John Colman Quotes
I know the Rich will oppose this; but the Richest Men are not always most beneficial to the Commonwealth, Men of Projecting Brains do most good to their Neighbours, for tho' they often hurt themselves by their Projects, yet others reap the benefit of them, and so the Publick is not hurt but helped by them, and I presume none will deny but that this Town hath been more advantaged by some Men now in it of mean Estates, then ever they were by the Richest Men in it
Colman’s view that business failures contributing to society may be more important than the contributions of the wealthy and successful has been a common theme where failed business men make great politicians (Truman) or failed politicians are appreciated as great philosophers (Paine). This seems to be the first American argument that a failed economic enterprise can have a very beneficial short and/or long term effect on economic development. The failed business could start an entire industry which succeeds later when technology or capital becomes more readily available, or even if implemented by a better manager. Arguably, the California gold rush miners never made any significant money, but their presence changed the economic fact of California. The American airline industry has made little or no money in its history but has enabled development throughout the nation. And the dot com bubble may well have been an economic debacle of the end of the 20th century, but it spurred economic development that has benefited the entire globe.
John Colman, *, Colonial Banker & Economist, The Distressed State of the Town of Boston, Considered, 1720
Sourced by: Eigen's Political and Historical Quotations
Rich people the world over have often sought a safe way to save their money. Unfortunately, in most counties of the world, there is not the rule of law and the limited government that is in the United States and a few other industrial democracies. So the rich of those countries will often avoid investing their money in their own country and instead invest it in the United States or another “safe” country. This lack of patriotism makes development of poorer countries that much more difficult. However, the rulers of those countries rarely do the things necessary to create a reasonably safe environment for investment. Even in America, some wealthy people will invest in other nations or “bet against the dollar” in favor of the Yen, the Swiss Franc or the Euro. During the American Revolution and the War of 1812, there was every reason for wealthy Americans to send their money to England for investment or banking there, However, most American wealthy families were patriotic enough not to maximize their personal income.
John Colman was a crew member of the Half Moon under Henry Hudson who was killed by Native Americans by an arrow to his neck.
