the perils of personal capital in antebellum america: john spotswood wellford and virginia's...

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The perils of personal capital inantebellum America John SpotswoodWellford and Virginias CatharineFurnaceSean Patrick Adamsa

a History University of Florida Gainesville Florida USAPublished online 11 Feb 2013

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Business History 2013

Vol 55 No 8 1339ndash1360 httpdxdoiorg101080000767912012745067

The perils of personal capital in antebellum America John Spotswood Wellford and Virginiarsquos Catharine Furnace

Sean Patrick Adams

History University of Florida Gainesville Florida USA

The Fredericksburg Iron and Steel Manufacturing Companyrsquos ironmaking facility Catharine Furnace had the look of a prime mover in antebellum Virginiarsquos industrial sector when it opened in 1838 Its manager and principal owner John Spotswood Wellford successfully tapped into his social capital to secure military ordnance contracts but in the process the firm became utterly dependent upon his ability to secure this work through personal connections By failing to expand the market for its pig iron and castings in local regional and national markets the firm relied upon these ordnance contracts for shot and shell for its existence When Wellford died in 1846 the Fredericksburg Iron and Steel Manufacturing Company collapsed A few years later Catharine Furnace stood cold and abandoned ndash a severe reminder of the limited prospects of Virginiarsquos industrial economy and the perils of relying on an individual entrepreneurrsquos personal capital during a critical period of American industrialisation

Keywords US antebellum US South Virginia entrepreneurship social capital industrialisation iron military contracting

Introduction

The prospects for ironmaking in Virginia seemed very bright in the earlymonths of 1836 as

the entire economy appeared awash with money An influx of Mexican silver engorged the

nationrsquos supply of hard currency at the same time that Andrew Jacksonrsquos lsquoslayingrsquo of the

Bank of the United States triggered a dramatic ndash and intemperate ndash expansion of bank

loans The price of basic commodities like cotton and wheat continued to press higher and

higher while land values soared Iron seemed a particularly attractive investment on

national regional and local levels1 The South and Virginia in particular were going

through a railroad building boom that would ensure a high demand for iron rails for years

In the winter of 1836ndash37 Virginia pig iron sold anywhere from $50 to $55 a ton ndash more

than double the $25 per ton that pig iron commanded in 1832 and at least $10 higher than

the average price of charcoal iron in Philadelphia lsquoThe Virginia iron industry though a

worthy pioneerrsquo historian Kathleen Bruce argued lsquohad worked with mole-like

inconspicuousnessrsquo particularly in the areas of eastern Virginia The swell in economic

activity combined with the effect of a protective tariff to create according to Bruce a new

lsquospeculative spiritrsquo after 1835 which reinvigorated interest in the Virginia iron industry2

Email spadamsufledu

q 2013 Taylor amp Francis

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1340 SP Adams

Of course the Panic of 1837 and subsequent years of a crushing economic depression ndash

the worst the United States had ever seen ndash was on the horizon but a boommentality gripped

Virginiarsquos capital In a session that saw a flurry of corporate chartering occur in Richmond

several Virginians sought to capitalise on the high-flying economy Some of them sought to

revive the semi-dormant iron industry of Eastern Virginia On 21 March 1836 the Virginia

Legislature passed an act incorporating the Fredericksburg Iron and Steel Manufacturing

Company This 20-year charter authorised the company to manufacture lsquoiron steel and

materials of the like naturersquo and allowed the ownership of up to 5000 acres of land in

Spotsylvania Stafford Orange Louisa Culpepper Rappahannock and Fauquier counties

Its five original incorporators Francis Deane John Heth John SpotswoodWellford Edward

H Carmichael and Alexander Henderson were charged with raising a capital amount

between $50000 and $150000 via shares with a par value of $100 each Although shares of

stock in the company were open for purchase by the public ownership of the firm was

divided into five equal parts This effectively meant that the Fredericksburg Iron and Steel

Manufacturing Company although technically a corporation subject to public ownership

operated as a partnership between the five original incorporators This was not an altogether

unusual arrangement in the antebellum Virginia business world as it allowed for large

amounts of land and capital stock ownership without the complicated inheritance issues that

sometimes plagued limited partnerships and proprietary firms3

As one of the easternmost operations in Virginiarsquos charcoal iron industry the

Fredericksburg Iron and Steel Manufacturing Company stood well positioned to serve

urban markets both to the north and south as well as the thriving city of Fredericksburg

Its manager and one of its founding incorporators John Spotswood Wellford was an

experienced and well-connected business leader with strong ties to banking internal

improvements and mining interests in the region The companyrsquos land in nearby

Spotsylvania County had abundant stocks of iron ore and charcoal-producing forests As it

was situated in the region from which many hired slaves in Western Virginiarsquos charcoal

iron industry originated Wellford enjoyed a comparative advantage over its local

competitors for securing inexpensive enslaved labour In sum the Fredericksburg Iron and

Steel Manufacturing Company had the look of a prime mover in antebellum Virginiarsquos

economy and seemed poised to be a dynamic industrial firm Yet its reliance upon one

individual gave this endeavour all the disadvantages of a proprietary firm at the same time

that it ostensibly operated as a corporate firm during a time of great turmoil in the

American iron trade In the end the company known informally by its sole ironmaking

facility Catharine Furnace would demonstrate the perils of banking upon personal capital

at a time in American industrial development when corporate organisation and

investments in physical capital took precedence John Spotswood Wellford demonstrated

entrepreneurial talent in making an iron furnace work under the most difficult of market

conditions But in doing so Wellfordrsquos Catharine Furnace became a symbol of Virginia

indeed of the Upper Southrsquos failure to develop a thriving industrial sector in the decades

prior to the American Civil War

John Spotswood Wellford southern entrepreneur

The role of individual entrepreneurs in pushing industrial change in the antebellum United

States has undergone a historical revival of sorts Recent scholarship has emphasised

factors such as family connections religious and philanthropic outlooks and ideas about

class relations in reconstructing entrepreneurship during that period This follows a wider

trend among business historians Pamela Walker Laird in a special issue of this journal in

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2008 suggested that looking at lsquosocial capitalrsquo or the lsquoassets based on personal

connections and connectabilityrsquo can provide new insights into entrepreneurial behaviour

and success Although social capital like its more traditional counterpart does not

guarantee success or failure by its mere presence historians need to recognise those social

and cultural connections when tracing economic activity especially during times when

lsquofew other assurances of predictability reliability authority and reciprocity existrsquo This is

an especially potent point in a society just beginning to undergo industrial development

In antebellum New England for example bankers might use personal or family

connections to facilitate loans of capital to industrial endeavours and notions of

paternalistic obligations shaped factories as much as market conditions Recognising the

constant interplay of economic and social forces with this idea of social capital then has

infused the study of entrepreneurship during this period of American history when so

much about the economy was in flux with a new energy4

As scholars of the American South struggle to understand the regionrsquos distinct history

of industrial growth different variables such as soil quality climate and of course the

wider political and cultural impact of slavery all factor into the context in which southern

entrepreneurship developed Recent work from Jonathan Wells Frank Byrne and Bruce

Eelman on the development of the antebellum Southrsquos commercial class suggests that

even as they lagged behind the North in many quantitative measures of economic growth

southern merchants were very much a part of the emergent capitalist economy of the

antebellum United States The history of manufacturing in areas like the South Carolina

upcountry or northern Georgia according to recent work by Thomas Downey and Michael

Gagnon offers an example of a thriving if more modest industrial sector at work

Although this literature on the Southrsquos antebellum industrial economy has gone a long way

to discredit the notion that the region was lsquobackwardsrsquo or lsquopre-modernrsquo entrepreneurs still

struggled to facilitate industrial growth in the South So even as they might share the

reserves of social capital through personal and family connections wealth and vision of

their northern counterparts individuals like John Spotswood Wellford had to negotiate a

different and in many ways more difficult context for industrial development5

Wellfordrsquos career offers a fruitful direction to study southern entrepreneurship because

his story blends elements of both the agrarian and the industrial South ndash he enjoyed large

amounts of social capital in both worlds The son of Dr Robert Wellford a prominent

physician in Fredericksburg John Spotswood Wellford took up a career as a dry goods

merchant with contacts across the nation This work offered him many opportunities to

cultivate business contacts in the North and he travelled far and wide in the pursuit of

them In 1819 his father noted that John returned to Fredericksburg safe lsquofrom the

prevalent disease of Northern Cities ndash and the dangers of the boisterous winds when

traveling broad watersrsquo After he became prosperous John settled into the traditional

southern investments in land and slaves In addition to his well-appointed house in

Fredericksburg Wellford owned 1357 acres in Spotsylvania County valued at $4507873

on which he would build a country residence and farm His land as he soon discovered

contained rich deposits of iron ore Spotswood also owned at least 24 slaves five of whom

resided in the Fredericksburg house and 19 in his Spotsylvania estate As a member of the

Fredericksburg Agricultural Society John Wellford served on a committee to promote

innovations in planting and animal husbandry through exhibitions and fairs He also

participated in Fredericksburgrsquos Agricultural Society Show and Fair where he sat on

several prize committees His own agricultural pursuits won him honours for the lsquoBest

Fatted Work Oxenrsquo and lsquoBest Grass-Fed Beefrsquo in 1835 and five years later took home the

award for the best turnips in the region6

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1342 SP Adams

Although he was a wealthy farmer slaveholder and a leading member of

Fredericksburg society John Spotswood Wellford developed political contacts that

aligned him with the Whig Party He first tested the political waters as a founding member

of Fredericksburgrsquos Anti-Jackson Committee in 1827 When Henry Clay visited

Fredericksburg a year later he received well-wishers and political aspirants at Wellfordrsquos

house Wellford followed Clay into the Whig Party where he served as a prominent figure

in Spotsylvania Countyrsquos local party apparatus In 1834 he participated prominently in a

convention that denounced President Jacksonrsquos removal of federal deposits from the Bank

of the United States chaired several Spotsylvania County Whig Party meetings and

headlined a formal request that Henry Clay come to Fredericksburg to do a lsquopublic

entertainmentrsquo in 1840 He joined the Fredericksburg Auxiliary to the American

Colonization Society in 1826 and served as a manager for several years Despite his

affiliation with the ACSrsquos mild form of anti-slavery John owned slaves throughout his

life In 1835 he was named to a committee to explore lsquomeasures necessary to be adopted

in regard to the movements making in the Northern States with respect to the Abolition of

Slaveryrsquo Apparently mild anti-slavery initiatives sat well with John Spotswood Wellford

but any immediate threats to the lsquopeculiar institutionrsquo provoked an urgent response

His brother and close business associate Beverly soon thereafter joined the

Fredericksburg Anti-Abolition Committee7

Wellford needed help from outside Virginia in order to develop his landrsquos industrial

potential He found investment capital difficult to come by in Fredericksburg even though

he served on the Bank of Virginiarsquos board for many years John Majewski has

demonstrated that elsewhere in Virginia a similar dearth of investment capital for canal

and railroad development forced the state to subsidise ndash often poorly ndash the growth of the

Old Dominionrsquos transportation infrastructure Instead of state subsidies Wellford tried to

use his social capital here in the form of some northern contacts to develop the industrial

resources of his landholdings He wrote to the Philadelphia merchant and ironmaster

Samuel G Wright in 1823 touting the richness of Spotsylvania Countyrsquos ore deposits

After sending Wright a sample he wrote that lsquoI am informed the land abounds with it it is

to be found in great quantities of the same quality sent you and that near the surfacersquo

Wellford reported that the tract for sale was lsquoabout ten miles on a turnpike road from this

place to the land I understand the tract is a large one and for sale the land is generally very

poor and consequently may be purchased cheaprsquo and offered to lsquosend you a few Tons of

the ore where you could better judge of the propriety of working the purchasersquo Nearly four

years later Wellford still offered hopes that Wright would invest in ore mining Even

though he inadvertently revealed the lack of indigenous investment in Spotsylvania ore

fields by claiming lsquothere is no fear of competition so you will lose nothing by a little

delayrsquo Wellford hoped to secure Wrightrsquos partnership Neither overture resulted in a land

purchase and the quest for northern investment in Spotsylvania County failed8

Internal improvements in the region formed as one of John Spotswood Wellfordrsquos true

passions as he was involved personally in a number of projects over a number of years

Yet like his quest for northern investment in ore land Wellfordrsquos dreams of integrating

Fredericksburg within the nationrsquos growing transportation network never really came to

pass Plans for improving the Rappahannock River in order to link Fredericksburgrsquos

tidewater port to upriver markets date back to the late eighteenth century and by 1811 the

Virginia Legislature commissioned the Rappahannock Company to oversee the lsquoopening

clearing and extending the inland navigationrsquo of the river In 1816 state officials

commissioned an official survey of the route but these ambitious plans stalled Wellford

was a director of a later version of this firm called the RappahannockNavigation Company

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which received corporate charters from the state in 1826 and 1828 Johnrsquos warehouse held

the lumber ready for the construction of locks he advertised for lsquo10 or fifteen able bodied

negro menrsquo to work on the project and at a groundbreaking ceremony offered a toast in

praise of the Virginia Board of Public Works lsquoThe fund of Internal Improvement ndash the

State helps those who help themselvesrsquo These ambitious plans again ran into trouble as

company officials deemed the Rappahannock navigation inadequate by 18369 In 1831

Wellford was unanimously elected secretary and treasurer of the Fredericksburg and

Potomac Company a firm that sought to build a turnpike then railroad linking the city to a

steamboat landing on Potomac Creek Although the founders predicted their system could

carry merchandise from Fredericksburg to Baltimore in 10 hours or less this plan also

failed to materialise A year later he helped secure a charter for the Fredericksburg and

Potomac Creek Railroad Company which apparently failed to attract enough stock

subscriptions Finally in 1835 John agreed to serve as a manager of the Rappahannock and

Blue Ridge Railroad yet another plan that failed to come to fruition10

All of these unfinished projects must have been frustrating for John Spotswood

Wellford Although he remained a prominent public figure in Fredericksburg an

upstanding member of the Presbyterian Church the anchor of a well-respected and

influential family and a successful banker and merchant his attempts to bring industrial

prosperity to his home town seemed mired in mediocrity So while he maintained a web of

contacts in these social economic and political circles this social capital was somewhat

limited in its efficacy In many ways he developed lsquopersonalrsquo rather than lsquosocialrsquo capital

as his various connections with fellow landholders Whigs and internal improvement

boosters did not translate into real change in the region even as they marked him

individually as one of the leading advocates of industrial development in the

Fredericksburg area This was reflected by Wellfordrsquos rather unconventional role as the

scion of a wealthy Virginia family he owned land but seemed more interested in

cultivating its iron ore than coaxing tobacco or wheat out of the ground Wellford owned

slaves but also belonged to an anti-slavery society He came from a well-connected and

affluent Fredericksburg family but sought to make connections with northern investors

and merchants throughout his career Like many entrepreneurs across history John

Spotswood Wellford demonstrated a willingness to break from the expected trajectory of

his life ndash he wanted to use his personal capital for material gain In 1836 he would get that

chance during the short-lived boom in the Virginia charcoal iron trade

The birth of Catharine Furnace

lsquoThe construction of the hearth is a business in which the founder takes an active partrsquo

Frederick Overman wrote in the 1854 version of his extensive guidebook The Manufacture

of Iron in All its Various Branches As the furnace superintendent drawing an annual salary

of $1000 John Spotswood Wellford undoubtedly involved himself in the early

construction and operation of the furnace First and foremost he gave the furnace its

distinctive name lsquoCatharinersquo after his mother Catharine Yates Wellford But perhaps

more importantly Wellford kept a careful account of the cost of labour and materials that

went into the making of Catharine Furnace This account book provides an invaluable

insight into the furnace operation Wellfordrsquos entries shown in Figure 1 were terse in the

fashion of most nineteenth-century business account books Nonetheless these entries

provide a narrative history of both the day-to-day and long-term goals of the enterprise

Even though the Fredericksburg Iron and Steel Manufacturing Company was a corporate

endeavour John Spotswood Wellford ran the business much like a proprietary owner

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1344 SP Adams

Figure 1 Typical page of John Wellfordrsquos Catharine Furnace Account Book Source Fredericksburg Area Museum and Cultural Center (FAMCC)

By the end of 1837 the construction tab had run to a little more than $7000 When coupled

with the cost of acquiring land for charcoaling and mining ore this put Catharine Furnace

well within the cost range of the average Virginia charcoal furnace but much beyond the

range of most individual proprietors11

Iron furnaces were usually lsquoblown inrsquo in the early spring so it was important that

Catharine Furnace be completed in the winter of 1837ndash38 By early January a set of hearth

stones had been delivered to the site for inside lining of the furnace the final brickwork on

the furnace was being completed and the furnacersquos lsquosuction enginersquo (most likely a steam

engine for operating the furnace bellows) had been repaired and was ready for use

A sizeable work force of at least 86 slaves was in place with 19 slaves allocated to work in

various ore mines in the area Although no official production figures are extant Wellfordrsquos

account book notes that by May of 1838 the first shipment of iron was hauled away from

the area The shipment of new hearth stones in late September signalled a successful first

blast as furnace linings often wore away as workers continually fed the blast12

Making the iron was only one facet of the Fredericksburg Iron and Steel Manufacturing

Companyrsquos business how they could transport their goods to market was an entirely

different struggle Overland travel was the simplest and most common option but also the

most expensive Virginiarsquos charcoal iron operations needed to be located near ample

supplies of ore and timber which usually meant they were in sparsely populated areas

When Rockbridge Countyrsquos William Weaver sought to expand his iron manufacturing

business in 1826 he purposely located his new forge close to his blast furnace so as to

minimise the distance that the heavy iron pigs would travel in wagons or carts The Union

Forge in Patrick County paid $8 per ton to ship its iron only a short distance to market

In this regard Catharine Furnacersquos close proximity to Fredericksburg and its flat terrain

gave it an advantage over other Virginia charcoal iron furnaces the majority of which were

located in the mountainous counties in theValley ofVirginia The Swift RunGap Turnpike

commonly known as the Orange Turnpike served as Spotsylvania Countyrsquos major road

project The arearsquos distinctive red clay in the words of one historian was lsquosticky as fish glue

when wetrsquo and caked aroundwagon wheels Conditions on this road were so bad moreover

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that in 1823 a lawsuit found the company negligent of regular repair and maintenance

Hauling iron in these conditions could be done over short distances only which ruled out

most overland routes for shipping iron from Spotsylvania County13

Whenever possible Virginia ironmakers shipped their products to market via natural

or improved waterways William Weaverrsquos placement of his new forge in 1826 sought to

reduce overland shipping costs but also put manufacturing iron within easy distance of the

North River where flat-bottomed boats could ship directly to major market centres When

the James River and Kanawha Canal reached the foothills of the Blue Ridge Mountains at

Lynchburg in 1840 the ironmakers of the Valley saw a dramatic reduction in

transportation costs to Richmond Even though John Spotswood Wellfordrsquos dream of easy

water navigation on the upper Rappahannock failed to materialise Fredericksburg still

served as an important link to the eastern seaboard via its tidewater port An 1835 guide to

Virginia referred to Fredericksburg as a lsquoprosperous portrsquo and noted that its wharves could

handle vessels up to 140 tons Local officials felt that they could have more support in

developing seaborne traffic from their state and federal governments In 1836 citizens

petitioned Congress to make Fredericksburg an official port of entry ndash ships had to pay

collection duties at Tappahannock 60 miles lower on the Rappahannock River ndash arguing

that this has caused lsquogreat trouble expense and inconveniencersquo to their merchants

Nonetheless iron could be shipped by water out of Fredericksburg at a fraction of the cost

of land transport and this would remain the major outlet for Wellfordrsquos iron business

throughout the antebellum period14

Fredericksburgrsquos connection to Virginiarsquos railway network was provided by the

Richmond Fredericksburg and Potomac Railroad Company Chartered in 1834 this

railroad at first contained a rare and controversial clause that gave it the exclusive rights to

build a rail line between Richmond and Washington DC The Supreme Court struck down

this clause but the RFampP nonetheless served as the major north ndash south artery for eastern

Virginia by linking Fredericksburg to Richmond in 1837 The RFampP later built a branch to

Aquia Creek in 1842 which connected Fredericksburg to Washington DC via steamboat

Unfortunately many of these transportation projects were limited at the time Wellford

turned to iron manufacturing as the many failures in the regionrsquos internal improvements

kept Fredericksburg on the margins of Virginiarsquos budding industrial economy

One geographer notes that as Alexandria expanded from the north and Richmond

extended from the south by 1835 Fredericksburg lsquodid not reflect a tightly integrated

settlement system and this pervasive weakness highlighted the fragile underpinnings of the

local economyrsquo15

Despite the unsteady connections to market John Spotswood Wellford successfully

brought Catharine Furnace into producing iron in short order Unfortunately the price of

iron plunged right at the time that the Fredericksburg Iron and Steel Manufacturing

Company started selling it The economic downturn on the heels of the Panic of 1837

pushed iron prices to about half ndash $25 to $22 a ton ndash the level that they had been in the

previous year Luckily the company had a number of close ties with potential customers

$140080 worth of Catharine Furnace pig iron went to the Fredericksburg Union

Manufacturing Company in 1838 and another $111800 in the following year Undoubtedly

the presence of two Fredericksburg Iron and Steel Manufacturing Company stockholders

William Crump and Edward Carmichael on the board of this local firm helped close that

sale Wellfordrsquos account book suggests that most of Catharine Furnacersquos initial production

made its way to the Tredegar Iron Company in Richmond where it would have most likely

been made into bar rails in Tredegarrsquos new rolling mill As Francis Deane served as both a

major stockholder in the Fredericksburg Iron and Steel Manufacturing Company as well as

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1346 SP Adams

the President of the Tredegar Iron Company the purchase of $2500 ndash or 55 of Catharine

Furnacersquos sales in 1838 ndash worth of pig iron benefited both firms16

John hoped to reach markets outside the Old Dominion in Catharine Furnacersquos initial

years of iron production His years spent working the dry goods trade in the North offered

some contacts his extensive family connections offered other potential forms of social

capital While his younger brother Charles Carter Wellford was in New York City on

business in 1838 John shipped a sample of Catharine Furnace iron for testing in that

market The iron must have answered relatively well as Wood Johnston amp Burritt a dry

goods firm in New York City with ties to Richmond Virginia purchased $22818 worth of

iron from Wellford that same year Three years later Wood Johnston and Burritt sold

another $116729 worth of Catharine Furnace iron shipped to them via the schooner

Andrew Browne The only other out-of-state customer in 1838 was CG Morris of

Charleston South Carolina who purchased $22818 worth of pig iron and sash weights

from Wellford17

The quest for new markets continued over the next few years with varying levels of

success In February of 1839 Wellford sold two tons of iron to a customer in the District of

Columbia No additional entries appear for this particular buyer so it seems that Catharine

Furnace iron did not take off in the Washington area That same year Wellford shipped six

tons of pig iron to Boston at $2751 per ton The New England market seemed a bit more

promising as Wellford received $291568 in sales from Charles Dyer of Providence

This was most likely pig iron for use by the Phoenix Iron Foundry Company a Providence

firm that manufactured various finished iron products such as gear wheels and specialised

machine tools In 1841 Wellford noted in his account book that lsquoiron was taken to

Portland to try the marketrsquo by Captain Freeman Smith and that Smith sold at least three

tons at $2632 per ton in Maine18

In its early years the Fredericksburg Iron and Steel Manufacturing Company exploited

Francis Deanersquos high position in Tredegar Iron Company thus making personal

connections between the incorporators essential to the firmrsquos early survival Deane had

been present in the creation of many Virginia ironworks and his personal connections in the

state trade were unparalleled In 1839 alone Tredegar purchased $16500 ndash probably over

500 tons worth ndash of iron from Catharine Furnace As an incorporator of the Fredericksburg

Iron and Steel Manufacturing Company Deane had the opportunity to enrich both his

primary employer as well as his Fredericksburg investment by purchasing pig iron from

Catharine Furnace The following year however sales to Tredegar slowed to $3500 and no

more major transactions between the two companies occurred after 1840 This was in part

due to the financial problems suffered by the TredegarWorks and in particular the result of

Deanersquos inability to sell the firmrsquos products By 1841 the fortunes of the Tredegar Works

were in the words of Kathleen Bruce at a very lsquolow ebbrsquo and Deane was on his way out as

the companyrsquos chief executive the following year Tredegarrsquos ties with Fredericksburg

continued after Deanersquos departure Joseph Reid Anderson contacted John Spotswood

Wellford in the summer of 1841 to inquire about introducing Tredegar iron in

Fredericksburg Apparently the two had discussed the project in Washington DC and

Anderson offered Wellford work as an agent of the Tredegar Iron Works lsquoFrom the prices

paid as I understand and quantity of country iron shipped there from [Richmond]rsquo

Andersonwrote lsquoas well as the high character of the Tred Iron at present I am led to believe

that advantage to all concerned may accrue from its introduction into that marketrsquo Some

Catharine Furnace iron was sold out of Tredegarrsquos yard in Richmond as David J Burr amp

Co purchased seventeen tons in 1841 found that load wanting in quality and so asked

Wellford to replace the iron In the summer of 1845 a manager at Tredegar offered to

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purchase 60 or 70 tons of lsquohigh and mottled Pig Ironrsquo from Catharine Furnace at the

relatively high rate of $28 per ton19

Making shot and shell for Washington

Following Deanersquos departure from Richmond the future of Catharine Furnace was even

more in the hands of John Spotswood Wellford In a sense he used this turn of events to

turn his individual connections ndash in this case much more lsquopersonalrsquo than lsquosocialrsquo capital ndash

to the benefit of his ironmaking business In 1841 Wellford increased his individual

ownership in the company to a little over 40 through the purchase of a controlling

amount of capital stock from one of the original incorporators His son William Wellford

also held Edward Carmichaelrsquos share in trust thus giving the Wellford family functional

command over the firm as they controlled 60 of the corporation The first three full years

of operation at Catharine Furnace had seen sales totals of $450191 in 1838 $18376 in

1839 and $677568 in 1840 ndash a total combined revenue of $2965359 Revenues thus

lagged well behind the accumulated operating costs of the furnace that had run to

$6874891 by 1840 Figure 2 shows this trend Clearly a new business strategy was

needed in order to make this endeavour work as Catharine Furnace had difficulties

breaking into various private markets In the summer of 1841 John Spotswood Wellford

Francis Deane and Edward Carmichael all travelled to Washington DC to seek ordnance

contracts from the United States War Department Like its earlier connections with

Tredegar the firmrsquos directors sought to turn their social capital into financial success 20

As it turns out contracting with the federal government suited Catharine Furnace quite

well so long as John Spotswood Wellford was in charge Ordnance contracts were

arranged between the War or Navy departments and individuals so the status and

reputation of an individual contractor weighed heavy on the process On 11 September

1841 Wellford signed a contract with the Navy to deliver 70000 rounds of 32 lb solid

shot at three cents a pound to Gosport Naval Yard in Norfolk Virginia The contract came

Figure 2 Estimates of operating costs and sales at Catharine Furnace 1837 ndash 46 Source Catharine Furnace Account Book FAMCC

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1348 SP Adams

into force on 2 February 1842 with the final delivery of shot taking place by 31 January

1844 Pending inspection and satisfaction by the Navy Wellford would receive $67200

from the federal government In the spring of 1842 Catharine Furnace obtained shot

patterns from James Walker That summer at least five moulders William H Ferguson

William Pulham R Parker Nicholas Wharton and A Sutherland were hard at work

making 32 lb solid shot from Catharine Furnace iron and in June of 1842 Wellford sent

his first shipment of 5230 shot to Norfolk Naval records indicate that the ordnance officers

at Gosport received over 24000 shot by the end of 1842 Shipments tended to occur fairly

regularly and Catharine Furnace produced an impressive amount of ordnance in a

relatively short period of time as illustrated in Table 1 Assuming that each piece of 32 lb

solid shot actually weighed 32 pounds ndash an assumption that did not always hold true for

nineteenth-century naval ordnance ndash then the estimated value of Wellfordrsquos contract in

1842 alone was roughly $232089621

On the surface Catharine Furnacersquos success with military contracting put the

Fredericksburg Iron and Steel Manufacturing Company on a strong trajectory With the

federal government providing a strong income stream Wellford might have parlayed his

success in ordnance into wider markets for his iron Historians of technology have

provided many examples in which antebellum military enterprise helped reorganise and

refine production techniques in northern government installations like the armouries at

Springfield Massachusetts and Philadelphia as well as with private contractors like

Connecticutrsquos Samuel Colt Virginiarsquos Harpers Ferry Armory exhibited a less than

exemplary record with regard to streamlining the production of muskets and small arms

But in the end even isolated Harpers Ferry entered the modern industrial age So at least

among northern industries military enterprise was in the words of Merritt Roe Smith a

lsquokey ingredient in the evolution of complex technological systemsrsquo and served as a critical

factor in that regionrsquos antebellum industrialisation22

Rather than diversify its production line or markets Catharine Furnacersquos manager

expanded further into the highly volatile ordnance trade Using his personal connections

with the Navy Wellford secured yet another contract for 70000 32 lb solid shot in

February of 1843 The terms of the contract were the same as the 1841 deal although this

time Wellford had less than a year to complete it Since he shipped only about a third of

this amount from Catharine Furnace in 1842 it is questionable whether or not Wellford

expected to produce all of the contracted shot at his own works It was not uncommon for

contractors even if they owned or operated an iron furnace themselves to sub-contract

Table 1 32 lb solid shot shipped to Gosport naval yard from Catharine Furnace 1842

Amount Received Estimated Value ($)

22 June 1842 5250 504000 22 June 1842 2623 251808 18 July 1842 3507 336672 4 August 1842 1692 162432 20 August 1842 2227 213792 8 September 1842 2102 201792 22 September 1842 1401 134496 3 October 1842 1874 179904 3 November 1842 3500 336000 Total 24176 2320896

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production out to other firms at times In fact Wellford notes in his account book that 118

tons of pig iron shipped from the Fredericksburg wharf to Catharine Furnace in 1842 to be

melted into ball in his cupola furnaces Whether or not he had purchased this iron from

other furnaces or recalled it from pig iron meant for sale elsewhere is unclear But a year

later Wellford paid for 55 cartloads or 275 tons of pig iron from the Fredericksburg

wharf back to Catharine Furnace noting that this iron had been sent back from Boston

unsold lsquoon acct of its being so whitersquo and lsquowas therefore worked into ballrsquo23

Producing shot for the Navy secured a solid stream of income for the Fredericksburg

Iron and Steel Manufacturing Company as well as a steady demand for iron for the

workers at Catharine Furnace These ordnance contracts required constant vigilance

however as Wellford visited Washington DC on numerous occasions to maintain his

personal connections with the War Department He also paid William Ridgely $8500 lsquofor

arranging accts and settling with [the] Naval Boardrsquo in 1842 Ridgely was a long-time

employee of the Navy who had been the Chief Clerk of the Naval Commissioners until

September of 1842 when he took a new position as Chief Clerk to the Bureau of Navy

Yards and Docks Sporadic payments to Ridgely ranging from $2000 to $10000

continued over the next few years but Wellfordrsquos entries do not give a full account of the

services rendered to him It is likely that Wellfordrsquos various contacts in Washington

provided him with valuable information When he learned that a Baltimore firm had failed

to supply 5000 cannon shot and that inspection officials had rejected 5000 additional units

Wellford wrote to Commodore WM Crane to see if he could provide any information

about securing a contract for himself to make up the 10000 in lost shot to the Navy24

Wellford also tried to squeeze larger profit margins out of the contract by rearranging

one of Catharine Furnacersquos great economic disadvantages ndash its high cost of transportation

The 1843 contract for example had an allowance of $2 per ton from Catharine Furnace to

Fredericksburg and another $1 per ton from Fredericksburg to Gosport In March of 1843

a naval official informed Wellford that lsquoafter reciting the price to be given for the shot

transportation to Fredericksburg and freight that no other allowance is to be madersquo for

shipping shot to Norfolk Whether or not the inspection of the ordnance occurred at

the furnace or at the naval yard was another factor in making contracts profitable Shot

and shell that was rejected at Catharine Furnace could be recast cheaply on the spot

rejected ordnance at Gosport needed to be shipped back to the furnace at the companyrsquos

expense Shipments to Gosport in the summer of 1843 were delayed by late arrival of an

inspection officer to Fredericksburg Some years later Wellford complained to the Navy

that their insistence upon inspections at the yard increased his already prohibitive

transportation costs25

Needless to say Wellford found ordnance a lucrative business for the Fredericksburg

Iron and Steel Manufacturing Company By 1843 Wellfordrsquos contracts with the War

Department were providing nearly all of Catharine Furnacersquos income This strategy

carried some risk as Wellford lost out on a contract to provide shot and shell for the Navy

in 1844 This contract went to the Tredegar Company now under the leadership of Joseph

Reid Anderson and making not only basic ordnance like shot and shell but also casting

cannon for the Federal government Like Catharine Furnace Tredegar drew upon strong

personal connections to Washington officials to secure these contracts Eastern Virginiarsquos

iron trade therefore relied almost completely on the federal statersquos demand for ordnance

This dependence proved tenuous when Wellfordrsquos relationship with the Navy soured in

1845 to the point that he was ordered to send back the governmentrsquos shot gauge gauge

plate and cylinders as well as any other instruments for shot inspection26

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1350 SP Adams

Wellford found making shot for the Navy to be a financially rewarding endeavour

even as it carried risks In a memorandum written into his account book he justified a

$344450 commission or 5 on his Navy contract in 1843 for lsquofurnishing the required

security and taking the contract in my name for better or for worsersquo lsquoThis contract I gave

the furnace of the advantage ofrsquo he continued lsquoand I do not hesitate to say that I could

have sold it for a profit of 10 per cent [] I would give that to day for a similar onersquo

Completing the Navyrsquos contract on 32 lb shot he argued in late 1844 kept him lsquo5 days in

the week absent from his familyrsquo and so he considered his personal charge of $122191 on

the yearrsquos receipts to be perfectly reasonable Wellford had reason to value his experience

with the Navy as he received $3226320 worth of contracts in the 1844 ndash45 fiscal year to

provide shot and shell for the Navyrsquos land-based fortifications These contracts accounted

for 272 of the Navyrsquos expenditure for this purpose and it made Wellford the single

largest naval ordnance contractor in the nation Losing this lucrative stream of income hurt

the future financial prospects of Catharine Furnace27

Rather than dwell on the failures with the Navy Wellford jumped into the manufacture

of 8 and 10 inch artillery shells and 12 and 24 lb solid shot for the US Army by signing a

$2442827 contract in 1844 He also upped his own commission to 10 arguing again

that he was remaining personally responsible for the contract lsquoThis contract I gave the

Furnace the advantage ofrsquo he argued in defence of his $241697 from the companyrsquos

account Rather than sub-contract out the work to other ironworks Wellford reminded his

partners that he planned to keep all of the Army business at Catharine Furnace He did not

lsquohesitate to say I could have sold it for a much larger advancersquo for his own personal profit

In the summer of 1844 Wellford rushed shell patterns from an armoury in Washington

and after receiving guidance from ordnance officer Colonel George Talcott was shipping

shot and shells to Fort Monroe For this job Wellford secured a favourable rate of 4 cents

for 10 inch shells 5 cents for 8 inch shells and 314 cents for 12 and 24 lb solid shot

Although the initial contract was for a little under $25000 Wellford continued to make

shot and shell for the Army well into 1846 by signing several small contracts in 1845 and a

large $1244469 order in 1846 Since Wellford upped his commission to 15 for that later

work he clearly felt that his personal stake in the army contracts merited a larger share of

the companyrsquos profits28

John Spotswood Wellfordrsquos personal fortunes with Catharine Furnace had finally

seemed to turn the corner By 1846 he had acquired a controlling interest in the

Fredericksburg Iron and Steel Manufacturing Company by purchasing more shares in the

corporation bringing ownership stake to three-fifths Charles Dyer of Providence

moreover had recently concluded that lsquothis is as good if not the best market in the country

to dispose of all he has or may in future makersquo for Catharine Furnace pig iron Wellford

had 150 to 200 tons of pig iron on hand at the Fredericksburg wharf ready to ship out to the

Northeast Although the prospects of many Virginia charcoal iron furnaces seemed to be

on the decline in the face of Pennsylvaniarsquos anthracite ironmakers Wellfordrsquos connections

with the War Department and the suggestion of a niche market for Catharine Furnacersquos

lsquogray ironrsquo in Providence offered a glimpse of hope in late 184629

Following the outbreak of the War with Mexico Navy officials approached Wellford

about a new contract for shot and shell On 3 September 1846 the head of the Navyrsquos

Bureau of Ordnance Commodore Louis Warrington praised Wellfordrsquos past service and

in light of a shortage of shot and shell offered Wellford the opportunity to provide 10000

units of solid 32 lb shot and 7000 shells for 32 lb cannons for the Navy Wellford

responded in the positive as Commodore Warrington sent out a contract in October or

November of 1846 for his signature However Wellford never signed the contract and in

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late December of 1846 the residents of Fredericksburg were startled to discover that John

Spotswood Wellford the driving force behind so many social economic and political

movements in Spotsylvania County had died at the moment when Catharine Furnace

seemed on the brink of big success30

In the wake of Johnrsquos death the future direction of Catharine Furnace was in doubt

Edward Carmichael now living in Richmond attempted to assume control over Wellfordrsquos

Navy contract for 10000 32 lb shot and 7000 shells in early January 1847 As William

Wellford stalled in settling his fatherrsquos estate Carmichael argued that the Navy should

transfer the Catharine Furnace work to his authority Carmichael also undertook some

contracts to supply Army ordnance that he expected to be filled with Catharine Furnace

iron He immediately wrote to Fredericksburg asking for two or three pigs of lsquothe very best

Gray ironrsquo from Catharine Furnace to be sent to Richmond immediately so that he could

complete this contract at local forges In early February a lsquofearfulrsquo Carmichael advised

William to ship any remaining shot and shell on the Catharine Furnace grounds to Norfolk

by mid-March so as to fulfil any obligations he had to the Navy By late February William

had taken inventory of the remaining ordnance stock at Catharine Furnace and agreed to

ship the shot and shell on hand for the Army and to lsquomould the 24 lb Solid Shot and the 32

lb Sold Shot for the Navy with one workman on eachrsquo through mid-March The completion

of this final contract would be the last bit of ordnance manufacture done at Catharine

Furnace during the 1840s as William Wellford made clear in his correspondence that he

had no interest in pursuing the business further31

With John Spotswood Wellfordrsquos death then Catharine Furnacersquos future was in doubt

William Wellford Johnrsquos son became the de facto manager at the furnace although he

seemed to be a reluctant heir to this position William wrote to Edward Carmichael in early

1847 that lsquoI can by no means accept the execution of the Navy contractrsquo and that it

lsquoappears to be equally illegal for you and Mr C acting as surviving partners to undertake

itrsquo Because the Army and Navy contracted with individuals and not corporations John

Spotswood Wellfordrsquos personal estate ndash not the Fredericksburg Iron and Steel

Manufacturing Company ndash were the only ones authorised to complete any remaining

work Indeed the firmrsquos attorney had recently advised that William was only authorised to

continue Catharine Furnacersquos operations lsquofor the purpose of completing the execution of

any contracts which may have been entered into but not fully executed by his testator at

the time of his deathrsquo and that lsquoAt the death of Mr Wellford the partnership which existed

between himself amp others in the iron works ceased except for the purpose of completing

existing engagements and winding up the businessrsquo Only a few weeks later the trustee of

Francis Deanersquos share in the firm Richard H Cunningham announced that after several

meetings with William Wellford it was clear that he lsquohad no desire or intention of

purchasing the propertyrsquo and that the best course of action would be to liquidate the

physical assets of the corporation and ask $40000 for the lsquoEstate Fixtures and Mules (not

including any Pig Iron)rsquo By early April Fredericksburgrsquos Democratic Recorder

advertised the a June sale at auction of lsquoThe Catharine Furnace with Dwelling 4648 acres

of land containing iron ore well wooded fixtures patterns stock steam engine house

cupolas blacksmithrsquos tools ampc ampc with everything requisite for a complete iron

manufacturing establishmentrsquo32

Personal capital and the problem of industrialisation in Virginia

Was Catharine Furnace successful This is a difficult question to address without

understanding the early context in which the firm operated as well as its utter dependence

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1352 SP Adams

upon the personal capital of John Spotswood Wellford The Fredericksburg Iron and Steel

Manufacturing Company struggled to find a reliable outlet for the products of Catharine

Furnace during its early history Local state and national trends created an unfavourable

atmosphere for starting an iron smelting operation during the late 1830s and early 1840s

John Wellford would have been well aware of his disadvantages in this regard As a longshy

time Fredericksburg resident with first-hand familiarity of the grandiose visions false

starts and frustrating stalls of local projects such as the Rappahannock Navigation

Company or the Fredericksburg and Potomac Creek Railroad Company Wellford

followed his entrepreneurial instincts into less traditional markets for ironmakers Rather

than wait for Fredericksburgrsquos prospects to magically reverse or dump his own financial

resources into a new improvement or manufacturing investment Wellford used his long

history of political and economic contacts to his firmrsquos advantage Military contracts

shifted the responsibility of success or failure into an entirely new area of risk ndash

Wellfordrsquos ability to maintain his contacts in the Navy and War departments and to spin

them into lucrative contracts for the production of shot and shell In the short term the

firmrsquos reliance upon government contracts saved Catharine Furnace and made the

operation profitable

In the long run though the dependency on John Spotswood Wellfordrsquos personal capital

bound the fortunes of the Fredericksburg Iron and Steel Manufacturing Company to its

owner and manager This was not the sort of social capital that could transfer easily to either

Johnrsquos family or his fellow incorporators In the end it was not Wellfordrsquos lack of

entrepreneurial talent that limited Catharine Furnacersquos long-term prospects but perhaps his

creative way of overcoming the various obstacles to profitable ironmaking that existed in

antebellum Virginia But just as traditional forms of financial capital need a strong

institutional environment to be effective so does social or personal capital need a

favourable context The Old Dominion for various reasons did not provide that favourable

context Wellfordrsquos case then offers an example of how his particular entrepreneurial

strategy offers up a short-term success story while at the same time exposing the difficult

context that industrial endeavours faced in the antebellum South

Local factors endemic to Fredericksburg for example played a large role in

amplifying the long-term weakness of relying upon personal rather than physical capital

for Catharine Furnace The most promising regional market Richmond essentially closed

up to Catharine Furnace pig iron by the early 1840s Once Francis Deane left the employ of

the Tredegar Company that firm failed to make massive purchases of Catharine Furnace

iron As the James River and Kanawha Canal linked the ironmakers of the Valley of

Virginia to Richmond moreover Catharine Furnace was further left out of the mix

Without the strong connections to market Wellfordrsquos successors most likely would have

continued to struggle to compete with other more integrated ironmakers In a larger sense

Fredericksburgrsquos entire manufacturing economy was being squeezed out of the picture

during the antebellum period as local boosters failed to make the necessary investments in

the regionrsquos physical infrastructure Geographer Keith Littlefield estimates that the city

lost control over 76 of the trade in its rural hinterland by 1860 as Richmond and

Alexandria expanded their commercial reach at Fredericksburgrsquos expense John

Wellfordrsquos own experience with failed turnpikes river improvements and railroads

during his pre-ironmaking days signalled a failure to secure a variety of market outlets for

Fredericksburgrsquos manufacturers Because Wellfordrsquos furnace produced pig iron ndash a high

bulk and low value commodity ndash shipping costs were a major factor in marketing its

products afar Since the cityrsquos commercial and manufacturing sector served a smaller and

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smaller area Fredericksburgrsquos economic prospects and the ability of Catharine Furnace to

ship its iron both in immediate and far-flung markets shrank in kind33

State-level factors also hampered the ability of Catharine Furnace to ship iron both

efficiently and cheaply Pig iron like other bulk commodities was cheap to make but

expensive to ship Like the cost of raising coal at the mine then pig ironrsquos expense at the

furnace itself was less critical to market competition than the added carrying rates

This made an integrated system of canals or railroads critical to the success of regional

ironmaking In the Valley ironmasters first used rivers then canals to ship pig iron to

Richmond State politics in Virginia exacerbated a trend toward politically connected

internal improvements The Old Dominionrsquos creation of the Virginia Board of Public

Works in 1816 offered state subsidies on some internal improvement projects it also

placed a heavy emphasis on the creation of a central waterway linking Richmond with the

Ohio Valley The James River and Kanawha Canal therefore received the lionrsquos share of

attention and funding despite John Spotswood Wellfordrsquos toast in 1828 touting the Board

as an agency that lsquohelped those who helped themselvesrsquo Shipping tobacco wheat and

corn along this route became the major concern of Virginiarsquos internal improvement

network such as it was as the Board of Public Works followed a political calculus that

favoured the products of Tidewater and Piedmont agricultural interests along the James

River corridor As Spotsylvania County did not figure on this route its chances of securing

a state-funded turnpike or canal were slim The timing of Catharine Furnacersquos construction

in the wake of the Panic of 1837 was also disadvantageous not only because general

business conditions in the state deteriorated but also because Virginiarsquos public investment

in its internal improvement network completely stalled in the early-to-mid 1840s Without

private capital to finance internal improvements and with state actors primarily concerned

with the James ndash Kanawha corridor Catharine Furnace could not count on any decrease in

shipping costs both within and out of Virginia Like colliers and saltmakers in western

Virginia who found the policies of the Virginia legislature wanting ironmakers in eastern

Virginia found themselves on the outside looking in when it came to the Old Dominionrsquos

sponsorship of economic growth34

The firmrsquos reliance upon slave labour also magnified the impact of personal capital at

Catharine Furnace While most moulders and other skilled positions were filled by

immigrant or native-born white workers the vast majority of southern ironmakers relied

upon slaves for unskilled labour The rhythm of this market was decidedly different from

free labour markets in the North In Virginia the hiring season began in early January

when ironmasters or their agents would travel to the eastern part of the state Orange

Louisa and Spotsylvania counties were all prime hiring spots and the net flow of slaves

from those regions to the Valley was large Because Catharine Furnace was situated in

Spotsylvania County John Spotswood Wellford enjoyed certain advantages in the hiring

market over his competitors from the Valley Unlike ironmasters in the Valley for whom

distance was an issue the Fredericksburg Iron and Steel Manufacturing Company

operated in close proximity to several counties that were important sources for slave

hiring as well as the urban centre of Fredericksburg As a result Wellfordrsquos account book

contains references not only to the traditional one-year hirings but also shorter periods of

one or two months sometimes even a few weeks at a time As a slave-owner himself

moreover Wellford also allocated anywhere from 13 to 21 of his own slaves to Catharine

Furnace when necessary Since Wellford often fleshed out his labour force with short-term

hires the years in which large numbers of slaves were hired most likely reflect a certain

amount of turnover as well as periods in which the demands of ironmaking dictated a

number of short-term hires This fluctuation in slave hiring was not unusual in the

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1354 SP Adams

antebellum Virginia iron industry New Cloverdale Furnace for example hired 35 slaves

in 1841 but increased this amount to 55 in 1842 The actual number of workers then

often depended upon the available stockpile of raw materials the length of the blast and

the market for pig iron in any given year The larger numbers moreover may be explained

by more turnover or short-term hires or by more slaves being allocated to work in the iron

ore pits or at charcoaling In sum it is difficult to estimate just how many slaves were at

work at Catharine Furnace at any given time although the minimum number of 33 in 1844

seems to correlate with contemporary estimates on how many workers were needed to

keep an antebellum iron furnace running What is most important though is that as this

was a temporary and shifting labour force most workers at Catharine Furnace were unable

to acquire the skill set necessary to make high-quality pig iron much less complicated

castings such as cannon stoves or structural iron35

Enslaved labour was therefore a good solution when Catharine Furnace was engaged

in the relatively straightforward process of casting shot and shell Wellford employed

itinerant skilled white moulders but since the patterns and gauges were all provided by the

War Department Catharine Furnace invested little time and effort developing a core

labour force of skilled and flexible ironworkers Unlike many northern furnaces which

during the 1830s and 1840s became proficient in casting complex products Catharine

Furnace remained profitable in the short term but relatively single-minded in its strategy

of production Merritt Roe Smith referred to lsquothe stamina of local culturersquo at Harpers

Ferry in which slavery played a role as a major detractor to implementing technological

change there Although Catharine Furnace had a different impetus for change in that

Wellford did not have federal authorities directly attempting to reorganise production at

his complex the debilitating impact on the firmrsquos flexibility and capacity to grow was

functionally similar36

Finally national economic trends diminished Catharine Furnacersquos future as a

traditional charcoal-based iron operation In 1846 Democrats in Congress pushed through

a massive revision of tariff rates that effectively ended the protective duties on American

iron When Congress lowered the tariff on iron from a flat rate of $25 on bar iron to an ad

valorem rate of 30 ndash functionally a drop of more than half the duty on iron ndash prices for

Virginia charcoal iron pigs plummeted to $20 a ton37 In December of 1846 Virginia

ironmasters met in Richmond to discuss the precipitous drop in tariff rates and its resulting

effect on prices In a missive to Congress they concluded that lsquothe trade will ere long be

destroyed by the reductionrsquo The Federal government seemed like a good place to assign

the immediate blame for the misfortunes of charcoal ironmakers of Virginia In fact the

reduction in the duties on iron only accelerated a national trend in the iron trade away from

charcoal fuel In 1840 David Thomas successfully adapted anthracite coal to the Lehigh

Crane Iron Companyrsquos blast furnace near Allentown Pennsylvania The successful

adaptation of coke or processed bituminous coal in western Pennsylvania and Maryland

blast furnaces offered yet another low-cost alternative to charcoal iron Even it if had

survived its founder it is highly unlikely that Catharine Furnace would have been able to

compete in the rapidly changing American iron trade The use of slave labour by iron

furnaces in the Old Dominion had very little to do with this trend as managers like

Wellford made very efficient use of enslaved labour in their operations Rather the overall

impact of slavery upon Virginiarsquos political economy which hampered technological

innovation investments in skilled labour and a flexible work force undermined Virginia

iron in the national context Although Virginia charcoal ironmakers clung to the idea that

theirs was a superior product their inability to lower costs in the face of northern

competition sealed their fate by the 1850s Simply put the future of ironmaking in the

Dow

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03

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014


United States was moving steadily to the north and to the west Virginiarsquos long tradition of

ironmaking stretching back to the colonial era could not overcome these new innovations

in the use of mineral fuel and more efficient techniques38

Conclusion

The combination of these local state and national factors spelled doom for Catharine

Furnacersquos iron in more traditional markets In this sense John Spotswood Wellford acted as

any talented manager would and shifted the resources of his firm into the most profitable

environment His effective control of the company allowed him to pursue ordnance

manufacture as a main avenue for profit his personal connections served as the single most

important factor in that business and demonstrate the short-term power of social capital

Although it served as Virginiarsquos first chartered iron company the Fredericksburg Iron and

Steel Manufacturing Company functionally operated as a single proprietorship under

Wellfordrsquos leadership Because of the vagaries of the antebellum military contracting

system Wellford was able to use his personal capital in lieu of Catharine Furnacersquos

physical capital Estimates of the annual operating costs and revenues suggest that

Catharine Furnace was breaking even by 1841 and had become profitable by 1842

These figures however do not take into account long-term capital expenditures such as

land purchases and they are rough estimates drawn from Wellfordrsquos own account book

Nonetheless for a firm that came on line during one of the worst business environments in

the history of the United States making it into the blackwas an impressive accomplishment

in and of itself The reliance uponWellfordrsquos own personal capital though had a downside

As Figure 3 suggests Catharine Furnace had become almost completely dependent upon

ordnance contracts for its income by 1842 Since these contracts were made with

individuals not corporations Wellfordrsquos personal contacts and reputation were essential to

Figure 3 Receipts of iron sales at Catharine Furnace by locationNote lsquoNortheastrsquo includes Boston New York Providence RI and Portland ME lsquoSouthrsquo includesRichmond and Fredericksburg VA Charleston SC and Washington DCSource Catharine Furnace Account Book pp 27 ndash30 57 ndash8 61 63 71 FAMCC

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03

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5 O

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014

1356 SP Adams

this revenue stream and his vast reserves of lsquosocial capitalrsquo did not pass on to his business

partners or his children So even though the Fredericksburg Iron and Steel Company was a

corporation that could outlive any one of its shareholders it could not survive without its

most essential one John Spotswood Wellford

So what do we make of Catharine Furnacersquos brief existence Certainly in the short

run John Spotswood Wellford reversed the fortunes of the Fredericksburg Iron and Steel

Manufacturing Company and overcame the faulty market timing that put his furnace into

blast amidst the nationrsquos worst depression to date However underlying this short-term

story of success lies a more troubling narrative of systematic failure At a time when

manufacturing concerns nationwide trended towards larger capitalisation flexible

production and tapped into well-established market linkages Wellfordrsquos strategy took

precisely the opposite course Instead of expanding the firmrsquos physical capital and helping

Fredericksburg and Virginiarsquos industrial sector grow Catharine Furnace instead relied

almost exclusively upon the personal capital of its well-connected manager and principal

stockholder Unlike Samuel Colt who parlayed the many political and social contacts of

his father Roswell into an industrial empire in Connecticut ndash a process creatively labelled

lsquocasinocrony-stylersquo capitalism in a recent study39 ndash Wellfordrsquos family could not follow

up on his individual success In the end Catharine Furnace followed the path forged by

Harpers Ferry rather than that of Springfield Frankford or lsquoColtsvillersquo in Hartford

The Virginia location of these two industrial laggards is no coincidence In fact the case

study of Catharine Furnace reveals three problems with Virginiarsquos institutional climate

that would plague the statersquos industrial sector throughout the antebellum period These

contextual shortcomings in turn amplified the inherent limitations in growing markets out

of military ordnance contracting As it turns out making markets out of shot and shell

worked for John Spotswood Wellford at the same time that it failed for Virginiarsquos

antebellum industrial growth

Acknowledgements The author would like to thank the Organization of American Historians the National Park Service and the University of Floridarsquos College of Liberal Arts and Sciences for supporting this research

Notes 1 For an overview on the American economy on the eve of the Panic of 1837 see Temin

The Jacksonian Economy 59ndash 112 Wilentz The Rise of American Democracy Jefferson to Lincoln 436ndash46 456 ndash65 Howe What Hath God Wrought The Transformation of America 1815 ndash 1848 498 ndash 508

2 On the railroad boom in Virginia see Turner ldquoThe Early Railroad Movement in Virginiardquo 367 ndash9 Ward ldquoA New Look at Antebellum Southern Railroad Developmentrdquo 416 ndash 17 On the growth of iron in eastern Virginia see Swank The Manufacture of Iron in All Ages 269ndash71 514 Bradford ldquoThe Ante-Bellum Charcoal Iron Industry of Virginiardquo 170 Bruce Virginia Iron Manufacture in the Slave Era 147 123ndash5 Smith ldquoHistorical Geography of the Southern Charcoal Iron Industryrdquo 82 ndash4

3 Soon after incorporation Alexander Henderson gave up his share in the firm to William Crump Laws of Virginia 1835 ndash36 337ndash8 Northington ldquoThe Revival of the Iron Industry in Eastern Virginiardquo 72 For more on this use of corporate law in antebellum Virginia see Adams Old Dominion Industrial Commonwealth 167ndash9

4 Laird ldquoPutting Social Capital to Workrdquo 685 692 as well as the seven articles in this special volume A seminal work in the area of ldquosocial capitalrdquo for historians of antebellum industrialisation is Lamoreaux Insider Lending For more on the recent ldquocultural turnrdquo in the study of antebellum entrepreneurship see Tucker and Tucker ldquoThe Limits of Homo Economicusrdquo 208 ndash 18

Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


5 Wells Origins of the Southern Middle Class Byrne Becoming Bourgeois Eelman Entrepreneurs in the Southern Upcountry Downey Planting a Capitalist South Gagnon Transition to an Industrial South For a good overview of the literature on southern antebellum industrialisation see the essays in Delfino and Gillespie Global Perspectives on Industrial Transformation in the American South

6 Robert Wellford Diary September 29 1819 (p 16) Virginia Historical Society (VHS) Spotsylvania Land Tax Rolls for 1836 Library of Virginia Richmond Virginia (LVA) Fredericksburg City Personal Property Tax Rolls 1837 LVA Spotsylvania County Personal Tax Rolls 1837 LVA The American Farmer (Baltimore MD) November 25 1825 Political Arena (Fredericksburg) October 14 1828 September 1 1829 April 29 1834 November 24 1835 December 11 1840

7 The Political Arena (Fredericksburg VA) October 2 1827 September 30 1828 February 24 1829 September 11 and September 22 1835 August 9 1838 February 18 1840 May 8 1840 United States Telegraph (Washington DC) January 14 1834 African Repository and Colonial Journal 2 (1826) 30 Fredericksburg City Personal Property Tax Records for 1835 p 11 LVA

8 Majewski ldquoThe Political Impact of Great Commercial Citiesrdquo John Spotswood Wellford to Samuel G Wright January 31 1823 and December 30 1826 Wright Family Papers (Accession 1665) Series One Samuel G Wright Letters Received Hagley Museum and Library Greenville Delaware

9 A Collection of All Such Acts of the General Assembly of Virginia of a Public and Permanent Nature as Have Passed Since the Session of 1801 81ndash91 The North American Review and Miscellaneous Journal 8 (1819) 7ndash8 Political Arena (Fredericksburg VA) February 12 May 2 August 12 1828 September 1 1828 February 5 1836 Literary Register a Weekly Paper (Oxford OH) February 7 1829

10 Political Arena (Fredericksburg) May 3 1831 April 13 1832 February 12 1836 11 Overman The Manufacture of Iron 158 12 Spotsylvania County Personal Tax Books 1838 LVA See pp 6 ndash7 of the Catharine Furnace

Account Book Fredericksburg Area Museum and Cultural Center (FAMCC) 13 Dew Bond of Iron 66 Bradford ldquoThe Ante-Bellum Charcoal Industry of Virginiardquo 177

Ralph Happell ldquoThe Chancellors of Chancellorsvillerdquo 261 Brockenbrough Virginia Cases or Decisions of the General Court of Virginia 2 361ndash 62

14 Dew Bond of Iron 66 Lewis Coal Iron and Slaves 16ndash17 Gordon American Iron 83ndash4 Martin and Brockenbrough A New and Comprehensive Gazetteer of Virginia 282ndash3 ldquoPetition of Inhabitants of Fredericksburg and Falmouth in the State of Virginia Praying that Fredericksburg May be Made a Port of Entryrdquo House Doc 130 24th Cong 1st Sess (1836)

15 Turner ldquoThe Early Railroad Movement in Virginiardquo 359 ndash61 Littlefield ldquoEconomic Challenge and Mercantile Enterprise in a Southern Urban Systemrdquo 47

16 Sales figures here from p 27 of the Catharine Furnace Account Book FAMCC For the Fredericksburg Union Manufacturing Companyrsquos charter see Laws of Virginia 1835 ndash36 338 ndash40 Bruce Virginia Iron Manufacture in the Slave Era 152ndash6

17 Charles Carter Wellford to Beverly Wellford April 13 1838 Wellford Family Papers Section 9 VHS Barrett The Old Merchants of New York City 154

18 All sales figures for 1838 ndash41 come from pp 28 ndash31 of the Catharine Furnace Account Book FAMCC

19 JR Anderson to John S Wellford July 9 1841 September 29 1841 Tredegar Iron Works Business Records Series VII Correspondence Outgoing Box 865 LVA for transactions between Tredegar and Catharine Furnace see pp 27 ndash29 of the Catharine Furnace Account Book FAMCC David J Burr reference is from the entry for February 12 1841 p 25 Catharine Furnace Account Book FAMCC JR Anderson to John S Wellford 11 June 1845 Tredegar Iron Works Business Records Series VII Correspondence Outgoing Box 868 LVA Bruce Virginia Iron Manufacture in the Slave Era 154ndash70 quote is from p 164

20 Northington ldquoThe Revival of the Iron Industry in Eastern Virginiardquo 73 ndash4 Wellfordrsquos entry in the Catharine Furnace account book for August 13 1841 (p 31) reads ldquoPaid my expenses to Washington city with Messrs Deane amp Carmichael to obtain contracts for ordnancerdquo

21 Contract Between John S Wellford and the United States Navy September 11 1841 RG45 Records Collection of the Office of Naval Records and Library Entry 390 Bureau of Construction Equipment and Repair Contract Ledgers 1833ndash57 Vol 1 p 270 National

Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams

Archives and Records Administration Washington DC (NARA) Entries for May 23 June 30 July 20 and July 30 1842 pp 35 ndash7 Catharine Furnace Account Book FAMCC

22 See for example Hounshell From the American System to Mass Production 45ndash50 Farley Making Arms in the Machine Age Smith Harpers Ferry Armory Quote is from Smith ldquoArmy Ordnance and the lsquoAmerican Systemrsquo of Manufacturingrdquo 86

23 Contract Between John S Wellford and the United States Navy Ordnance Contracts 1845 ndash 76 RG74 Records of the Bureau of Ordnance Entry 162 Records Relating to Supplies Accounts Contracts and Personnel 1836ndash1939 Vol 1 pp 9ndash10 NARA Entries for December 31 1842 and December 31 1843 pp 43 51 Catharine Furnace Account Book FAMCC

24 Entries for December 30 1842 April 5 July 21 and September 19 1843 in Catharine Furnace Account Book pp 40 46 49 FAMCC William G Ridgelyrsquos appointments can be traced in ldquoNaval Register Corrected to the 1st of April 1837rdquo The Naval Magazine 2 (1837) 57 and Register of the Commissioned and Warrant Officers of the Navy of the United States 16 John S Wellford to Commodore Crane March 30 1843 RG74 Records of the Bureau of Ordnance Entry 22 Miscellaneous Letters Received NARA

25 William Wellford to WM Crane June 30 1843 John S Wellford to WMC Crane August 19 1843 WMC Crane to John S Wellford October 10 1843 John S Wellford to L Warrington October 2 1846 RG 74 Records of the Bureau of Ordnance Entry 5 Miscellaneous Letters Sent 1842 ndash83 Vol 1 p 66 NARA

26 WM Crane to Gouverneur Kemble John S Wellford FB Deane George L Pervis and Cyrus Alger August 20 1844 WM Crane to JR Anderson August 20 1844 WM Crane to John S Wellford May 22 1845 RG74 Records of the Bureau of Ordnance Entry 5 Miscellaneous Letters Sent 1842 ndash83 Vol 1 pp 105 175 NARA Dew Ironmaker to the Confederacy 11ndash13

27 Entries for December 31 1843 and December 31 1844 pp 53 61 Catharine Furnace Account Book FAMCC RJ Walker ldquoLetter from the Secretary of the Treasury Transmitting an Account of the Receipts and Expenditures of the Government for the Year Ending June 30 1845rdquo House Doc 14 29th Cong 1st Sess (1845) 173

28 Entries for July 2 1844 October 5 1844 December 31 1844 pp 54 55 61 Catharine Furnace Account Book FAMCC John S Wellford to L Warrington October 2 1846 RG 74 Records of the Bureau of Ordnance Entry 22 Miscellaneous Letters Received Box 4 (August 1846 to December 1847) NARA WL Marcy ldquoLetter from the Secretary of War Transmitting Statements of Contracts Made Under Authority of That Department During the Year 1845rdquo House Doc 51 29th Cong 1st Sess (1846) 64 WL Marcy ldquoLetter from the Secretary of War Transmitting Statements of Contracts Made Under Authority of That Department During the Year 1845rdquoHouse Doc 46 29th Cong 2nd Sess (1847) 67 ndash8

29 Northington ldquoThe Revival of the Iron Industry in Eastern Virginiardquo 74 Charles Dyer to CC Wellford January 21 1847 RH Cunningham to Messr McFarland and Rhodes February 19 1847 Reneau Manuscripts Fredericksburg and Spotsylvania National Military Park Fredericksburg Virginia (FRSP)

30 Lewis Warrington to John S Wellford September 3 1846 October 20 1846 October 26 1846 November 18 1846 RG 74 Records of the Bureau of Ordnance Entry 5 Miscellaneous Letters Sent 1842 ndash83 Vol 1 pp 287 292 295 306 NARA

31 Contract Between Edward Carmichael and the US Navy Ordnance Contracts Vol 1 pp 170 ndash 171 RG 74 Records of the Bureau of Ordnance Entry 162 Records Relating to Supplies Accounts Contracts and Personnel 1836 ndash 1939 NARA Edward Carmichael to William A Jackson January 14 1847 Edward Carmichael to William Wellford February 1 1847 William Wellford to Edward Carmichael February 27 1847 Reneau Manuscripts Fredericksburg and Spotsylvania National Military Park Fredericksburg VA (FRSP)

32 Memorandum of NCL Moncure February 5 1847 William Wellford to Edward Carmichael 6 February 1847 Reneau Manuscripts FRSP The Democratic Recorder (Fredericksburg VA) April 2 1847

33 Swank Iron in All Ages 271 Dew Ironmaker to the Confederacy 32 Littlefield ldquoEconomic Challenge and Mercantile Enterprise in a Southern Urban Systemrdquo 167

34 Dunaway History of the James River and Kanawha Canal 50ndash58 Goodrich ldquoThe Virginia System of Mixed Enterpriserdquo Hunter ldquoThe Turnpike Movement in Virginiardquo 49ndash51 Adams Old Dominion Industrial Commonwealth 86ndash92

Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


35 Dew Bond of Iron 67ndash9 Lewis Coal Iron and Slaves 192ndash3 Bradford ldquoThe Ante-bellum Charcoal Industry of Virginiardquo 107 ndash8 112 Catharine Furnace Account Book pp 31 33

36 Smith Harpers Ferry Armory 335 37 Bradford ldquoThe Ante-Bellum Charcoal Iron Industry of Virginiardquo 172 ndash4 38 Memorial of the Coal Owners and Iron Masters of Virginia to Congress January 1847

(Richmond np 1847) 10 Yates ldquoDiscovery of the Process of Making Anthracite Ironrdquo Hunter ldquoInfluence of the Market Urdquo 260ndash61 Bruce Virginia Iron Manufacture in the Slave Era 276ndash7 Bradford ldquoThe Ante-Bellum Charcoal Industry of Virginiardquo 171ndash83 Temin Iron and Steel in Nineteenth-Century America 77ndash80 Smith ldquoHistorical Geography of the Southern Charcoal Iron Industryrdquo 125 ndash34 Gordon American Iron 155ndash 70

39 Tucker and Tucker Industrializing Antebellum America 41ndash 91

Notes on contributor Sean Patrick Adams is Associate Professor of History at the University of Florida

References Adams Sean Patrick Old Dominion Industrial Commonwealth Coal Politics and Economy in

Antebellum America Baltimore The Johns Hopkins University Press 2004 Barrett Walter The Old Merchants of New York City New York Thomas R Knox 1885 Bradford Samuel Sydney ldquoThe Ante-Bellum Charcoal Iron Industry of Virginiardquo 1958 PhD diss

Columbia University Brockenbrough William Virginia Cases or Decisions of the General Court of Virginia Vol 2

Richmond Peter Cotton 1826 Bruce Kathleen Virginia Iron Manufacture in the Slave Era New York The Century Company

1931 Byrne Frank Becoming Bourgeois Merchant Culture in the South 1820 ndash 1865 Lexington

University of Kentucky Press 2009 Delfino Susanna and Gillespie Michele eds Global Perspectives on Industrial Transformation in

the American South Columbia University of Missouri Press 2005 Dew Charles Bond of Iron Master and Slave at Buffalo Forge New York WW Norton 1994 Dew Charles Ironmaker to the Confederacy Joseph R Anderson and the Tredegar Iron Works

New Haven Yale University Press 1966 Downey Thomas Planting a Capitalist South Masters Merchants and Manufacturers in the

Southern Interior 1790 ndash 1860 Baton Rouge LSU Press 2006 Dunaway Wayland History of the James River and Kanawha Canal New York Columbia

University Press 1922 Eelman Bruce Entrepreneurs in the Southern Upcountry Commercial Culture in Spartanburg

South Carolina 1845 ndash 1880 Athens University of Georgia Press 2008 Farley James J Making Arms in the Machine Age Philadelphiarsquos Frankford Arsenal 1816 ndash 1870

University Park PA Penn State Press 1994 Gagnon Michael Transition to an Industrial South Athens Georgia 1830 ndash 1870 Baton Rouge

LSU Press 2012 Goodrich Carter ldquoThe Virginia System of Mixed-Enterprise A Study of Planning of Internal

Improvementsrdquo Political Science Quarterly 64 (1949) 355ndash 387 Gordon Robert American Iron 1607 ndash 1900 Baltimore The Johns Hopkins University Press 1996 Happell Ralph ldquoThe Chancellors of Chancellorsvillerdquo The Virginia Magazine of History and

Biography 71 (1963) 259ndash 277 Hounshell David From the American System to Mass Production 1800 ndash 1932 The Development of

Manufacturing Technology in the United States Baltimore The Johns Hopkins University Press 1985

Howe Daniel Walker What Hath God Wrought The Transformation of America 1815 ndash 1848 New York Oxford University Press 2007

Hunter Louis ldquoInfluence of the Market upon Technique in the Iron Industry in Western Pennsylvania up to 1860rdquo Journal of Economic and Business History 1 (1929) 241ndash 281

Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams

Hunter Robert ldquoThe Turnpike Movement in Virginia 1816 ndash 1860rdquo PhD diss Columbia University 1957

Laird Pamela Walker ldquoPutting Social Capital to Workrdquo Business History 50 (2008) 685ndash 694 Lamoreaux Naomi Insider Lending Banks Personal Connections and Economic Development in

Industrial New England New York Cambridge University Press 1996 Lewis Ronald Coal Iron and Slaves Industrial Slavery in Maryland and Virginia 1715 ndash 1865

Westport CT Greenwood Press 1979 Littlefield Keith Edward ldquoEconomic Challenge and Mercantile Enterprise in a Southern Urban

System A Case Study of Fredericksburg Virginia 1835ndash1880rdquo 1999 PhD diss University of Maryland

Majewski John ldquoThe Political Impact of Great Commercial Cities State Investment in Antebellum Pennsylvania and Virginiardquo Journal of Interdisciplinary History 27 (Summer 1997) 1ndash 26

Martin Joseph and William Brockenbrough A New and Comprehensive Gazetteer of Virginia and the District of Columbia Charlottesville Joseph Martin 1835

Northington OF ldquoThe Revival of the Iron Industry in Eastern Virginia as Exemplified by the History of Catharine Furnace of Spotsylvania Countyrdquo The William and Mary Quarterly 2nd ser 16 (1936) 71 ndash 80

Overman Frederick The Manufacture of Iron in All its Various Branches Philadelphia Henry C Baird 1854

Smith James Larry ldquoHistorical Geography of the Southern Charcoal Iron Industry 1800 ndash 1860rdquo 1982 PhD diss University of Tennessee

Smith Merritt Roe Harpers Ferry Armory and the New Technology Ithaca NY Cornell University Press 1977

Smith Merritt Roe ldquoArmy Ordnance and the lsquoAmerican Systemrsquo of Manufacturingrdquo In Military Enterprise and Technological Change Perspectives on the American Experience edited by Merritt Roe Smith 39 ndash 86 Cambridge MA MIT Press 1985

Swank James The Manufacture of Iron in All Ages Philadelphia The Iron and Steel Association 1892

Temin Peter Iron and Steel in Nineteenth-Century America An Economic Inquiry Cambridge MA The MIT Press 1964

Temin Peter The Jacksonian Economy New York WW Norton 1969 Tucker Barbara and Kenneth Tucker Industrializing Antebellum America The Rise of

Manufacturing Entrepreneurs in the Early Republic New York Palgrave-Macmillan 2008 Tucker Barbara and Kenneth Tucker ldquoThe Limits of Homo Economicus An Appraisal of Early

American Entrepreneurshiprdquo Journal of the Early Republic 24 (2004) 208ndash 218 Turner Charles ldquoThe Early Railroad Movement in Virginiardquo Virginia Magazine of History and

Biography 55 (1947) 350ndash 371 Ward James ldquoA New Look at Antebellum Southern Railroad Developmentrdquo The Journal of

Southern History 39 (1973) 409ndash 420 Wells Jonathan Daniel Origins of the Southern Middle Class 1800 ndash 1861 Chapel Hill University

of North Carolina Press 2003 Wilentz Sean The Rise of American Democracy Jefferson to Lincoln New York WW Norton

2005 Yates W Ross ldquoDiscovery of the Process of Making Anthracite Ironrdquo Pennsylvania Magazine of

History and Biography 98 (1974) 206ndash 223

Dow

nloa

ded

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earing U

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rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References


Vol 55 No 8 1339ndash1360 httpdxdoiorg101080000767912012745067

The perils of personal capital in antebellum America John Spotswood Wellford and Virginiarsquos Catharine Furnace

Sean Patrick Adams

History University of Florida Gainesville Florida USA

The Fredericksburg Iron and Steel Manufacturing Companyrsquos ironmaking facility Catharine Furnace had the look of a prime mover in antebellum Virginiarsquos industrial sector when it opened in 1838 Its manager and principal owner John Spotswood Wellford successfully tapped into his social capital to secure military ordnance contracts but in the process the firm became utterly dependent upon his ability to secure this work through personal connections By failing to expand the market for its pig iron and castings in local regional and national markets the firm relied upon these ordnance contracts for shot and shell for its existence When Wellford died in 1846 the Fredericksburg Iron and Steel Manufacturing Company collapsed A few years later Catharine Furnace stood cold and abandoned ndash a severe reminder of the limited prospects of Virginiarsquos industrial economy and the perils of relying on an individual entrepreneurrsquos personal capital during a critical period of American industrialisation

Keywords US antebellum US South Virginia entrepreneurship social capital industrialisation iron military contracting

Introduction

The prospects for ironmaking in Virginia seemed very bright in the earlymonths of 1836 as

the entire economy appeared awash with money An influx of Mexican silver engorged the

nationrsquos supply of hard currency at the same time that Andrew Jacksonrsquos lsquoslayingrsquo of the

Bank of the United States triggered a dramatic ndash and intemperate ndash expansion of bank

loans The price of basic commodities like cotton and wheat continued to press higher and

higher while land values soared Iron seemed a particularly attractive investment on

national regional and local levels1 The South and Virginia in particular were going

through a railroad building boom that would ensure a high demand for iron rails for years

In the winter of 1836ndash37 Virginia pig iron sold anywhere from $50 to $55 a ton ndash more

than double the $25 per ton that pig iron commanded in 1832 and at least $10 higher than

the average price of charcoal iron in Philadelphia lsquoThe Virginia iron industry though a

worthy pioneerrsquo historian Kathleen Bruce argued lsquohad worked with mole-like

inconspicuousnessrsquo particularly in the areas of eastern Virginia The swell in economic

activity combined with the effect of a protective tariff to create according to Bruce a new

lsquospeculative spiritrsquo after 1835 which reinvigorated interest in the Virginia iron industry2

Email spadamsufledu

q 2013 Taylor amp Francis

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014

1340 SP Adams
















































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014

1342 SP Adams


















































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014

















































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earing U

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rary

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014

1344 SP Adams































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014



















































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earing U

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rary

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014

1346 SP Adams














from Wellford17




































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earing U

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rary

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er 2

014





























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earing U

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rary

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014

1348 SP Adams






































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earing U

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rary

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014


















































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rary

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014

1350 SP Adams


















































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earing U

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rary

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014

















































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earing U

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rsity

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rary

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5 O

ctob

er 2

014

1352 SP Adams

















































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earing U

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rsity

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rary

] at

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5 O

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er 2

014



















































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earing U

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rsity

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rary

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20 0

5 O

ctob

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014

1354 SP Adams


















































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rsity

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rary

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ctob

er 2

014





Conclusion






















Dow

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rary

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03

20 0

5 O

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er 2

014

1356 SP Adams

































Dow

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ded

by [

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earing U

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rsity

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rary

] at

03

20 0

5 O

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er 2

014


















Dow

nloa

ded

by [

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earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

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earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

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ded

by [

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earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1340 SP Adams
















































Dow

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rsity

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rary

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5 O

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er 2

014



















































Dow

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earing U

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rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014

1342 SP Adams


















































Dow

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earing U

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rsity

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rary

] at

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5 O

ctob

er 2

014

















































Dow

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earing U

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rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1344 SP Adams































Dow

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ded

by [

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earing U

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rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

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ded

by [

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earing U

nive

rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014

1346 SP Adams














from Wellford17




































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earing U

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rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014





























Dow

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ded

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earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

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earing U

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rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

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earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

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ded

by [

Um

earing U

nive

rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

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earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

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by [

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earing U

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rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

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earing U

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03

20 0

5 O

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er 2

014

1356 SP Adams

































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ded

by [

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earing U

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] at

03

20 0

5 O

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er 2

014


















Dow

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earing U

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rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

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earing U

nive

rsity

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rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

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earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References



















































Dow

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by [

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earing U

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] at

03

20 0

5 O

ctob

er 2

014

1342 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1344 SP Adams































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1346 SP Adams














from Wellford17




































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1342 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1344 SP Adams































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1346 SP Adams














from Wellford17




































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1344 SP Adams































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1346 SP Adams














from Wellford17




































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1344 SP Adams































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1346 SP Adams














from Wellford17




































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1346 SP Adams














from Wellford17




































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1346 SP Adams














from Wellford17




































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References





























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1348 SP Adams






































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1350 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1352 SP Adams

















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References



















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1354 SP Adams


















































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References





Conclusion






















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1356 SP Adams

































Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References


















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1358 SP Adams















Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

1360 SP Adams























Dow

nloa

ded

by [

Um

earing U

nive

rsity

Lib

rary

] at

03

20 0

5 O

ctob

er 2

014

Abstract

Introduction





Conclusion

Acknowledgements

Notes

References

the perils of personal capital in antebellum america: john spotswood wellford and virginia's...

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