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In Hock: Pawning in Early America

In Hock: Pawning in Early America In Hock Pawning in Early America WENDY A. WOLOSON In a 1782 letter, Robert Morris broke the bad news to Richard Butler, a colonel in the Continental army, that he couldn't loan him any money. ``Mortifying as it is,'' Morris confided, because of the scarcity of cash ``the Jew Brokers and others have informed me in the course of my inquiries that Sub Rosa they frequently get 5 per Cent per month from good Substantial men for the use of Money with pledges lodged for the repayment.'' He added that, ``before the establishment of the Bank [of North America] they frequently got ten per Cent and upwards.''1 Yet Morris's ``Substantial men'' were not the only ones who found themselves in financial straits. The less economically able--whose capital Wendy Woloson is Curator of Printed Books and Bibliographer for the Program in Early American Economy and Society at the Library Company of Philadelphia, and author of Refined Tastes: Sugar, Consumers, and Confectionery in NineteenthCentury America. The author is grateful to Ric Blum of Ohio Loan Co., Inc. and Tracy and Walter Eck of McGarry's for embracing this project, generously sharing their archival materials and professional expertise. The resources at the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of the Early Republic University of Pennsylvania Press

In Hock: Pawning in Early America

Woloson, Wendy A.
Journal of the Early Republic , Volume 27 (1) – Feb 23, 2007
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Publisher
University of Pennsylvania Press
Copyright
Copyright © 2007 Society for Historians of the Early American Republic.
ISSN
1553-0620
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Abstract

In Hock Pawning in Early America WENDY A. WOLOSON In a 1782 letter, Robert Morris broke the bad news to Richard Butler, a colonel in the Continental army, that he couldn't loan him any money. ``Mortifying as it is,'' Morris confided, because of the scarcity of cash ``the Jew Brokers and others have informed me in the course of my inquiries that Sub Rosa they frequently get 5 per Cent per month from good Substantial men for the use of Money with pledges lodged for the repayment.'' He added that, ``before the establishment of the Bank [of North America] they frequently got ten per Cent and upwards.''1 Yet Morris's ``Substantial men'' were not the only ones who found themselves in financial straits. The less economically able--whose capital Wendy Woloson is Curator of Printed Books and Bibliographer for the Program in Early American Economy and Society at the Library Company of Philadelphia, and author of Refined Tastes: Sugar, Consumers, and Confectionery in NineteenthCentury America. The author is grateful to Ric Blum of Ohio Loan Co., Inc. and Tracy and Walter Eck of McGarry's for embracing this project, generously sharing their archival materials and professional expertise. The resources at the

Journal

Journal of the Early Republic – University of Pennsylvania Press

Published: Feb 23, 2007

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