George Washington:  Early Entrepreneur & Visionary, But at What Cost?

Business Finance & Crypto Celebrity Entrepreneur Geeks in History

add

When we think of George Washington, the first images that come to mind are powdered wigs, revolutionary battles, and the enduring cherry tree myth. But did you know that America’s first president was also a savvy entrepreneur and land speculator? Before Washington became the Father of His Country, he was a shrewd businessman with a keen eye for opportunity. Unfortunately, that opportunity (and wealth generation in general) during this period of American history often came at a steep human cost.  Join us as we uncover some of the harsher realities of early American entrepreneurs like George Washington and reflect on the good, the bad, and the ugly truths associated with an American legacy.

The Speculator’s Playground

By the mid-18th century, the American colonies were bursting at the seams, with settlers itching to move westward beyond the Appalachian Mountains. George Washington, always one to think big, saw enormous potential in this migration. Having gained intimate knowledge of the western frontier during his time as a surveyor for Lord Fairfax, he was well aware of the vast, untapped tracts of land available for development.

But there was a catch: King George III issued a proclamation in 1763 forbidding the settlement of Indian lands, a move meant to avoid conflict with Native American tribes. Washington’s response? He carefully sidestepped the rule, encouraging settlers to quietly hold their ground, writing, “Keep this whole matter a profound secret … because I might be censured for the opinion I have given in respect to the King’s proclamation.” Translation? Don’t ask for permission—ask for forgiveness later.

A Calculated Gamble

Washington’s land ambitions didn’t stop at theory. In 1770, he personally explored the Ohio and Great Kanawha River regions by canoe, scouting fertile bottomlands. When the restrictions on land claims were lifted, Washington quickly secured over 30,000 acres, envisioning a thriving settlement teeming with farmers and settlers. He even planned to lease out the land to tenants, proving he had an entrepreneurial mindset far ahead of his time. However, the reality was far more complicated. Many of his tenants struggled to make the land productive, leading to challenges in collecting rents. Additionally, Washington’s land holdings became a source of disputes, with claims of neglect and difficulties in managing such a vast estate. Despite these setbacks, his ventures laid the groundwork for future agricultural development in the region and further westward expansion of the North American continent.

Friends in High Places

Washington wasn’t the only Founding Father dabbling in land speculation. Benjamin Franklin, Patrick Henry, and others also pursued western lands, lobbying British and colonial governments to secure favorable grants. These ventures were high-stakes—and sometimes controversial. Washington’s efforts, while ambitious, occasionally led to legal disputes over claims of neglect and mismanagement.

The Young Republic: Land as the New Gold

After the Revolutionary War, the game changed. Land speculation became a cornerstone of the young nation’s economy. The Declaration of Independence even criticized King George for obstructing westward expansion. Congress, now free from British oversight, sought to make western lands accessible—though not without controversy. Washington, always a step ahead, understood that the future of America lay in its vast frontier.

Troubling Aspects of Wealth Generation During Early Colonial American History

Much of Washington’s wealth came from Mount Vernon, his sprawling estate in Virginia, which boasted productive tobacco and wheat farms worked (unfortunately) by enslaved laborers. This reliance on enslaved individuals underscores the human cost of wealth generation during that era. Enslaved people provided the labor that allowed estates like Mount Vernon to thrive, yet they endured unimaginable hardships, deprivation of freedom, and systemic oppression. Washington’s management style is reported to have sometimes included strict discipline, and he is noted to have even pursued enslaved individuals who sought freedom, as seen in the case of Ona Judge.

On a slightly brighter note, it is worth mentioning that later in his life, Washington’s attitude towards slavery began to shift. In his will, he made provisions to free all the enslaved individuals he personally owned upon the death of his wife, Martha Washington. This action was rare among his peers and suggested a growing discomfort with the institution of slavery, though it may have come too late to address the suffering endured during his lifetime. This remains a deeply troubling aspect of not just his legacy but of our American legacy as a whole, which highlights the complexities of wealth during this period of westward expansion in early colonial American history.

Acknowledging the Native American Perspective

While Washington and other Founding Fathers saw opportunity in westward expansion, it’s important to acknowledge the profound impact this had on Native American communities. In addition to his agricultural pursuits (and the human cost of the slave labor involved), Washington’s extensive land acquisitions often resulted in the displacement of Native American tribes. As settlers moved westward to occupy the land Washington and other speculators claimed, Native communities were frequently forced off their ancestral territories, disrupting their cultural and economic practices. This process, deeply rooted in the broader westward expansion, highlights the inequities and conflicts that accompanied the creation of wealth during this era. The concept of land ownership was foreign to many tribes, who often viewed land as a shared resource rather than something to be bought or sold. Treaties and agreements signed with Native Americans were frequently misunderstood or outright ignored, leading to displacement, loss of resources, and broken promises.

For Native Americans, the westward push was not just an economic opportunity but a devastating upheaval of their way of life. Tribes were forced to cede lands they had lived on for generations, often under duress or through agreements that failed to reflect their understanding of land transfer agreements.

George Washington’s Net Worth: Then and Now

George Washington was one of the wealthiest individuals of his time, with his wealth stemming from a combination of land holdings, farming, and investments. At the height of his prosperity, his net worth was estimated to be roughly $500,000 in 18th-century dollars—a staggering sum for the era. Additionally, he owned over 70,000 acres of land by the time of his death. Using the modern average value of U.S. farmland at roughly $4,000 per acre, his land holdings alone would be valued at an incredible $280 million today (and likely even more considering the areas he owned property). Combined with other assets and inflation-adjusted wealth, Washington’s net worth likely exceeded $500 million in today’s terms, firmly placing him among the wealthiest figures in American history. What we must ask ourselves today as we reflect on these staggering sums is at what cost were they acquired?

Lessons for Today’s Entrepreneurs

The story of early American colonial expansion reminds us of the importance of considering the long-term effects of our actions. Modern entrepreneurs should strive to balance monetary gain with the overall good for all people involved, ensuring their work uplifts communities rather than causing harm. Reflecting on history, we see how better understanding and respect for Native American values and land stewardship could have fostered more equitable outcomes. We also find that as Americans our legacy is a complex one, riddled with the harsh realities of slave labor tied to the generation of historical wealth and expansion. Although we may not agree with the tactics he used, it is hard to deny that Washington played a pivotal role in shaping the nation and paving the way for the modern America we know today. We can appreciate individuals such as Washington as dynamic and complex by nature, praising him for his role in defending our fledgling nation from the British and leading our nation as it’s first President, but condemning him for going along with practices that displaced Native Americans and enslaved plantation workers. As the leader of our country, we would have hoped he could have set a better example for others to follow, but it is an extremely difficult task to place ourselves in history with the customs and culture of the time. What we can appreciate, is the fact that at least, an older and wiser Washington had begun to recognize the evils of slavery when he agreed to free all of his slaves in his will. It speaks to the myriad and dynamic natures of our human heart’s in general – the good and the bad that each one of us struggles with on a daily basis. It should also encourage us  to take action when we see injustice and not just to allow it to happen or go along with it because it is easier or common as Washington did.

These darker aspects of America’s earliest entrepreneurs and expansionism remind us of the importance of listening to and learning from diverse perspectives as we reflect on history, so that we will not repeat the mistakes of the past, but instead learn from them, so that we can pave the way to a better, more equitable future together.

Sources & Additional Information For This Article:

Here is a compiled list of sources that can be referenced for the article:

1. Mount Vernon Estate Records – Information about George Washington’s land ownership, Mount Vernon’s operations, and enslaved laborers.
   Source: Mount Vernon Official Website
2. Library of Congress – Details on Washington as a land speculator, including his surveying work and property acquisitions.
   Source: Library of Congress
3. Declaration of Independence and Historical Context – Criticism of King George III for obstructing westward expansion and its implications.
   Source: National Archives
4. Ona Judge’s Escape – The story of Ona Judge, an enslaved woman who escaped from Mount Vernon, providing insight into Washington’s pursuit of escaped enslaved individuals.
   Source: Smithsonian Magazine
5. Washington’s Will and Slave Manumission – Insights into Washington’s provisions to free his enslaved workers.
   Source: George Washington’s Mount Vernon
6. Historical Farmland Value Estimates – Modern value per acre calculations for Washington’s land holdings.
   Source: USDA Farmland Value Reports
7. Impact on Native American Tribes – Historical records of displacement and treaties affecting Native American tribes during westward expansion.
   Source: National Museum of the American Indian
8. Economic Context of Colonial America – The role of land speculation in the early American economy.
   Source: American Economic Review