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A Merchant Turns to Money-lending in Philadelphia
Published online by Cambridge University Press: 24 July 2012
Extract
The history of the part played by the sedentary merchant in financing the business of his time is a long and important story. We know that merchants served as suppliers of capital to others as far back as in twelfth-century Genoa. Through the centuries mercantile families and sedentary merchants, as they grew old and rich, tended to specialize in lending money for business purposes. This contribution of the sedentary merchant was important in the economic life of many countries over centuries of time.
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- Copyright © The President and Fellows of Harvard College 1946
References
1 The original business records of the Trotters, metal importers and dealers, covering the years 1798-1916, are in the Baker Library, Graduate School of Business Administration, Harvard University. The collection consists of nearly a thousand bound volumes — daybooks, ledgers, cash books, bank books, invoices, orders, correspondence, etc. — together with a wealth of unbound manuscript material. The firm is still doing business, Philadelphia still being its headquarters.
2 These “loans” consisted of bonds (municipal and transportation) and loans on mortgages.
3 2 Dallas 92. An abridgement of the laws of Pennsylvania … with reference to reports of judicial decisions in the Supreme Court of Pennsylvania. Philadelphia: 1811, John PurdonGoogle Scholar, junr.
4 Thorp, Willard L., Business Annals (New York, 1926), pp. 118–120Google Scholar.
5 Clark, Victor S., History of Manufactures in the United States (New York, 1929), vol. i. pp. 538, 549, 559Google Scholar.
6 They advertised “cotton yarn from Woodville, Phoenix, Little Falls, Blackstone, and other approved factories” (Aug. 25, 1825); “shirtings, sheetings, plaids, stripes, from Blackstone, Scituate, Sterling, and Williams Factories,” also “Peterboro Shirtings received from Boston” (May 2, 1825).
7 May 30, 1825.
8 Thorp, op. cit., pp. 121-123.
9 Myers, Margaret G., The New York Money Market (New York, 1931), vol. i, p. 55Google Scholar.