Who ran "Joint Stock Companies " in the American Colonies?Submitted by Mark Twain on Fri, 11/30/2012 - 15:01
Who ran "Joint Stock Companies " in the American Colonies?
Joint-Stock Companies and the Noble Second Sons
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Who led these English COLONIAL EXPEDITIONS? Often, these leaders were second sons from noble families. Under English law, only the first-born male could inherit property. As such, Sir Francis Drake, Sir Walter Raleigh, and Sir Humphrey Gilbert were all second sons with a thirst to find their own riches.
Merchants who dissented from the Church of England were also willing investors in New World colonies. There were plenty of Puritans who had the necessary capital, and with the Catholic-leaning Stuart monarchs assuming the throne the Puritans' motive to move became stronger.
With an excess landless population to serve as workers, and motivated, adventurous, or devout investors, the joint-stock company became the vehicle by which England finally settled the Western Hemisphere.
This starkly contrasted with Spanish and French settlements...
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Joint Stock Companies were the forerunners of Corporations. They are still are granted charters.
- "Legal Fiction." "Fictitious Name Certificate."
- Limited liability. Immunity. (also see: Vaccines, incorporation of
- Rights. Privileges. Tax preferences.
- State approved purpose. Example:
- Create National Debt
- Print promissory notes as receipts for National Debt
- Convert promissory notes into "Legal Tender" by buying Treasury Bonds
- Charge principal & interest on National Debt
- Receive payment from government for exercising the privileges granted & the amount printed
See the Fed. See the Fed run. Run Fed. Run.
End the Fed: Loaning you blind, since 1913.