Fall of the Company Flashcards
By reforms of 1618 there were 3 factions in the Company
Leading merchants building long-term investments
Small investors whose shares were vulnerable
Mid-point harbour for raids on Spanish ships
Sir Edwin Sandys
Proponent of free trade
Proponent of diversified economy
Gained control of the Company from Sir Thomas Smith
Sandys opposition to piracy
Broke the connection with Warwick
Yeardley had not welcomed
Warwick’s Treasurer ship to Virginia
1620 Sandys stood for
Re-election of Company treasurer
Did not have crown support
Henry Wriothesley became treasurer
1620 following failure of re-election
Sandy’s friends ensured he retained some control over the Company
1622: Sandys negotiated
Monopoly of tobacco imports with Lord Treasurer
Sandys faction granted good salaries
1622 year
Powhatan attack, war, famine and impending ruin
Accusations of financial impropriety and mismanagement of the Company intensified
1623
Tobacco contract dissolved
Sandys secured monopoly through Parliament in 1624
John Bargrave
Borrowed money in 1606 to buy stakes in Company
1617 Company allowed him 15 shares for his service
1618 settled his lands
Private planters disgruntled
Bargrave in dispute with neighbour John Martin over cattle
Escalated into row over governance of the colony
How to fight colonists in Virginia and Company itself in London?
Bargrave and Company dispute
About trade to Virginia and Bermuda
Sandys administration granted him a patent in Virginia in 1620
Bargrave’s ideas 6 heads
Need to draw men of good estates in England to plant in Virginia/planters in Virginia to plant estates in England
Separate completely the civil and military functions of governance in Virginia
Use the natural strengths and size of Virginia to spread/grow colony
Employ those who will bring the quickest returns
Manage the returns to engender necessary supply
Do these things with justice in the interests of the king and state
Sir Thomas Smith
Printed a book of tyrannical government in Virginia
Along with Alderman Robert Johnson had a monopoly of plantations (able to rise the prices of commodity/barred free trade)