Christanna, the town and the fort, was an important step in the personal plans of Alexander Spotswood. It was to be the center of the Indian trading operation which had been established by the Virginia Colonial government. This act put all Indian trading into the hands of the newly established company which was to be privately owned. Spotswood himself, plus some of his friends and employees, was an investor in this company. No longer would it be permitted for individual Indian traders to operate.
In the letter from Richard Beresford to the South Carolina legislature, he states that the Governor is now (the letter was written July 4, 1716) building a handsome house at Christanna where he intends to live when he is out of the government. It will cost him five or six hundred pounds sterling. Many other people are encouraged by the Governor’s example are locating plantations that way. Beresford says that he saw many iron, steel, and other utensils being carried there. Already a couple of forges had been set up. It is expected to be a place of note.
The “common” stock of the Indian trading company had risen to 112 & 120 (bid and ask prices, probably in shillings?). The prospects for the company were very bright. The Governor was the chief promoter of the company and others are encouraged by his example.
What we see is another case where Spotswood combined public policy (the Act establishing the Indian Trading Company) and his personal benefits. The Act did limit the number of shares that a person could subscribe to but Spotswood had, besides the shares he personally bought, control of the shares of several other people. The Virginians were optimistic about the company.
Spotswood, whose first enterprise at Germanna (i.e., silver mining) had yielded him nothing, was abandoning Fort Germanna. He was building his private home at Christanna.
The enthusiasm of the Virginians for the Indian Trading Company was so high that they overlooked one item. All legislation passed in Virginia had to be approved in London. Some people there objected to the Act because it was a monopoly which upset the established trade patterns. Legislation passed in Virginia was expressly forbidden to do this. Upon the complaint of people in London, the Act was declared invalid and the Indian Trading Company went down the drain.
So the second of Spotswood’s four private endeavors failed. He abandoned Christanna. He started looking for a new endeavor. It was long before he saw “land” as a profitable means to establish himself. This led to the trip across the mountains as he explored an area where there were large tracts available.
(14 Sep 06)
We gratefully acknowledge the work of John Blankenbaker who published over 2,500 Germanna History Notes via the Germanna-L@rootsweb.com email list from 1997 to 2008. We are equally thankful to George Durman (Sgt. George) for hosting the list and republishing the notes via rootsweb.com.