Talk:Robert Bennet Forbes
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Robert Bennet Forbes seems to be the more common spelling of his name, that is why I moved it here.
I'm parking all this "stuff" that was in the "Robert Bennett Forbes" article until I or someone can sift through it and maybe turn it into an article. As is it looks like a dump from somewhere, and maybe even a copyright violation. Bkonrad | Talk 02:30, 17 Apr 2004 (UTC)
<> ". . . the image of the "opium empire," a metaphor first offered by Joseph Conrad. It takes up the early history of opium and other "traditional drugs" such as tobacco and sugar and develops the paradigm of commercialized drug trades and ties that to the growth of European colonialism in the Americas and Asia . . ." <> ". . . links between drug trades, European colonial expansion, the creation of the global capitalist system and the creation of the modern state. Drug trades destabilized existing societies not merely because they destroyed individual human beings but also, and perhaps more importantly, because they have the power to undercut the existing political economy of any state. They have created new forms of capital; and they have redistributed wealth in radically new ways." <> "Opium thus created a succession of new political and economic orders in Asia during the past two centuries. These included the state of the East India Company itself, the new Malay polities of island Southeast Asia, the colonial states of nineteenth-century Southeast Asia and the warlord regimes of post-Qing China as well as the Guomindang and communist states that arose out of that milieu. At the same time, the economies of the entire region were radically reoriented, or perhaps "re-occidented" would be a more appropriate word. India's opium production was brought under western control while China's domestic economy was opened to the west. Southeast Asia was first opened to western traders and then to western control. With the migration of Chinese labor, Southeast Asian economies were transformed into commodity-producing regimes focused on exporting to the industrializing western Powers. Underlying all of this, opium rearranged the domestic economies and pushed them down the path of mass consumption, which together with mass production, typified the "modern" economic order.
Until 1792 part of the Perkins family shipping business, along with their Cabot relations was the slave trade. In 1789 Thomas H. Perkins first went to China with Elias Derby from Salem, Massachusetts. A "loyalist" cousin, who fled America during the War of Independence, George Perkins was a merchant in Symrna. With a solid "connection", a strong family framework and firm financial backing Perkins & Company became the leader in the American pack. It was a family affair. Thomas H. was brother-in-law of Russell Sturgis, an uncle to J.P. Cushing and brothers John M. and Robert B. Forbes. Joshua Bates, a partner in Baring Brothers Bank, handled the family business in London. He was married to a Sturgis. Russell Sturgis's grandson later became Chairman of the Board of Barings.
Perkins & Co. found that illegality both in nature and operation discouraged competition and used sporadic attempts by the Chinese Government to enforce their opium prohibition, "to [build] the machinery that allowed it to control the Canton market for Turkish opium." Perkins & Company became the first American firm to operate a "storeship" at Lintin in a new smuggling procedure. The opium was unloaded onto the "storeship," then the trading vessel would travel on to Canton with chits. The chits were then sold and the opium was retrieved later by the Chinese buyer. Smooth as silk—all illegal—but bribes were paid and business was good.
From Russell & Forbes biography:
"Samuel Russell and Phillip Ammidon came to Canton in 1824, Russell having first been there in 1818 as a business representative for a merchant house out of Providence R.I. Ammidon went on to India to serve as the firm's opium buyer. In "a series of accidents and coincidental decisions" Russell & Company acquired a "virtual" monopoly on the American portion of the trade in the 1830's. Other eastern merchants failed, died, or retired like John Jacob Astor. Perkins & Company, resident partner in Canton, Thomas T. Forbes was drown in August of 1829, and he carried a letter which gave Russell "charge of the firm's [Perkin's] business."
In the 1830's the price of opium went down and shipments of opium to China went up. The decade started out with four times the shipments of 1820 and by 1838 over ten times. The opium clipper—introduced by the Americans—with its ability to sail against the monsoons made three round-trip journeys within one year instead of taking up to two years. Profits were huge and there was a large flow of silver being introduced from China into booming western economies. In early 1837 there was a price-crash in the opium market and the speculators losses reverberated around the world in a financial panic in which specie became scarce both in Britain and the US.
August Belmont came to New York City in 1837, a stopover on his way to Havana, but stayed on in Gotham, buying securities, debts and property during the "Panic of 1837." Many say he was acting as an agent for the Rothschilds. Also in 1837 George Peabody, an old "China" trader—among other ventures—settled in London and brought into his sphere JS Morgan, progenitor of JP Morgan. Many Bonesmen were partners and principals in Morgan-related firms.
Robert Bennet Forbes (1804-1889) c. 1846
In Robert B. Forbes's autobiography Personal Reminiscences (1882), he talks about talking a trip to visit "constituents" in Europe, in 1841. His uncle, merchant T.H. Perkins went with him. In London they met with Forbes, Forbes and Co, Barings and the Rothschilds, "who were valuable constituents of Russell & Co."
That RB Forbes was obliged to go back to China to make another "opium" fortune—having lost his last because of financial problems brought about by the panic—is to say the least— ironic.
The "Combination", Russell & Company and the Scotch firm Jardine-Matheson, the largest opium trader, together developed a new trade up and down the China coast—the romantic opium clipper—and helped to spread the use of the opium further in China. After the first "Opium War" Russell & Co. became the third largest dealer in opium in the world.
RB Forbes spent many years at the opium smuggling station off Lintin Island c. 1830s Anon.
British engaging the Chinese January 1841
The Opium Wars I had not come to China for health or pleasure, and that I should remain at my post as long as I could sell a yard of cloth or buy a pound of tea. --RB Forbes to Capt. C Elliot, British Superintendent of Trade in refusing to leave Canton during the 1st Opium War"
