Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Stock Market Potential Short-term top - 18th Feb 20
Coronavirus Fourth Turning - No One Gets Out Of Here Alive! - 18th Feb 20
The Stocks Hit Worst From the Coronavirus - 18th Feb 20
Tips on Pest Control: How to Prevent Pests and Rodents - 18th Feb 20
Buying a Custom Built Gaming PC From - 1. Delivery and Unboxing - 17th Feb 20
BAIDU (BIDU) Illustrates Why You Should NOT Invest in Chinese Stocks - 17th Feb 20
Financial Markets News Report: February 17, 2020 - February 21, 2020 - 17th Feb 20
NVIDIA (NVDA) GPU King For AI Mega-trend Tech Stocks Investing 2020 - 17th Feb 20
Stock Market Bubble - No One Gets Out Of Here Alive! - 17th Feb 20
British Pound GBP Trend Forecast 2020 - 16th Feb 20
SAMSUNG AI Mega-trend Tech Stocks Investing 2020 - 16th Feb 20
Ignore the Polls, the Markets Have Already Told You Who Wins in 2020 - 16th Feb 20
UK Coronavirus COVID-19 Pandemic WARNING! Sheffield, Manchester, Birmingham Outbreaks Probable - 16th Feb 20
iShares Nasdaq Biotechnology ETF IBB AI Mega-trend Tech Stocks Investing 2020 - 15th Feb 20
Gold Stocks Still Stalled - 15th Feb 20
Is The Technology Stocks Sector Setting Up For A Crash? - 15th Feb 20
UK Calm Before Corona Virus Storm - Infections Forecast into End March 2020 - 15th Feb 20
The Growing Weaponization of Space - 14th Feb 20
Will the 2020s Be Good or Bad for the Gold Market? - 14th Feb 20
Predictive Modeling Suggests Gold Price Will Break Above $1650 Within 15~30 Days - 14th Feb 20
UK Coronavirus COVID-19 Infections and Deaths Trend Forecast 2020 - 14th Feb 20
Coronavirus, Powell and Gold - 14th Feb 20
How the Corona Virus is Affecting Global Stock Markets - 14th Feb 20
British Pound GBP Trend and Elliott Wave Analysis - 13th Feb 20
Owning and Driving a Land Rover Discovery Sport in 2020 - 2 YEAR Review - 13th Feb 20
Shipping Rates Plunge, Commodities and Stocks May Follow - 13th Feb 20
Powell says Fed will aggressively use QE to fight next recession - 13th Feb 20
PALLADIUM - THIS Is What a Run on the Bank for Precious Metals Looks Like… - 13th Feb 20
Bitcoin: "Is it too late to get in?" Get Answers Now - 13th Feb 20
China Coronavirus Infections Soar by 1/3rd to 60,000, Deaths Jump to 1,367 - 13th Feb 20
Crude Oil Price Action – Like a Coiled Spring Already? - 13th Feb 20
China Under Reporting Coronavirus COVID-19 Infections, Africa and South America Hidden Outbreaks - 12th Feb 20
Will USD X Decline About to Trigger Precious Metals Rally - 12th Feb 20
Copper Market is a Coiled Spring - 12th Feb 20
Dow Theory Stock Market Warning from the Utilities Index - 12th Feb 20
How to Get Virgin Media Engineers to FIX Hub 3.0 Problems and NOT BS Customers - 12th Feb 20
China Under Reporting Coronavirus COVID-19 Infections by 66% Due to Capacity Constraints - 12th Feb 20
Is Coronavirus the Black Swan That Takes Gold To-Da-Moon? - 12th Feb 20
Stock Market 2020 – A Close Look At What To Expect - 12th Feb 20
IBM AI Mega-trend Tech Stocks Investing 2020 - 11th Feb 20
The US Dollar’s Subtle Message for Gold - 11th Feb 20
What All To Do Before Opening A Bank Account For Your Business - 11th Feb 20
How and When to Enter Day Trades & Swing Trade For Maximum Gains - 11th Feb 20
The Great Stock Market Dichotomy - 11th Feb 20
Stock Market Sector Rotation Should Peak Within 60+ Days – Part II - 11th Feb 20
CoronaVirus Pandemic Stocks Bear Market Risk 2020? - Video - 11th Feb 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

How Scotland's Unscrupulous Money Men Sought to Control Colonial America

Politics / Global Financial System May 11, 2009 - 09:32 PM GMT



Best Financial Markets Analysis ArticleNeil Oliver and A History Of Scotland are about to go Stateside to document Scotland's international moneymen, who weren't averse to "playing the markets" for their own ends in the 18th century.

The presenter and a film crew are flying out to America and Jamaica today to film the story of Scots who, in the wake of the defeat of the Jacobites, turned to the colonies and the Empire.

The team are flying to Princeton and Colonial Williamsburg in the States. As well as highlighting stories such as the Glasgow tobacco merchants who tied American farmers into restrictive deals, and Scottish slave ownership, they will also be focusing on the stories of individuals such as John Witherspoon, a humble Paisley minister, who became a major proponent of American independence. He is said to be a direct ancestor of Hollywood star Reese Witherspoon.

Neil says: "It was an amazing period in Scottish history, but it is Scottish history in an international context. In the wake of the defeat of the Jacobites, there were Scots who were having to flee and others who viewed it as their best option.

"Not everyone made their fortune but there were many who did and they didn't always care about the cost to others. Having been 'victims', as they saw it, many of these Scots then became slave owners, often among the most merciless of the slave owners. Others became very adept money-makers who weren't exactly scrupulous about how they did it. In this shiny modern world, the old conflicts about about dynasty and religion were gone; the colonialists worshipped at the altar of a new god: money.

"But it was also the dawn of a new era; when Scotland made its mark on the world by exporting its most valuable commodities, its people and ideas, ideas that helped start a revolution."

Among the stories to be featured are the restrictive trade practices of the Glasgow tobacco merchants who went all out to target smaller farmers with less commercial clout. They tied local Virginian farmers into direct trade deals, stopping them getting a fair price in the open market.

The Tobacco Lords effectively bought low and sold high as at the other end they enjoyed the British Empire monopoly in Europe and could sell their produce at high prices. In some instances American farmers were lured into tempting credit deals, which also tied them to buyers, who could then virtually set whatever price they wanted.

As Neil explains: "Credit would be offered to farmers who would otherwise be paid once a year, at harvest time. This could be a loan, or some tempting goodies their ships had brought in from Scotland. But it was a deal with the devil. In return for your tobacco, you were shackled to them, and they could demand whatever price they saw fit. It was commerce without conscience, profit before any sense of ethics.

"This greedy money-making at any cost wasn't filtering down any advantages to the ordinary people of Scotland, who were incredibly poor at this time. It is ironic that it was the abject poverty that Benjamin Franklin saw first hand in Scotland that convinced him that some sort of American/Britain union was not the way forward, while at the same time the best intellectual efforts of the Scottish Enlightenment had provided America with a blueprint for liberty."

Among those who left Scotland for America, disgusted by the disparity between a wealthy elite and the impoverished general population, was Dr John Witherspoon. Fearing Scotland was losing its moral compass, he left in 1768 to take up an appointment as Principal of the renowned Princeton College, in New Jersey. He became the leading churchman of his time advocating independence; so much so that the British specifically targetted his base, Princeton and the college, destroying just about everything in their path.

Further galvanised against the British by this action, Witherspoon worked tirelessly for five years to make for repairs to the college and on a special Congress set up by the revolutionary forces. His dedication to this cause was acknowledged when he was among those present to witness the signing of the American Declaration of Independence. Says Neil: "From Paisley to Princeton, the story of John Witherspoon is amazing but he is one of a number of individuals and stories about Scots who forged America – and indeed the wider British Empire – that will feature."

A History Of Scotland, which is co-produced with the Open University, is the flagship TV series of BBC Scotland's Scotland's History project, which also includes radio, online and events – with the latest family event due to take place in Stirling on 9 and 10 May. Raven, the ancient immortal warlord from CBBC's popular fantasy adventure game show, will be among the exciting attractions at Stirling Castle.

In conjunction with Historic Scotland, the event includes: the Raven Challenge, where contenders can take part in challenges from the series and meet the character himself; reporting on Scotland from the past, a chance to step back in time and become a newsreader, reporting on historical headliner Robert the Bruce and other key characters from Scotland's past; a radio drama workshop, where visitors will get the chance to star in and produce a history-inspired drama complete with sound effects; experimenting with animation at the Learning Lab; arm and face painting and the chance for children to make decorative shields.

Further Scotland's History events are scheduled to take place in July at the River Festival in Glasgow and at the Braemar Gathering in September. Further details are available on

Neil McDonald, Executive Producer of the series, says: "BBC research indicates that at least 42% of the adult population of Scotland have seen some part of the series and the feedback from the audience is that they loved the series and they loved Neil Oliver presenting it.

"What we are delivering now is another five parts of the Scottish story, taking it up to the present day. The early days of Scotland were full of dramatic action, blood, gore and machinations, but if anything the action and machinations really hot up now. It is 300 years full of dramatic storylines, again much of which is known about in academic circles but which we hope to make fresh and exciting for a wider audience.

"The TV series is one part of the package. Likewise, the events are aimed at bringing Scottish history to life for families in a fun and exciting way."

Dr Ian Donnachie, Reader in History at The Open University and academic advisor for the series, says: "As the series moves on in time it highlights major themes in the history of Scotland to our own times. Many important and controversial issues that are addressed and debated in the programmes help to explain how Scotland came to be the country it is today. No doubt the series will continue to provoke lively debate over major strands and personalities explored through Neil Oliver's lively presentation."

Notes :

After returning from the United States, the TV production team will be filming for several months to make the final five parts of A History Of Scotland, which take the story of Scotland on from the dominance of religion in the mid-1660s, the Covenantors, the Darien Disaster, the 1707 Union, Jacobitism, the Enlightenment, on to the 19th century and the changing urban and rural landscape, economic decline in 20th century and also devolution and the modern day.

The series will resume on BBC One Scotland in early November, with transmission at a later point on network BBC Two.

The first five parts were broadcast late last year. One in four Scots watching television at the time of the first transmission tuned into watch (an average of 526,000), with a further 210,000 watching the repeat. Then when it was shown in January this year on network BBC Two, it attracted another 170,000 viewers north of the border. The Saturday night series was also a success in network terms, with audiences of almost 2.2 million.

BBC Two Controller, Janice Hadlow, has already gone on record to praise the series for helping to boost Saturday night BBC Two audiences by 7% and being part of a package to provide "a place for people who do not watch Saturday night shiny floor shows".

As well as the TV series, radio highlights will include a new accompanying series of Walking Through History radio programmes and downloadable audio walks, supported by the Open University, and the In The Footsteps series, in which public figures go in search of a figure from history who fascinates them, will focus on figures from the series.

The website,, will also be revamped with new interactive elements including local maps, allowing members of the public to contribute online to the build up of a history of their area.


© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules