, and Co. who can possibly do so, to pay off their accounts, and those who cannot make payment to give bonds for their balances immediately, or their accounts will be put into the hands of an attorney.⁷³

That the Prentis firm used this procedure is apparent from a letter to a debtor from their lawyer, Peyton Randolph "…Mr. Prentis seems impatient to hear from you about the bond assigned to him; I shall be obliged to you to let him know when you think he has a chance of recovering the money.⁷⁴

Since bonds were negotiable instruments, particularly when backed with security, storekeepers usually asked for this additional guarantee. James Robinson advised a new factor that: "…It often happens when a Planter is largely in debt at Settlement or when any Considerable sum of money is advanced them they will Offer a security on their Estate which should at all times be accepted even from those in the best Creditt."⁷⁵

Frequently a merchant found it advisable to empower a lawyer to collect for him. This arrangement was particularly advantageous because most of the lawyers traveled to the county courts in connection with their general practice and were therefore able to contact out of town debtors more easily. For example, Mordecai Booth and Company advertised that Robert Carter Nicholas was legally empowered to receive their debts and Nicholas stated in the Gazette:

In Pursuance of the above Advertisement, I do hereby give Notice, that I continue in Williamsburg, during the Time of the General Court, and that I shall be ready at every Gloucester and York Court, to receive whatever Debts are due to Mr. Mordecai Booth and Company.

⁷⁶

85

When all other methods failed, the storekeeper was forced to seek relief from the courts. Actually, a great many suits were fi1ed, but many of them were settled before a final judgment was rendered. Many of these were brought in the Hustings Court in Williamsburg, although certain types of chancery proceedings were occasionally brought in the county courts and in the General Court cf the colony. The various county courts also had jurisdiction in debt cases. The place in which the suit was brought naturally had some bearing on its outcome. Both the Hustings Court and the York County Court were preferred by merchants since they seemed to be somewhat more sympathetic than the planter dominated county courts.⁷⁷

According to the law, debts could be proved in court by the following means:

That in any action of debt, or upon the case, which hath been or shall be brought, where the plaintiff shall declare or has declared upon an Emisset, or Indebitatus Assumpsit, for goods, wares, or merchandizes by him sold, and delivered to any person or persons, and upon trial of such action, such plaintiff shall declare upon his corporal oath, or solemn affirmation, as the case may be, That the matter in dispute is a store account, and that he hath no means to prove the delivery of such articles therein contained, or any of them, but by his store book; in that case such book shall and may be given in evidence at the trial, if he shall make out by his own oath or affirmation, That such book doth contain a true account of all the dealings, or the last settlement of accounts between them, and that all articles therein contained were bona fide delivered, and that he hath given all just credits due to the defendant, in such account; and such book and oath or affirmation, shall be admitted and received as good evidence, for any of the articles, for goods delivered within two years before the same action brought but not for any article of a longer standing, unless the defendant shall have removed out of the county where he resided at the time of his contracting the debt, and then within three years of the action brought.⁷⁸

The same principle was extended to cover cases where the plaintiff had died and the administrator of the estate brought a suit. The defendant was given 86 the right to:

…contest the plaintiff's evidence, and to oppose the same by other legal evidence; and where the defendant shall be an executor or administrator, his testator's or intestate's book, shall and may be given in evidence, against the plaintiff's book, where the plaintiff is an executor or administrator.⁷⁹

After the decision was rendered by the court, there were three methods in which the creditor's claim could be satisfied. The court could issue a writ of fieri facias, attaching the debtor's personal property; a writ of elegit, attaching both his personal and real property; or a writ of capias ad satisfaciendum attaching the body of the debtor.⁸⁰ A good example of the entire process is offered in a suit brought by Archibald Blair against the estate of Thomas Laughton:

Archibald Blair, Gent. having obtained an attachment against the estate of Thomas Laughton for 1 pound 15 shillings and 3 pence, proved due by his oath and the oath of William Prentis. On his petition, judgment is granted him against the said Laughton for the said sum and the said attachment being returned executed on 1 new desk, 1 new table, 10 pair desk hinges, 1 parcel of brads, 1 parcel of brass nails, 4 scutcheons, 6 handles for desks, 46 pair small brass hinges, 8 turning tools, 4 wimble bits, 3 rasps, 1 pair pinchers, 3 files, 1 handsaw, 1 tennant saw, 2 compass saws, 26 planes, 1 wimble stock, 2 hammers, 2 chiswells, 2 gouges, 1 small auger, 2 turning screws, 18 iron locks, 4 brass locks.

It is ordered that the Sheriff sell the said goods by public auction to the highest bidder and deliver so much of the produce to the Plaintiff petitioner as will satisfy his said debt and costs, and the overplus (if any) to retain in his hand to answer the subsequent attachment.⁸¹

Rarely was anyone jailed for a debt except as a punitive measure, because this not only eliminated any real hope of collection, but after a certain period, usually twenty days, the plaintiff was responsible for the maintenance of the prisoner. It could happen, however, as a Williamsburg wigmaker discovered: 87

BEING prevented carrying on my Business as usual, by an Arrest for a Debt not justly my own. I hereby give Notice, That I have taken into Partnership with me Edward Charlton, late from London, who will carry on the Business, at my Shop, next Door to the Raleigh Tavern, in Williamsburg…⁸²

In some cases where a number of creditors desired redress from an individual, the plaintiffs were lumped together and a single suit was prosecuted. On one such occasion, John Blair, Sr., John Blair, Jr., William. Prentis, William Parks, Robert Whiting and Alice Needles all brought suit against one Richard Cooke. Prentis' grievance was a £10 book debt against Cooke and although the cases dragged out over a long period, it was finally dismissed and apparently settled out of court.⁸³

A merchant also had to face the possibility that an irresponsible debtor might skip to another colony, leaving behind a series of worthless notes. Perhaps one of the more notorious defaulters was William Dickenson, a Williamsburg businessman, who had charmed even the canny Charles Steuart into extending him credit. Steuart had vouched for Dickenson's credit as early as 1755 and watched in helpless horror as his remittances dwindled. The blow came four years later and was described by Steuart in a letter to London; "°Notwithstg what Dickinson wrote me from New York in the letter I sent you that he was just going aboard a Snow for Hamburg he has since been apprehended at Boston and is in jail there."⁸⁴ Sometimes it became necessary to go after a rapidly moving overdue account. One ambitious Virginian advertised:

HAVING several Debtors removed to North and South Carolina, I purpose (GOD willing) to pursue them next Fall. Any Gentlemen Merchants, or others, having Money due from Persons in either of those Provinces, properly proving or ascertaining their Accounts, and lodging them with me by the last of August (as I intend to set off about the first of September) may depend on the utmost I can do to 88 serve them, at a reasonable Rate…

⁸⁵

In the normal course of business, however, debts were paid on a more or less regular basis at the meetings of the various county courts and at Williamsburg during "publick times." Joseph Pullett informed both his creditors and debtors that:

AS I am obliged to pay away some very considerable sums of money next June court of Oyer and Terminer, I shall take it extremely kind of those Gentlemen who have accounts with me to discharge them by that time, which will support the credit of a young beginner… ⁸⁶

James Taylor also used the Gazette to state that, "ALL Persons indebted to JOHN and JAMES TAYLOR are desired to settle their Accounts this Meeting, as I do not intend to come to Williamsburg again on that Account…⁸⁷

One writer has suggested that the "average debt was probably under £50 and was settled at the end of the year."⁸⁸ Certainly this was the goal of most Virginia merchants, and factors were constantly warned that "…No man unless he has a Clear and Visible Estate must be Credited with more than the Value of their Annual Crops…"⁸⁹ Yet it would be incorrect to characterize the colonial credit system as anything but a necessary evil. To be sure, some merchants and storekeepers managed to accumulate a yearly profit of some proportions and kept the debts owed to them at a minimum. Moreover, it can be argued that the entire system was but a necessary step in the long process of economic development. However, the heavy losses experienced by many of the merchants 89 and the high number of business failures can be attributed largely to the difficult business conditions created by the credit system. It is testimony to the skill and business acumen of the successive managers of the Blair-Prentis-Cary partnership that they not only operated throughout the entire period of Williamsburg's greatness, but that they also were able to show a more than moderate profit.

90

MONEY AND THE RETAIL TRADE

The primary function of the retail store is to exchange merchandise for a unit of value usually represented by a form of money. In examining the way in which retailing was carried on in eighteenth-century Virginia, we have seen that one of the recurrent problems was a lack of a circulating medium and that money was largely replaced by a credit system extending from wholesaler, through retailer, to the consumer. A number of theories have been advanced to explain this dearth of currency. The more prevalent point of view has been that the shortage was caused by a conscious reflection of a mercantilist economic policy on the part of Great Britain, designed to prevent the growth of an independent economic unit in North America; and further to make certain that the profit arising from the colonial venture would be channeled into the mother country. The assertion has been made also that the lack of currency may be attributed to fairly rigid economic laws. When money attained a higher value in the colonies, there seemed to be a sufficient amount on hand, a maxim equally true in Britain. It is not the purpose of this study to resolve these divergent theories. Rather, it will attempt to show how colonial storekeepers, who had to operate under this handicap of a limited currency supply, were able to meet business situations in which money was an essential ingredient.

At all times there were coins circulating in Virginia even though the number might be rather small. Since the exportation of English currency to the colonies was prohibited, these coins were almost entirely Spanish or Portuguese in origin, acquired in the process of trading with the West Indies and southern Europe. They were rated in relation to the English pound so that the Spanish Piece of Eight, for example, was worth six shillings in Virginia currency, and the Portuguese "Half—Joe" valued at forty-eight shillings.¹ Each 91 colony set the standard of value within its jurisdiction and frequently engaged in "rating wars" with its neighbor to attract more of the coins into its economic orbit. The very nature of colonial trade relations in which the adverse balance of trade tended to drain off specie to the mother country lent additional impetus to this inflationary practice.²

The wide variety of foreign coins that a merchant might receive was only one problem. He was frequently confronted with debased or "clipped" coins whose original weight had been decreased. In order to be sure of their value he normally weighed each coin before crediting the purchaser with its full value. As mentioned earlier, the money scale was as essential to the storekeeper as his stock of goods. The debased or counterfeit coins were somewhat more difficult to detect. The conclusive test was to check them on a hydro-static balance, a piece of equipment that would hardly be found in the average store. The Treasurer of the colony could perform this test, however, and probably did so on the request of a merchant.³

After 17Z7 the chief foreign coins which circulated in Virginia passed by weight at the following rates:

Pieces of Eight of Mexico, Seville, and Pillar,
Ducatoons of Flanders,
Ecues of France or Silver Louis, and
Crusadoes of Portugal	at 4d per pennyweight;
Peru Pieces of Eight
Cross Dollars
Rix Dollars of the Empire	at 3 ¾d per pennyweight;

English milled silver coins at 6/3d per crown piece; and all lesser pieces in proportion.⁴ Foreign gold coins passed at 5/ per pennyweight 92 and English guineas at 26 shillings.⁵

Tobacco was another medium of exchange that was used extensively in the Virginia economy. Henry Potter, a Williamsburg apothecary advertised early in 1739 that he sold his goods "…at reasonable Rates, for Cash, Bills of exchange, or Tobacco,"⁶ Later in the century, G. Mason informed Gazette readers that:

THE Subscriber has a neat Assortment of EUROPEAN and INDIA GOODS for Sale, which he will lump off cheap for Cash, Bills of Exchange, or Tobacco; and will give long Credit, if desired, upon Bond with Interest, and approved Security.⁷

Being a commodity of some bulk, tobacco was not a convenient form of money to carry around. What the merchant really meant when he stated that he would accept it as payment was that a customer could settle a yearly account or buy a relatively expensive supply of goods. Actually the tobacco was not normally brought to the store, but was exported to England for sterling credit from the customer's storage point. One serious disadvantage of this system was fluctuation in the value of tobacco from year to year. Obviously it would be difficult for the merchant to ascertain the value of tobacco offered as currency when he could not inspect the hogshead before shipment.

Many of the difficulties attendant to the use of tobacco as money were eliminated by the organization of tobacco inspection. The Inspection Act of 1730, and its subsequent additions, guaranteed a minimum standard of quality and provided more convenient storage facilities. Planters who deposited tobacco in a public warehouse received a note from the inspectors stating the quantity they had inspected and attesting that the tobacco was of merchantable quality. These tobacco notes were then considered as acceptable payment for 93 all obligations normally discharged with tobacco in the county where it had been inspected or any adjacent county not separated by one of the large river systems.⁸ Eventually the tobacco note system was extended to embrace notes issued on individual hogsheads and merchants were happy to accept this relatively stable medium of exchange. A Fredericksburg merchant whose store was robbed of a number of valuable items, including several tobacco notes, revealed another advantage of their circulation: ⁹

Commodities other than tobacco were also accepted by some storekeepers in lieu of money. Merriwether Smith advertised:

HAVING discontinued the store kept at Tappahannock on my Account, I have opened, this Fall, a large and genteel Assortment of GOODS, lately imported from London, at my landing, on Piscataway Creek, … where all Persons may be supplied on very low Terms for Cash, Tobacco, Corn, Plank, Shingles, or Staves, as well as 94 on Credit.¹⁰

Smith's long list of negotiable substitutes was perhaps the exception, but many merchants, like James Haldane in Norfolk, were willing to deal for "Country Produce."¹¹

Somewhat later than her sister colonies, Virginia finally succumbed to the practice of issuing paper money. Partially to fulfill the wartime need for cash, the colonial government authorized the emission in 1755 and 1756 of a total of £115,000 in treasury notes which were to be secured by additional tax levies passed at the same time. All of these notes bore five per cent interest, and the last of them were to be redeemed by June 15, could use the paper for all debts except quit rents, and they achieved wide circulation. The government, for example, used them to defray the cost of equipping and maintaining the militia in the field.

As the war with France dragged on, it became necessary to discover new sources of cash to prosecute the military effort. Twelve more emissions of paper currency were authorized between 1757 and 1762 totaling £412,962.10s.,¹³ but unlike the first issues, these did not accumulate interest. Finally, in 1764, the Parliament of Great Britain prohibited the emission of paper money as legal tender in the colonies.

In the post war years, three more series of paper issues were voted for various purposes. Although these emissions were legal tender only for public taxes, they were apparently accepted by most merchants at face value. 95 In all, Virginia issued nearly £620,000 of paper money in the twenty years preceding the Revolution.¹⁴ After 1766, most of the notes were withdrawn from circulation as they were paid into the treasury for taxes. In 1771, only about £100,000 of the war issues was still unredeemed.¹⁵

Virginia did not suffer the serious inflationary problems that plagued many of the other colonies, but the issuance of paper currency did create several financial difficulties. The most unfortunate of these was the notorious "Robinson Affair;" so called because of the involvement of the Speaker of the House of Burgesses, John Robinson. Robinson combined the offices of Speaker and Treasurer and under the latter was responsible for retiring the paper when it reached the treasury. The precise facts in the affair are still somewhat cloudy, but apparently Robinson took it upon himself to relieve the financial distress of his friends by reissuing to them the bills slated for retirement. Several members of the Governor's council received a total of more than £30,000, and numerous members of the House pocketed over £37,000. Robinson's motives are unknown, although the only account of the affair suggests that they were purely altruistic.¹⁶ In any event, the scandal was not discovered until after Robinson's death, and little could be done about the raid on the treasury. Thereafter, the office of Treasurer, which was filled quite capably by Robert Carter Nicholas, was divorced from the speakership.

Counterfeiting of the paper bills presented the colonial government with a far more serious situation. Evidently the copies were quite accurate, for a Richmond merchant remarked, "The trading part of this Country suffered much lately by some very ingenious counterfeits of the paper money at 96 present in circulation. I loose about forty pounds by it, and am most thankfull that I have escaped so well…"¹⁷ At one point, the colonial Treasurer warned the public:

WITHIN these few Days I have seen a five Pound Bill, dated in 1771 (the only one that has fallen into my Hands) in which the Bars, or white lines, enclosing the Letter T, are exactly at the same Distance from each other as in the true Bill of the same Date, but the Lines which form the other two Columns on each Side of the T are much nearer each other in the forged than in the good Bills. The T in this Bill does not stand square, but inclines pretty much to the left Hand. I have also seen several Bills of 1771 which seem to be impressed on the same Sort of Paper as was used for the forged Bills dated in 1769. The Bars, or white Lines, running from the Tops to the Bottoms of these Bills, are nearly at the same Distance from each other as in the Counterfeits of 1769; all much wider than the true Bills. As these appear fresh from the Press, it is hoped many of them have not yet been thrown into Circulation: but I think it necessary to give the Publick the earliest Caution. ¹⁸

Early in March of 1773, the Governor called the General Assembly into special session to combat the situations. In a speech to the assembled Councilmen and Burgesses the Governor stated:

IT was far from my Intention, when we parted last, to have put you to the Expense and Trouble of meeting again here so soon; but I am persuaded you will see the Necessity of it when I inform you that all the Emissions of your Paper Currency, now in Circulation, are forged, and that in so masterly a Manner as to make it almost impossible for those the most knowing in such Matters to distinguish the good from the bad. Seeing that the Credit of the Country is so deeply affected by it, I thought it my Duty to assemble you immediately, that you might pursue such Measures as you shall think proper to restore it, if possible, to its former Credit.¹⁹

Much was made of the capture of several supposed criminals from Pittsylvania, who were questioned by the Governor and Peyton Randolph at the Palace.²⁰ The suspects were placed in the Williamsburg jail, but at the public trial, the case of the prosecution fell in shreds as "The Testimony of John Short, the 97 principal Evidence against the Prisoners, was invalidated by sundry Evidences in their Behalf, who proved him a most atrocious Villain…"²¹ Perhaps the best commentary on the entire affair was offered by James Parker, who wrote:

…There is a Mighty hubbub here just Now on Account of the paper Money a Vast number of Counterfeit 5£ bills have got into circulation, so well done that the distance of the White lines in the paper is the Only way they can be discovered. The Governour has called the Assembly to meet the 4th March to try what they can do. I'm of opinion if ever there is a discovery, that some of the Great needy Ones have got hold of the Old Types. [An obvious reference to the Robinson Affair, WGK] Our Treasurer has filled the papers with long advertisements on the Subject, I'd send you them, but being the productions of his heavy gum Head they are not worth reading…²²

Since a great deal of the business transacted by Virginia merchants involved the ultimate transfer of money credit to England, the chief means of exchange, was an important part of the credit system. The bill of exchange was simply a legal instrument used to make payments between two different currency systems without the actual transfer of money. At the Virginia end of the process, a person who had sterling credit in England, usually from the sale of his tobacco, might want cash to pay, let us say, his account at a local store. A good example is offered by Alexander Henderson, who advertised in the Gazette:

Wanted immediately,
MONEY for BILLS of EXCHANGE, to be drawn by
ALEXANDER HENDERSON.²³

This individual was known as the "drawer" of a bill. The second party was one who had Virginia Currency but needed sterling credit in England to pay, for example, a sum to his wholesale source of supply. This person was known as a 98 "remitter," and is represented by this statement in the local paper:

A Large Sum of Money lies ready in Williamsburg to be dispos'd of now, for Bills of Exchange, to be paid at the next General Court, for which 30 per Cent, will be allow'd provided the Draughts are not under 50£. Sterling. For further Information, enquire of the Printer of this Paper.²⁴

The remitter purchased the bill from the drawer and sent the bill to an individual or firm in England where he wished to pay a sterling debt, this party became known as the "possessor." He next presented it to the "drawee," on whom the bill was originally drawn, for acceptance or immediate payment. Naturally, the drawer and remitter could be the same person as could the possessor and drawee.

When the bills were made out by the drawer, the date of payment was always specified. A bill could be drawn payable on sight, which meant its face value was due on presentation to the drawee; or for a longer period after acceptance. For example, the usual term specified was on sixty days sight; this required the person or firm on whom the bill was drawn to pay the amount of the bill sixty days after they had signified acceptance by signing the bill. The interval between acceptance and payment was defined by the term "usance."²⁵

The drawer of the bill was required to notify the drawee of his action so that this party to the transaction would be prepared to pay the sum. Thus, Edward Travis wrote John Norton, "Having been unfortunate in my trade for sometime past, which does Oblige me to draw a bill on you (much against my inclination) for one hundred and fifty pounds which I hope you will duly honor." A postscript to the letter advised Norton that "The Bill is Drawn Payable to John Prentis & Co."²⁶ The drawee could refuse to accept or pay the 99 bill, or "protest" the bill, and in this case it was returned to the drawer with damages assessed, usually ten to twenty per cent of the face value plus interest. Bills were most often protested because the drawer did not have the required sterling credits to cover the value drawn, although in some cases the drawee might not have the necessary funds on hand. Frequently, planters and merchants drew bills with the full knowledge that they did not have the proper credits, but they hoped that the drawee would honor the bill until restitution could be made. Such was the case with another bill drawn by Edward Travis; "This serves to Inform you that I have drawn a bill on you (payable to Messrs John Prentis & Co.) for Two hundred pounds which Sum will I suppose amount to more money than I have in your hands, but as I have no Intentions of discontinuing my Correspondence with you in the Tobacco may make no doubt of its being duly Honr'd…"²⁷

Protested bills were a constant source of worry to a storekeeper since very often he might be unable to collect from the original drawer. So important to the financial operation of a firm were good bills that for many years the manager of the Blair-Prentis-Cary partnership was paid a commission on the successful collection of protested bills.²⁸ Nor was the Prentis firm always fortunate in these collections; in the nineteen years from 1754 to 1772, they were stuck with bad bills to the amount of £2559.9.4.²⁹ The Receiver-General of the colony, a heavy buyer of bills with which to remit quit rents, commented on this troublesome situation:

The Credit of Virginia is now at a very low Ebb…Among other causes, there is one I shall Mention to wch this loss of credit may be imparted — Gentn Indorse bills they are brought to Market & Sold or paid for Satisfaction of a debt and received by the Purchaser or Creditor on the Sole Credit of the Indorser — The bill is Protested & the 100 Indorser applied to — He bids you bring Suit and Wonders you Shoud be so little Acquainted with business as to fansy he woud pay it, this is actually the Case with your bills now in Suit, it is the Case with Some of my Own & I dare Say of Many others…³⁰

The chief market for bills of exchange seems to have been in Williamsburg, particularly at the meetings of the General Court and the Court of Oyer and Terminer. At these times, merchants, planters and lawyers, as well as government officials were thrown together from their common interest in legal affairs; it was only natural that the practice of transacting business also flourished. Here the interested parties gathered at "the Exchange, tho' an open street, where all money business is transacted,"³¹ and sought out those willing to buy or sell bills, or, as we noted earlier, pay obligations due at that time.

The official value of Virginia currency in relation to sterling was set at a ratio of one hundred and twenty-five to one hundred; one hundred pounds sterling was therefore the equivalent of one hundred twenty-five pounds in currency. When translated into a rate of exchange, this difference was usually quoted as a percentage [e.g., twenty-five per cent]. The actual exchange rate varied, however, under the influence of a number of factors. Since neither the supply of bills nor the quantity of currency in circulation were ever constant, the rate of exchange fluctuated. Generally speaking, in times of prosperity bills on London houses were plentiful and the exchange was generally at or below par; in periods of depression or of monetary inflation in Virginia, on the other hand, the exchange rate was often above par.

To a retail merchant, the bill of exchange was a prerequisite for successful operation of his store It was one of the principal means of paying 101 for the goods he imported, and he was usually in attendance at the meetings in Williamsburg to buy bills for this purpose. Many of his customers were likely to settle their annual balances by this means, especially if they happened to be exporters of tobacco. We have noted, too, in an earlier chapter, the extensive participation by Archibald Blair end William Prentis in the business of paying local charges and debts for the colonial government. Their reimbursement undoubtedly took the form of bills, and in some cases they probably sold bills to the Treasurer of the colony. Apparently the Prentis firm also acted the role of banker for several of the planters. Secretary John Carter, for example, drew an order on William Prentis and Company to pay Robert Carter's board while he was attending William and Mary,³² and in another instance his tutoring charges were paid by a bill on the firm.³³ "King" Carter also drew bills of exchange on the partnership to settle debts he had elsewhere in the colony.³⁴ Presumably these drafts were settled with the company the next time Carter came to Williamsburg.

One interesting feature of the Prentis operation was that nearly all their credits in England were accumulated through bi1ls of exchange or the exportation of specie. An account rendered with one London supply house shows that during the period 1773-1777, the partnership was committed to pay total charges of over £2600. With the exception of £10.15.3, which was credited for discount and one piece of cloth returned, the entire account was settled by the remittance of bills of exchange.³⁵

These four exchange mediums, cash, tobacco and other commodities, paper money, and bills of exchange were the chief means of doing business in 102 eighteenth-century Virginia, whether the particular transaction was purchasing goods at retail, settling a debt or transferring credits overseas. As suggested before, the inadequate supply of cash made necessary the development of the others as substitutes to raise the economy above a purely primitive state and to allow the gradual building of colonial business enterprise. It is difficult to evaluate the effectiveness of the substitutes because a legitimate test never really occurred. Perhaps the most that can be said is that in adapting to a situation which was thrust upon him by a series of external factors, the merchant was reasonably successful. The fact that only a few business concerns, of which the Blair-Prentis-Cary partnership was one, were able to maintain a long record of solvency is certainly a discouraging statistic. However, the vast number of retail fatalities can be blamed upon factors other than the physical problem of money. Except for the admittedly complicated systems of bookkeeping that were required to retain any order in accounts payments could be made in any of the four mediums without an inevitable loss to the merchant.