Maria Reynolds (née Lewis ; March 30, 1768 – March 25, 1828) was the wife of James Reynolds, and was Alexander Hamilton 's mistress between 1791 and 1792. She became the object of much scrutiny after the release of the Reynolds Pamphlet and central in America's first political sex scandal .
116-518: Maria Reynolds, born as Maria Lewis, was born in New York City on March 30, 1768, the daughter of Susanna Van Der Burgh and her second husband Richard Lewis. She had six half-siblings, including Col. Lewis DuBois and Captain Henry DuBois, and five full siblings, at least two of whom (older sisters named Susannah and Sarah) lived to adulthood. The Lewises do not appear to have been well-off: Richard Lewis
232-815: A Treaty of Alliance in February 1778. In 1779, the Sullivan Expedition undertook a scorched earth campaign against the Iroquois who were largely allied with the British. Indian raids on the American frontier, however, continued to be a problem. Also, in 1779, Spain allied with France against Great Britain in the Treaty of Aranjuez , though Spain did not formally ally with the Americans. Howe's replacement Henry Clinton intended to take
348-679: A successful siege , Washington's forces drove the British Army out of Boston in March 1776, and British commander in chief William Howe responded by launching the New York and New Jersey campaign . Howe captured New York City in November. Washington responded by clandestinely crossing the Delaware River and winning small but significant victories at Trenton and Princeton . In the summer of 1777, as Howe
464-533: A brief skirmish at Lexington, followed by the full-scale Battles of Lexington and Concord. British troops suffered around 300 casualties before withdrawing to Boston , which was then besieged by the militia. In May 1775, 4,500 British reinforcements arrived under Generals William Howe , John Burgoyne , and Sir Henry Clinton . On June 17, they seized the Charlestown Peninsula at the Battle of Bunker Hill ,
580-606: A cover for the speculation scheme. However, the letter from Colonel Jeremiah Wadsworth to Hamilton dated 2 August 1797 relates how during Reynolds's detention in November–December 1792 Maria had applied to both Wadsworth and Governor General Thomas Mifflin . In the attempt to convince them to help her obtain her husband's release from prison, Maria spontaneously told both of them the story of her first acquaintance and following "amour" with Hamilton in words that match Hamilton's description of their first encounter as reported in both
696-718: A customs vessel in the June 1772 Gaspee Affair , then came to a head in 1773. A banking crisis led to the near-collapse of the East India Company , which dominated the British economy; to support it, Parliament passed the Tea Act , giving it a trading monopoly in the Thirteen Colonies . Since most American tea was smuggled by the Dutch, the act was opposed by those who managed the illegal trade, while being seen as yet another attempt to impose
812-458: A firm's off-balance-sheet exposures" including "environmental or social liabilities present in a market or company but not explicitly accounted for in traditional numeric valuation or mainstream investor analysis". Hence, they make the prices better reflect the true quality of operation of the firms. Shorting may act as a "canary in a coal mine" to stop unsustainable practices earlier and thus reduce damages and form market bubbles. Auctions are
928-542: A frontal assault in which they suffered over 1,000 casualties. Dismayed at the costly attack which had gained them little, Gage appealed to London for a larger army, but instead was replaced as commander by Howe. On June 14, 1775, Congress took control of Patriot forces outside Boston, and Congressional leader John Adams nominated Washington as commander-in-chief of the newly formed Continental Army . On June 16, Hancock officially proclaimed him "General and Commander in Chief of
1044-474: A letter warning of Reynolds's anger over the supposed discovery of the affair: I have not the time to tell you the cause of my present troubles; only that Mr. Reynolds has wrote you this morning and I know not whether you have got the letter or not and he has swore that if you do not answer, or if he does not see or hear from you today, he will write to Mrs. Hamilton. He has just gone out and I am alone. I think you had better come here one moment that you may know
1160-450: A logistically challenging and dangerous operation. Meanwhile, the Hessians were involved in numerous clashes with small bands of Patriots and were often aroused by false alarms at night in the weeks before the actual Battle of Trenton . By Christmas they were tired, while a heavy snowstorm led their commander, Colonel Johann Rall , to assume no significant attack would occur. At daybreak on
1276-558: A meeting for later that evening to give Maria the money. Once Hamilton arrived at the boarding house where Maria was lodging, she brought him upstairs and led him into her bedroom, where he recounts that "Some conversation ensued from which it was quickly apparent that other than pecuniary consolation would be acceptable”. During summer and fall 1791, Maria and Hamilton continued the affair while Hamilton's wife, Eliza , and their children were in Albany , visiting her parents. A short time into
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#17328551959321392-434: A method of squeezing out speculators from a transaction, but they may have their own perverse effects by the winner's curse . The winner's curse is, however, not very significant to markets with high liquidity for both buyers and sellers, as the auction for selling the product and the auction for buying the product occur simultaneously, and the two prices are separated only by a relatively small spread. That mechanism prevents
1508-589: A number of attempts over the years to introduce regulations and restrictions to try to limit or reduce the impact of speculators. States often enact such financial regulation in response to a crisis. Note for example the Bubble Act 1720 , which the British government passed at the height of the South Sea Bubble to try to stop speculation in such schemes. It remained in place for over a hundred years until repealed in 1825. The Glass–Steagall Act passed in 1933 during
1624-610: A partner in crime in Reynolds' speculations. He had been arrested with him in November 1792. She took up residence in Alexandria, Virginia . In summer 1797, journalist James T. Callender published a collection of pamphlets entitled The History of the United States for 1796 , in which he promised to uncover public wrongdoing on Hamilton's part. On August 25, 1797, unwilling to let the charges of public misconduct lie, Hamilton published what
1740-553: A rearguard. Howe met with a delegation from the Second Continental Congress at the September Staten Island Peace Conference , but it failed to conclude peace, largely because the British delegates only had the authority to offer pardons and could not recognize independence. On September 15, Howe seized control of New York City when the British landed at Kip's Bay and unsuccessfully engaged
1856-794: A riot started in Boston when the authorities seized the sloop Liberty on suspicion of smuggling. Tensions escalated further in March 1770 when British troops fired on rock-throwing civilians, killing five in what became known as the Boston Massacre . The Massacre coincided with the partial repeal of the Townshend Acts by the Tory-based North Ministry , which came to power in January 1770 and remained in office until 1781. North insisted on retaining duty on tea to enshrine Parliament's right to tax
1972-591: A second attack captured Fort Mifflin on November 16, while Fort Mercer was abandoned two days later when Cornwallis breached the walls. His supply lines secured, Howe tried to tempt Washington into giving battle, but after inconclusive skirmishing at the Battle of White Marsh from December 5 to 8, he withdrew to Philadelphia for the winter. On December 19, the Americans followed suit and entered winter quarters at Valley Forge ; while Washington's domestic opponents contrasted his lack of battlefield success with Gates' victory at Saratoga, foreign observers such as Frederick
2088-533: A smaller extent periodically included commodity futures and foreign currencies (see Chua and Woodward, 1983). His fund was profitable almost every year, averaging 13% per year, even during the Great Depression , thanks to very modern investment strategies, which included inter-market diversification (it invested in stocks, commodities and currencies) as well as shorting (selling borrowed stocks or futures to profit from falling prices), which Keynes advocated among
2204-544: A steady stream of enterprise . But the situation is serious when enterprise becomes the bubble on a whirlpool of speculation. (1936:159)" Keynes himself enjoyed speculation to the fullest, running an early precursor of a hedge fund . As the Bursar of the Cambridge University King's College, he managed two investment funds, one of which, called Chest Fund, invested not only in the then 'emerging' market US stocks, but to
2320-475: A struggle with Britain, but also split between American Patriots and American Loyalists. Patriots generally supported independence from Britain and a new national union in Congress, while Loyalists remained faithful to British rule. Estimates of numbers vary, one suggestion being the population as a whole was split evenly between committed Patriots, committed Loyalists, and those who were indifferent. Others calculate
2436-654: A threat to liberty in general. This led to increased sympathy for the Patriot cause locally, in the British Parliament, and in the London press. Throughout the 18th century, the elected lower houses in the colonial legislatures gradually wrested power from their governors. Dominated by smaller landowners and merchants, these assemblies now established ad-hoc provincial legislatures, variously called congresses, conventions, and conferences, effectively replacing royal control. With
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#17328551959322552-401: Is also one of the first times that the colonies were referred to as "United States", rather than the more common United Colonies . On July 2, Congress voted for independence and published the declaration on July 4. At this point, the revolution ceased to be an internal dispute over trade and tax policies and had evolved into a civil war, since each state represented in Congress was engaged in
2668-411: Is concerned that the price might fall too far by harvest time. By selling his crop in advance at a fixed price to a speculator, he can now hedge the price risk and plant the corn. Thus, speculators can increase production through their willingness to take on risk (not at the loss of profit). Speculative hedge funds that do fundamental analysis "are far more likely than other investors to try to identify
2784-493: Is known as The Reynolds Pamphlet , a 95-page account of Hamilton's affair with Maria and the blackmail scheme set up by her husband. After the Pamphlet was released, Maria was publicly scorned and she and her second husband decided to move to Britain. Having returned to Philadelphia without Clingman some years later, she went by the name of Maria Clement. No record of her divorce from Clingman has been found. Soon thereafter, she became
2900-463: Is simply a higher-risk form of investment. Others define speculation more narrowly as positions not characterized as hedging. The U.S. Commodity Futures Trading Commission defines a speculator as "a trader who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements". The agency emphasizes that speculators serve important market functions, but defines excessive speculation as harmful to
3016-673: The Appalachian Mountains also avoided the cost of an expensive military occupation. The Royal Proclamation of 1763 was designed to achieve these aims by refocusing colonial expansion north into Nova Scotia and south into Florida , with the Mississippi River as the dividing line between British and Spanish possessions in America. Settlement was tightly restricted beyond the 1763 limits, and claims west of this line, including by Virginia and Massachusetts , were rescinded despite
3132-472: The Battle of Brandywine on September 11, then allowing him to withdraw in good order. After dispersing an American detachment at Paoli on September 20, Cornwallis occupied Philadelphia on September 26, with the main force of 9,000 under Howe based just to the north at Germantown . Washington attacked them on October 4, but was repulsed. To prevent Howe's forces in Philadelphia being resupplied by sea,
3248-506: The Battle of Sullivan's Island on June 28, 1776, but it failed. A shortage of gunpowder led Congress to authorize a naval expedition against the Bahamas to secure ordnance stored there. On March 3, 1776, an American squadron under the command of Esek Hopkins landed at the east end of Nassau and encountered minimal resistance at Fort Montagu . Hopkins' troops then marched on Fort Nassau . Hopkins had promised governor Montfort Browne and
3364-881: The British Army . The conflict was fought in North America , the Caribbean , and the Atlantic Ocean . The war ended with the Treaty of Paris (1783) , which resulted in Great Britain ultimately recognizing the independence and sovereignty of the United States. After the British Empire gained dominance in North America with victory over the French in the Seven Years' War in 1763, tensions and disputes arose between Great Britain and
3480-677: The British West Indies and Britain and barred New England ships from the Newfoundland cod fisheries . The increase in tension led to a scramble for control of militia stores, which each assembly was legally obliged to maintain for defense. On April 19, a British attempt to secure the Concord arsenal culminated in the Battles of Lexington and Concord , which began the Revolutionary War. After
3596-817: The Burning of Norfolk on January 1, 1776. The siege of Savage's Old Fields began on November 19 in South Carolina between Loyalist and Patriot militias, and the Loyalists were subsequently driven out of the colony in the Snow Campaign . Loyalists were recruited in North Carolina to reassert British rule in the South, but they were decisively defeated in the Battle of Moore's Creek Bridge . A British expedition sent to reconquer South Carolina launched an attack on Charleston in
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3712-478: The Commodity Futures Trading Commission (CFTC) has proposed regulations aimed at limiting speculation in futures markets by instituting position limits. The CFTC offers three basic elements for their regulatory framework: "the size (or levels) of the limits themselves; the exemptions from the limits (for example, hedged positions) and; the policy on aggregating accounts for purposes of applying
3828-612: The Continental Association ; based on a draft prepared by the First Virginia Convention in August, the association instituted economic sanctions and a full boycott of goods against Britain. While denying its authority over internal American affairs, a faction led by James Duane and future Loyalist Joseph Galloway insisted Congress recognize Parliament's right to regulate colonial trade. Expecting concessions by
3944-466: The Great Depression in the United States provides another example; most of the Glass-Steagall provisions were repealed during the 1980s and 1990s. The Onion Futures Act bans the trading of futures contracts on onions in the United States, after speculators successfully cornered the market in the mid-1950s; it remains in effect as of 2021 . The Soviet Union regarded any form of private trade with
4060-819: The Great Lakes , and north of the Floridas to the United States . [REDACTED] Great Britain Combatants The American Revolutionary War (April 19, 1775 – September 3, 1783), also known as the Revolutionary War or American War of Independence , was an armed conflict that was part of the broader American Revolution , in which American Patriot forces organized as the Continental Army and commanded by George Washington defeated
4176-628: The Iroquois for their support, while US envoys urged them to remain neutral. Aware of Native American leanings toward the British and fearing an Anglo-Indian attack from Canada, Congress authorized a second invasion in April 1775. After the defeat at the Battle of Quebec on December 31, the Americans maintained a loose blockade of the city until they retreated on May 6, 1776. A second defeat at Trois-Rivières on June 8 ended operations in Quebec. British pursuit
4292-700: The Second Continental Congress appointed the Committee of Five : Thomas Jefferson , John Adams , Benjamin Franklin , Roger Sherman , and Robert Livingston . The declaration was written almost exclusively by Jefferson. Identifying inhabitants of the Thirteen Colonies as "one people", the declaration simultaneously dissolved political links with Britain, while including a long list of alleged violations of "English rights" committed by George III . This
4408-573: The Second Continental Congress formalized Patriot militias into the Continental Army and appointed Washington its commander-in-chief. The British Parliament declared the colonies to be in a state of rebellion in August 1775. The stakes of the war were formalized with passage of the Lee Resolution by the Congress in Philadelphia on July 2, 1776, and the unanimous ratification of the Declaration of Independence two days later, on July 4, 1776. After
4524-531: The Seven Years' War , ended with the 1763 Peace of Paris , which expelled France from their possessions in New France . Acquisition of territories in Atlantic Canada and West Florida , inhabited largely by French and Spanish-speaking Catholics , led British authorities to consolidate their hold by populating them with English-speaking settlers. Preventing conflict between settlers and Indian tribes west of
4640-732: The Sugar Act and Stamp Act , which imposed additional taxes on the colonies to pay for defending the western frontier. In July 1765, the Whigs formed the First Rockingham ministry , which repealed the Stamp Act and reduced tax on foreign molasses to help the New England economy, but re-asserted Parliamentary authority in the Declaratory Act . However, this did little to end the discontent; in 1768,
4756-504: The Thirteen Colonies over a variety of issues, including the Stamp and Townshend Acts . The resulting British military occupation led to the Boston Massacre in 1770. Among further tensions, the British Parliament imposed the Intolerable Acts in mid-1774. A British attempt to disarm the Americans and the resulting Battles of Lexington and Concord in April 1775 ignited the war. In June,
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4872-578: The World Food Programme . In 1935, the Indian government passed a law allowing the government partial restriction and direct control of food production (Defence of India Act, 1935). It included the ability to restrict or ban the trading in derivatives on food commodities. After achieving independence in 1947, India in the 1950s continued to struggle with feeding its population and the government increasingly restricted trading in food commodities. Just at
4988-520: The colonial legislatures agreed on the boundaries but disagreed on where to set them. Many settlers resented the restrictions entirely, and enforcement required permanent garrisons along the frontier, which led to increasingly bitter disputes over who should pay for them. Although directly administered by the Crown , acting through a local governor, the colonies were largely governed by native-born property owners. While external affairs were managed by London, colonial militia were funded locally but with
5104-445: The 26th, the American Patriots surprised and overwhelmed Rall and his troops, who lost over 20 killed including Rall, while 900 prisoners, German cannons and supplies were captured. The Battle of Trenton restored the American army's morale, reinvigorated the Patriot cause, and dispelled their fear of what they regarded as Hessian "mercenaries". A British attempt to retake Trenton was repulsed at Assunpink Creek on January 2; during
5220-402: The American cause. The reduced Continental Army had dwindled to fewer than 5,000 men and was reduced further when enlistments expired at the end of the year. Popular support wavered, and morale declined. On December 20, 1776, the Continental Congress abandoned the revolutionary capital of Philadelphia and moved to Baltimore , where it remained until February 27, 1777. Loyalist activity surged in
5336-526: The Americans at the Battle of Harlem Heights the following day. On October 18, Howe failed to encircle the Americans at the Battle of Pell's Point , and the Americans withdrew. Howe declined to close with Washington's army on October 28 at the Battle of White Plains , and instead attacked a hill that was of no strategic value. Washington's retreat isolated his remaining forces and the British captured Fort Washington on November 16. The British victory there amounted to Washington's most disastrous defeat with
5452-407: The Canadians. In Virginia, Dunmore's Proclamation on November 7, 1775, promised freedom to any slaves who fled their Patriot masters and agreed to fight for the Crown. British forces were defeated at Great Bridge on December 9 and took refuge on British ships anchored near Norfolk. When the Third Virginia Convention refused to disband its militia or accept martial law, Lord Dunmore ordered
5568-584: The Colonial Secretary Lord Germain , proposing a limited offensive against Philadelphia, while a second force moved down the Hudson from Canada. Burgoyne supplied several alternatives, all of which gave him responsibility for the offensive, with Howe remaining on the defensive. The option selected required him to lead the main force south from Montreal down the Hudson Valley, while a detachment under Barry St. Leger moved east from Lake Ontario. The two would meet at Albany , leaving Howe to decide whether to join them. Reasonable in principle, this did not account for
5684-541: The Culper Spy Ring substantially increased the effective allocation and deployment of Continental regiments in the field. Throughout the war, Washington spent more than 10 percent of his total military funds on military intelligence . Washington split the Continental Army into positions on Manhattan and across the East River in western Long Island. On August 27 at the Battle of Long Island , Howe outflanked Washington and forced him back to Brooklyn Heights , but he did not attempt to encircle Washington's forces. Through
5800-605: The Great were equally impressed with Germantown, which demonstrated resilience and determination. Over the winter, poor conditions, supply problems and low morale resulted in 2,000 deaths, with another 3,000 unfit for duty due to lack of shoes. However, Baron Friedrich Wilhelm von Steuben took the opportunity to introduce Prussian Army drill and infantry tactics to "model companies" in each Continental Army regiment, who then instructed their home units. Despite Valley Forge being only twenty miles away, Howe made no effort to attack their camp, an action some critics argue could have ended
5916-399: The North administration, Congress authorized the extralegal committees and conventions of the colonial legislatures to enforce the boycott; this succeeded in reducing British imports by 97% from 1774 to 1775. However, on February 9 Parliament declared Massachusetts to be in a state of rebellion and instituted a blockade of the colony. In July, the Restraining Acts limited colonial trade with
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#17328551959326032-411: The Patriot victory at Concord, moderates in Congress led by John Dickinson drafted the Olive Branch Petition , offering to accept royal authority in return for George III mediating in the dispute. However, since the petition was immediately followed by the Declaration of the Causes and Necessity of Taking Up Arms , Colonial Secretary Lord Dartmouth viewed the offer as insincere and refused to present
6148-434: The Patriots erected Fort Mifflin and nearby Fort Mercer on the east and west banks of the Delaware respectively, and placed obstacles in the river south of the city. This was supported by a small flotilla of Continental Navy ships on the Delaware, supplemented by the Pennsylvania State Navy , commanded by John Hazelwood . An attempt by the Royal Navy to take the forts in the October 20 to 22 Battle of Red Bank failed;
6264-477: The Thirteen Colonies—the Northern Theater and the Southern Theater —and a smaller but strategically important third one west of the Appalachian Mountains . On April 14, 1775, Sir Thomas Gage , Commander-in-Chief, North America and Governor of Massachusetts , received orders to take action against the Patriots. He decided to destroy militia ordnance stored at Concord, Massachusetts , and capture John Hancock and Samuel Adams , who were considered
6380-462: The Treasury Secretary. James Monroe , Frederick Muhlenberg , and Abraham Venable visited Reynolds in jail, where Reynolds hinted at some unspecified public misconduct on Hamilton's part whose details he promised to expose after coming out of prison, only to disappear immediately after his release on December 12, 1792. The congressmen also personally interviewed Maria who corroborated her husband's accusations of speculation against Hamilton by producing
6496-400: The Whigs, Parliament initially rejected the imposition of coercive measures by 170 votes, fearing an aggressive policy would drive the Americans towards independence. However, by the end of 1774 the collapse of British authority meant both Lord North and George III were convinced war was inevitable. After Boston, Gage halted operations and awaited reinforcements; the Irish Parliament approved
6612-402: The affair, Maria informed Hamilton that her husband had sought a reconciliation with her, to which she agreed without ending the affair with Hamilton. She then obtained an interview for James Reynolds, who applied to Hamilton for a position in the Treasury Office, which Hamilton refused. After Hamilton had shown unequivocal signs that he wanted to end the affair on December 15, 1791, Maria sent him
6728-518: The appearance of the stock ticker machine in 1867, which removed the need for traders to be physically present on the stock exchange floor, stock speculation underwent a dramatic expansion through the end of the 1920s. The number of shareholders increased, perhaps, from 4.4 million in 1900 to 26 million in 1932. The view of what distinguishes investment from speculation and speculation from excessive speculation varies widely among pundits, legislators and academics. Some sources note that speculation
6844-634: The area of food. This slowed Burgoyne's progress and forced him to send out large foraging expeditions; on one of these, more than 700 British troops were captured at the Battle of Bennington on August 16. St Leger moved east and besieged Fort Stanwix ; despite defeating an American relief force at the Battle of Oriskany on August 6, he was abandoned by his Indian allies and withdrew to Quebec on August 22. Now isolated and outnumbered by Gates, Burgoyne continued onto Albany rather than retreating to Fort Ticonderoga, reaching Saratoga on September 13. He asked Clinton for support while constructing defenses around
6960-475: The army of the United Colonies." He assumed command on July 3, preferring to fortify Dorchester Heights outside Boston rather than assaulting it. In early March 1776, Colonel Henry Knox arrived with heavy artillery acquired in the Capture of Fort Ticonderoga . Under cover of darkness, on March 5, Washington placed these on Dorchester Heights, from where they could fire on the town and British ships in Boston Harbor. Fearing another Bunker Hill, Howe evacuated
7076-504: The base for American naval operations. After regrouping at Halifax in Nova Scotia, Howe set sail for New York in June 1776 and began landing troops on Staten Island near the entrance to New York Harbor on July 2. The Americans rejected Howe's informal attempt to negotiate peace on July 30; Washington knew that an attack on the city was imminent and realized that he needed advance information to deal with disciplined British regular troops. On August 12, 1776, Patriot Thomas Knowlton
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#17328551959327192-417: The benefits of speculation: Let's consider some of the principles that explain the causes of shortages and surpluses and the role of speculators. When a harvest is too small to satisfy consumption at its normal rate, speculators come in, hoping to profit from the scarcity by buying. Their purchases raise the price, thereby checking consumption so that the smaller supply will last longer. Producers encouraged by
7308-416: The blackmail over his adultery , and not to treasury misconduct and asked them to keep the information private as he was innocent of any public wrongdoing. They agreed, although Monroe created copies of the letters and sent them to Thomas Jefferson . John Beckley also created copies of the correspondence. Clingman, on January 1, 1793, declared to Monroe that Maria claimed that the affair had been invented as
7424-408: The bubble is followed by a precipitous collapse fueled by the same phenomenon. Speculative bubbles are essentially social epidemics whose contagion is mediated by the structure of the market. Some economists link asset price movements within a bubble to fundamental economic factors such as cash flows and discount rates. In 1936, John Maynard Keynes wrote: "Speculators may do no harm as bubbles on
7540-562: The camp to a "squalid hell" and supplies were dangerously low. Burgoyne capitulated on October 17; around 6,222 soldiers, including German forces commanded by General Friedrich Adolf Riedesel , surrendered their arms before being taken to Boston, where they were to be transported to England. After securing additional supplies, Howe made another attempt on Philadelphia by landing his troops in Chesapeake Bay on August 24. He now compounded failure to support Burgoyne by missing repeated opportunities to destroy his opponent, defeating Washington at
7656-498: The cause, then you will the better know how to act. Oh, my God, I feel more for you than myself and wish I had never been born to give you so much unhappiness. Do not respond to him; not even a line. Come here soon. Do not send or leave any thing in his power. From December 15 to December 19, 1791, Reynolds sent threatening letters to Hamilton, and after a personal meeting instead of seeking redress from dueling , he asked for financial compensation. Hamilton complied, paying to Reynolds
7772-418: The city on March 17 without further loss and sailed to Halifax, Nova Scotia , while Washington moved south to New York City. Beginning in August 1775, American privateers raided towns in Nova Scotia, including Saint John , Charlottetown , and Yarmouth . In 1776, John Paul Jones and Jonathan Eddy attacked Canso and Fort Cumberland respectively. British officials in Quebec began negotiating with
7888-430: The civilian inhabitants that their lives and property would not be in any danger if they offered no resistance; they complied. Hopkins captured large stores of powder and other munitions that was so great he had to impress an extra ship in the harbor to transport the supplies back home, when he departed on March 17. A month later, after a brief skirmish with HMS Glasgow , they returned to New London, Connecticut ,
8004-405: The colonial assemblies; combined with the lack of activity by Gage, opposition to the use of foreign troops allowed the Patriots to take control of the legislatures. Support for independence was boosted by Thomas Paine 's pamphlet Common Sense , which was published on January 10, 1776, and argued for American self-government and was widely reprinted. To draft the Declaration of Independence ,
8120-410: The colonies; the amount was minor, but ignored the fact it was that very principle Americans found objectionable. In April 1772, colonialists staged the first American tax revolt in Weare , New Hampshire against the British royal authority later referred to as the Pine Tree Riot . This occurrence would later inspire the design of the Pine Tree Flag . Tensions escalated following the destruction of
8236-498: The committee shared information and built alliances through secret correspondence, as well as employing secret agents in Europe to gather intelligence, conduct undercover operations, analyze foreign publications, and initiate Patriot propaganda campaigns. Paine served as secretary, while Benjamin Franklin and Silas Deane , sent to France to recruit military engineers, were instrumental in securing French aid in Paris. The Revolutionary War included two principal campaign theaters within
8352-487: The doctor. She became religious, joining the Methodist Church , and put her past behind her. "She enjoyed...the love and good will of all who knew her". She died on March 25, 1828. Maria Reynolds has been the subject of several fictional portrayals. American Revolutionary War American and allied victory Great Britain cedes generally, all mainland territories east of the Mississippi River , south of
8468-406: The economy is price discovery . On the other hand, as more speculators participate in a market, underlying real demand and supply can diminish compared to trading volume, and prices may become distorted. Speculators perform a risk-bearing role that can be beneficial to society. For example, a farmer might consider planting corn on unused farmland . However, he might not want to do so because he
8584-478: The ending of the French threat in 1763, the legislatures expected less taxation, not more. At the same time, the huge debt incurred by the Seven Years' War and demands from British taxpayers for cuts in government expenditure meant Parliament expected the colonies to fund their own defense. The new taxes levied on subjects in the colonies proved highly burdensome in colonies such as North Carolina , particularly for
8700-681: The exception of Georgia , twelve colonies sent representatives to the First Continental Congress to agree on a unified response to the crisis. Many of the delegates feared that an all-out boycott would result in war and sent a Petition to the King calling for the repeal of the Intolerable Acts. However, after some debate, on September 17, 1774, Congress endorsed the Massachusetts Suffolk Resolves and on October 20 passed
8816-513: The exception of a minor skirmishing between the two armies which continued until March, Howe made no attempt to attack the Americans. The 1776 campaign demonstrated that regaining New England would be a prolonged affair, which led to a change in British strategy to isolating the north by taking control of the Hudson River , allowing them to focus on the south where Loyalist support was believed to be substantial. In December 1776, Howe wrote to
8932-492: The face of enemy fire. The successes led to predictions that the British could win within a year. The British established winter quarters in the New York City area and anticipated renewed campaigning the following spring. On the night of December 25–26, 1776, Washington crossed the Delaware River , leading a column of Continental Army troops from today's Bucks County, Pennsylvania , to today's Mercer County, New Jersey , in
9048-582: The fact that each colony argued that their boundaries extended from the Atlantic Ocean to the Pacific Ocean . The vast exchange of territory ultimately destabilized existing alliances and trade networks between settlers and Indians in the west, while it proved impossible to prevent encroachment beyond the Proclamation Line. With the exception of Virginia and others deprived of rights to western lands,
9164-481: The first draft of the Reynolds Pamphlet of July 1797 (before Wadsworth's letter) and the printed version, also dated July 1797, as well as James Reynolds’ first letter to Hamilton. In 1793, Maria enlisted the aid of Aaron Burr and successfully petitioned for a divorce from Reynolds. Before obtaining the divorce she had gone to live with Virginian Jacob Clingman — whom she later married in 1795 - who had also been
9280-577: The government. Maria had one child with Reynolds, a daughter named Susan, born August 18, 1785, later baptized in October. At some point before 1791, James Reynolds moved with Maria and their daughter from New York to Philadelphia . It was there in summer 1791 that 23-year-old Maria visited 34-year-old Hamilton at his Philadelphia residence and asked for help, claiming her abusive husband had abandoned her. Due to Hamilton's political office, he could very easily help her move back to New York City. Hamilton organized
9396-600: The guise of being friends, and Hamilton would, in return, send $ 30. Hamilton's last "loan" of the $ 50 to James Reynolds, and possibly the end of the affair, dates in June 1792. In November 1792, James Reynolds, after illegally purchasing Revolutionary War soldiers' pensions and back-pay claims, was imprisoned for forgery with Virginian Jacob Clingman, his partner in crime. Reynolds wrote to Hamilton, who refused to help and likewise rejected Maria's letters and requests for further money. Clingman then informed Hamilton's Democratic-Republican rivals that Reynolds had information against
9512-600: The help of Congressman William Eustis , who had been petitioned by Aaron Burr to help the girl. In 1806, Maria married Dr. Mathew, for whom she had worked as a housekeeper. In 1808, Susan Reynolds came to live with her mother, and spent several years with her in Philadelphia. Susan was married several times, but never happily. However, she birthed two daughters: Josepha Philips, whom Maria raised from age 12, after Susan's death at age 39. Described by her acquaintance Peter Grotjan as "highly amiable and handsome," Maria Reynolds, now Mathew, became highly respected with her marriage to
9628-423: The high price further lessen the shortage by growing or importing to reduce the shortage. On the other side, when the price is higher than the speculators think the facts warrant, they sell. This reduces prices, encouraging consumption and exports and helping to reduce the surplus. Another service provided by speculators to a market is that by risking their own capital in the hope of profit, they add liquidity to
9744-402: The housekeeper of Dr. Mathew. A merchant by the name of Peter Grotjan in 1842 reported that he had met Maria many years earlier. She had apparently told him that she had written a pamphlet of her own, giving her side of the story that Hamilton had told in his Reynolds Pamphlet. If Maria's pamphlet existed, it was never published. In 1800, her daughter Susan was sent to a Boston boarding school with
9860-571: The intent of gaining profit as speculation ( Russian : спекуляция ) and a criminal offense and punished speculators accordingly with fines, imprisonment, confiscation and/or corrective labor . Speculation was specifically defined in article 154 of the Penal Code of the USSR. Some nations have moved to limit foreign ownership of cropland to ensure that food is available for local consumption, while others have leased food land abroad despite receiving aid from
9976-573: The limits". The proposed position limits would apply to 28 physical commodities traded in various exchanges across the US. Another part of the Dodd-Frank Act established the Volcker Rule , which deals with speculative investments of banks that do not benefit their customers. Passed on 21 January 2010, it states that those investments played a key role in the 2007–2008 financial crisis . Proposals made in
10092-429: The liquidity in a market, and therefore promote an efficient market . This efficiency is difficult to achieve without speculators. Speculators take information and speculate on how it affects prices, producers and consumers, who may want to hedge their risks, needing counterparties if they could find each other without markets it certainly would happen as it would be cheaper. A very beneficial by-product of speculation for
10208-475: The logistical difficulties involved and Burgoyne erroneously assumed Howe would remain on the defensive; Germain's failure to make this clear meant he opted to attack Philadelphia instead. Burgoyne set out on June 14, 1777, with a mixed force of British regulars, professional German soldiers and Canadian militia, and captured Fort Ticonderoga on July 5. As General Horatio Gates retreated, his troops blocked roads, destroyed bridges, dammed streams, and stripped
10324-498: The loss of 3,000 prisoners. The remaining American regiments on Long Island fell back four days later. General Henry Clinton wanted to pursue Washington's disorganized army, but he was first required to commit 6,000 troops to capture Newport, Rhode Island , to secure the Loyalist port. General Charles Cornwallis pursued Washington, but Howe ordered him to halt. The outlook following the defeat at Fort Washington appeared bleak for
10440-432: The market and make it easier or even possible for others to offset risk , including those who may be classified as hedgers and arbitrageurs. If any market, such as pork bellies , had no speculators, only producers (hog farmers) and consumers (butchers, etc.) would participate. With fewer players in the market, there would be a larger spread between the current bid and the asking price of pork bellies. Any new entrant in
10556-421: The market who wanted to trade pork bellies would be forced to accept this illiquid market and might trade at market prices with large bid–ask spreads or even face difficulty finding a co-party to buy or sell to. By contrast, a commodity speculator may profit from the difference in the spread and, in competition with other speculators, reduce the spread. Some schools of thought argue that speculators increase
10672-559: The markets for stocks , bonds , commodity futures , currencies , cryptocurrency , fine art , collectibles , real estate , and financial derivatives . Speculators play one of four primary roles in financial markets, along with hedgers , who engage in transactions to offset some other pre-existing risk, arbitrageurs who seek to profit from situations where fungible instruments trade at different prices in different market segments, and investors who seek profit through long-term ownership of an instrument's underlying attributes. With
10788-467: The night of August 28, Knox bombarded the British. Knowing they were up against overwhelming odds, Washington ordered the assembly of a war council on August 29; all agreed to retreat to Manhattan. Washington quickly had his troops assembled and ferried them across the East River to Manhattan on flat-bottomed freight boats without any losses in men or ordnance, leaving General Thomas Mifflin 's regiments as
10904-440: The night, Washington outmaneuvered Cornwallis, then defeated his rearguard in the Battle of Princeton the following day. The two victories helped convince the French that the Americans were worthy military allies. After his success at Princeton, Washington entered winter quarters at Morristown, New Jersey , where he remained until May and received Congressional direction to inoculate all Patriot troops against smallpox . With
11020-500: The notes in Hamilton's disguised hand that had accompanied his payments to Reynolds. On December 15, 1792, Monroe, Venable, and Muhlenberg went to Hamilton with the evidence they had gathered and confronted him on the possible charge of speculation . Fearful of what a scandal could do to his career, Hamilton admitted to the affair with Maria, proved with the letters from both Maria and James Reynolds that his payments to Reynolds related to
11136-485: The petition to the king. Although constitutionally correct, since George could not oppose his own government, it disappointed those Americans who hoped he would mediate in the dispute, while the hostility of his language annoyed even Loyalist members of Congress. Combined with the Proclamation of Rebellion , issued on August 23 in response to the Battle at Bunker Hill , it ended hopes of a peaceful settlement. Backed by
11252-501: The poorer classes, and quickly became a source of much discontent. The 1763 to 1765 Grenville ministry instructed the Royal Navy to cease trading smuggled goods and enforce customs duties levied in American ports. The most important was the 1733 Molasses Act ; routinely ignored before 1763, it had a significant economic impact since 85% of New England rum exports were manufactured from imported molasses. These measures were followed by
11368-557: The principal instigators of the rebellion. The operation was to begin around midnight on April 19, in the hope of completing it before the American Patriots could respond. However, Paul Revere learned of the plan and notified Captain Parker , commander of the Concord militia, who prepared to resist. The first action of the war, commonly referred to as the shot heard round the world , was
11484-621: The principle of taxation by Parliament. In December 1773, a group called the Sons of Liberty disguised as Mohawk natives dumped 342 crates of tea into the Boston Harbor , an event later known as the Boston Tea Party . The British Parliament responded by passing the so-called Intolerable Acts , aimed specifically at Massachusetts, although many colonists and members of the Whig opposition considered them
11600-520: The principles of successful investment in his 1933 report: "a balanced investment position... and if possible, opposed risks". It is controversial whether the presence of speculators increases or decreases short-term volatility in a market. Their provision of capital and information may help stabilize prices closer to their true values. On the other hand, crowd behavior and positive feedback loops in market participants may also increase volatility. The economic disadvantages of speculation have resulted in
11716-656: The proper functioning of futures markets. According to Benjamin Graham in The Intelligent Investor , the prototypical defensive investor is "one interested chiefly in safety plus freedom from bother". He adds that "some speculation is necessary and unavoidable, for, in many common-stock situations, there are substantial possibilities of both profit and loss, and the risks therein must be assumed by someone." Thus, many long-term investors, even those who buy and hold for decades, may be classified as speculators, excepting only
11832-453: The rare few who are primarily motivated by income or safety of principal and not eventually selling at a profit. Nicholas Kaldor has long argued for the price-stabilizing role of speculators, who tend to even out "price-fluctuations due to changes in the conditions of demand or supply", by possessing "better than average foresight". This view was later echoed by the speculator Victor Niederhoffer , in "The Speculator as Hero", who describes
11948-463: The recruitment of new regiments, while allowing Catholics to enlist for the first time. Britain also signed a series of treaties with German states to supply additional troops . Within a year, it had an army of over 32,000 men in America, the largest ever sent outside Europe at the time. The employment of German soldiers against people viewed as British citizens was opposed by many in Parliament and by
12064-405: The requested $ 1,000 and discontinuing the affair, as he had wished to do for some time. However, on January 17, 1792, Reynolds wrote to Hamilton inviting him to renew his visits to his wife. Maria, most likely manipulated into the scheme, also began to write to Hamilton whenever her husband was out of the house and seduced him anew. After each of these exchanges, Reynolds would write to Hamilton under
12180-542: The sovereignty and independence of the United States, bringing the American Revolutionary War to an end. The Treaties of Versailles resolved Great Britain's conflicts with France and Spain and forced Great Britain to cede Tobago , Senegal , and small territories in India to France, and Menorca , West Florida and East Florida to Spain. The French and Indian War, part of the wider global conflict known as
12296-468: The split as 40% Patriot, 40% neutral, 20% Loyalist, but with considerable regional variations. At the onset of the war, the Second Continental Congress realized defeating Britain required foreign alliances and intelligence-gathering. The Committee of Secret Correspondence was formed for "the sole purpose of corresponding with our friends in Great Britain and other parts of the world". From 1775 to 1776,
12412-574: The time the Forward Markets Commission was established in 1953, the government felt that derivative markets increased speculation, which led to increased food costs and price instabilities. In 1953 it finally prohibited options- and futures-trading altogether. The restrictions were not lifted until the 1980s. In the United States , following passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,
12528-495: The town. Morale among his troops rapidly declined, and an unsuccessful attempt to break past Gates at the Battle of Freeman Farms on September 19 resulted in 600 British casualties. When Clinton advised he could not reach them, Burgoyne's subordinates advised retreat; a reconnaissance in force on October 7 was repulsed by Gates at the Battle of Bemis Heights , forcing them back into Saratoga with heavy losses. By October 11, all hope of escape had vanished; persistent rain reduced
12644-428: The wake of the American defeat, especially in New York state . In London, news of the victorious Long Island campaign was well received with festivities held in the capital. Public support reached a peak. Strategic deficiencies among Patriot forces were evident: Washington divided a numerically weaker army in the face of a stronger one, his inexperienced staff misread the military situation, and American troops fled in
12760-660: The war against the Americans into the Southern Colonies . Despite some initial success, British general Cornwallis was besieged by a Franco-American force in Yorktown in September and October 1781. Cornwallis was forced to surrender in October. The British wars with France and Spain continued for another two years, but fighting largely ceased in North America. In the Treaty of Paris, ratified on September 3, 1783, Great Britain acknowledged
12876-527: The war. Speculation In finance , speculation is the purchase of an asset (a commodity , goods , or real estate ) with the hope that it will become more valuable shortly. It can also refer to short sales in which the speculator hopes for a decline in value. Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or financial instrument . Speculators are particularly common in
12992-506: The winner's curse phenomenon from causing mispricing to any degree greater than the spread. Speculation is often associated with economic bubbles . A bubble occurs when the price for an asset exceeds its intrinsic value by a significant margin, although not all bubbles occur due to speculation. Speculative bubbles are characterized by rapid market expansion driven by word-of-mouth feedback loops , as initial rises in asset price attract new buyers and generate further inflation. The growth of
13108-472: Was a merchant and/or laborer, and could not sign his name. Susanna Van Der Burgh Lewis, however, could write at least her name, and Maria Lewis grew up literate, but largely uneducated. On July 28, 1783, when she was age 15, Maria Lewis married James Reynolds. Reynolds had served in the Revolutionary War in the commissary department, and was older than Maria by at least several years. After the war, he tried frequently to claim damages and obtain reimbursement from
13224-628: Was initially blocked by American naval vessels on Lake Champlain until victory at Valcour Island on October 11 forced the Americans to withdraw to Fort Ticonderoga , while in December an uprising in Nova Scotia sponsored by Massachusetts was defeated at Fort Cumberland . These failures impacted public support for the Patriot cause, and aggressive anti-Loyalist policies in the New England colonies alienated
13340-513: Was ordered to form an elite group for reconnaissance and secret missions. Knowlton's Rangers , which included Nathan Hale , became the Army's first intelligence unit. When Washington was driven off Long Island , he soon realized that he would need to professionalize military intelligence. With aid from Benjamin Tallmadge , Washington launched the six-man Culper spy ring . The efforts of Washington and
13456-474: Was poised to capture Philadelphia , the Continental Congress fled to Baltimore . In October 1777, a separate northern British force under the command of John Burgoyne was forced to surrender at Saratoga in an American victory that proved crucial in convincing France and Spain that an independent United States was a viable possibility. France signed a commercial agreement with the rebels, followed by
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