Sep 21

Sep 21 Washington the Businessman - The James River Company

The James River Company was one of several major business investments George Washington participated in during his lifetime.

George Washington: Businessman

When reflecting on early American history, it is easy to look at George Washington as the commanding General of the Continental Army.

Perhaps, one might look at him as a leading politician.

While these are certainly aspects of Washington’s life, he was also noteworthy as a businessman.

George invested in several large companies throughout his life, many of which were expected to help both his pocketbook and his community.

Today, we will take a look at the James River Company.

Rivers of Wealth

The seeds of the James River Company were planted in Washington’s mind as a young man.

George first made his career as a surveyor in western Virginia, learning they lay off the land...and the rivers.

The future President realized that a system of canals connecting the James River to the Kanawha River could help increase the ability of inland farmers to make money selling tobacco on the international market which simultaneously making himself (and other investors) a substantial profit as well.

The James River Company

Washington’s plans were put aside during the Revolutionary War (for obvious reasons), but he took the canal building back up when he returned home.

In 1785, in addition to helping settle improvements on the Potomac River, George became one of the founders of the James River Company.

This company attempted to connect the aforementioned James and Kanawha Rivers, which would have essentially brought together the Atlantic Ocean with the Mississippi River.

Unfortunately, the project ran into both financial and construction troubles.

Failure

Thirty-five years later (and well after Washington’s death) the James River Company still had not completed its canals.

Having already been surpassed by the extremely successful Erie Canal, the proprietors begin investing in railroads.

Still, almost 100 years after the company was authorized to build by the State of Virginia, the work was left uncompleted and it's right-of-ways were sold off to more successful railroad companies.

If you’d like to learn about another company Washington invested in, check out this article:

George Plater and the Mississippi Land Company

For even more info on Washington’s business pursuits, the new book ‘George Washington, Entrepreneur’ goes deep into the first President’s investments.

Pick up a copy through the Amazon affiliate link below.