21 / 304
The Way It Was
British Navy swept most of our privateers
off
the seas.
Many an owner suffered disastrous losses -- illustrating
the economic fact that high profits are apt to be
temporary.
There are companies today that have been doing
business since the founding of the republic. So far, the
names of two score firms have been uncovered that
were in existence when George Washington was
president between
1789
and
1797
and are still doing
business.
One notable example is the Pratt
&
Whitney division
of Colt Industries Inc. Pratt
&
Whitney, which also gave
its name to the engine division of United Aircraft
Corporation, was founded by the noted inventor, Eli
Whitney, father of the cotton gin, of modern high power
gunpowder and of accurate gauges for metal
fabrication.
American Bank Note, which has printed money for
many nations, has been around since Washington's
time. Curiously, two of the firms made pencils in
George Washington's day and still make them, Koh-1-
Noor Co. of Bloomsbury, NJ and Faber-Castell Co. of
Newark NJ.
The War for Independence brought new monetary
difficulties. The Continental Congress, powerless to
impose taxes, was forced to print massive amounts of
currency to finance the war. This flood of paper money
caused the Continental currency to rapidly depreciate.
. The currency of the times reflected the times
themselves, according to Historical Documents, Co. In
1776,
the New York
10
dollar bill contained the phrase
"Tis
Death to Counterfeit"
at the bottom right corner.
3