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nydus/The History of the Great American FortunesPublic

This work examines the origins of large American fortunes by analyzing the social and industrial systems that facilitate their accumulation. The author seeks to move beyond both celebratory narratives and sensationalist critiques to provide a factual, systemic interpretation of how these vast concentrations of wealth are formed.

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Table of Contents

CHAPTER III

Penniless boys, girls and adults were impressed by sheer necessity into service. Nicholas Auger, 10 years old, binds himself, in 1694, to Wessell Evertson, a cooper, for a term of nine years, and swears that "he will truly serve the commandments of his master Lawfull, shall do no hurt to his master, nor waste nor purloin his goods, nor lend them to anybody at Dice, or other unlawful game, shall not contract matrimony, nor frequent taverns, shall not absent himself from his master's service day or night." In return Evertson will teach Nicholas the trade of a cooper, give him "apparell, meat, drink and bedding" and at the expiration of the term will supply him with "two good suits of wearing apparell from head to foot." Cornelius Hendricks, a laborer, binds himself in 1695 as an apprentice and servant to John Molet for five years. Hendricks is to get £3 current silver money and two suits of apparell—one for holy days, the other for working days, and also board is to be provided. Elizabeth Morris, a spinster, in consideration of her transportation from England to New York on the barkentine, "Antegun," binds herself in 1696 as a servant to Captain William Kidd for four years for board. When her term is over she is to get two dresses. These are a few specific instances of the bonding system—a system which served its purpose in being highly advantageous to the merchants and traders.

THE FISHERIES OF NEW ENGLAND.

Toward the close of the seventeenth century the merchants of Boston were the richest in the colonies. Trade there was the briskest. By 1687, according to the records of the Massachusetts Historical Society, there were ten to fifteen merchants in Boston whose aggregate property amounted to £50,000, or about £5,000 each, and five hundred persons who were worth £3,000 each. Some of these fortunes came from furs, timber and vending merchandise.

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