John Smith sailed into Chesapeake Bay and stayed for several weeks to map the shoreline. The territory was named Maryland in honor of Henrietta Maria, the queen consort of Charles I. [9], During this period, the slave population was increasingly concentrated in estates with more than ten slaves. [5] They practiced a form of agriculture, known as Chesapeake gggcvshgschusndry that employed twenty-year crop rotations that preserved the viability of the land but limited economies of scale.[6]. Though it would remain a slave state until the end of the Civil War, it was not until the 1700s that labor began to drive agricultural production in the colony. Inspection notes were used in the purchase of tobacco, including the fact that tobacco was used often as currency. Their cash crop was tobacco, but they did grow many other crops, such as corn, wheat, rice, and indigo. Facts about Colonial Maryland 6: the economy of the colonists Agriculture was considered as the main source of economy for the colonists in Maryland. Economy. Corn and wheat became profitable and valuable to the Maryland economy in the second half of the 18th Century. [8] Between 1704 and 1720, the slave population shot from 4,475 to 25,000. In terms of revenue generated, Maryland'stop five agricultural products are broilers (young chickens), greenhouse and nursery products, dairy products, corn forgrain, and soybeans. In 1650, we had 4,500 and in 1670 we had a population of 13,200. Massachusetts Bay Colony was created in 1629 by a charter from King Charles I, and the first settlers arrived in 1630. [18] These are the main jobs. Map of A map of the early colonies of Virginia and Maryland showing the first settlements of Jamestown (1607) and St. Mary's (1634). By the 18th Century there was great changes in Ma. Like Virginia, Maryland's economy quickly became centered around the farming of tobacco for sale in Europe. There were several social classes of people in the early days of Maryland ranging from the gentlemen investors to the freeholders to the indentured servants and slaves. In Southern Maryland, tobacco farming nearly vanished due … Later on colonial Maryland started to export material for ship building such as wood, tar,lumber&nails. By 1820, however, industry was rivaling agriculture for economic preeminence. Monetary policy evolved, as well. The laws reflected the economic policy known as mercantilism, which held that colonies exist for the benefit of the mother country as a source of raw materials and a market for its manufactured goods. The new colony was named Maryland in honor of Henrietta Maria, the queen consort of Charles I. George Calvert had previously been involved in a settlement in Newfoundland but, finding the land inhospitable, hoped this new colony would be a financial success. [7] And despite the economic uncertainty, indentured servants arrived in large numbers until the end of the seventeenth century. The things we traded is:corn, wheat, indigo, and tobacco. The US average is 3.7%. On the international scene, the colonies could not escape … Everyone who lived in Maryland was from England, so they spoke English. Not only slaves but also indentured servants worked the fields, and when they earned their freedom, they too secured plots of land and grew tobacco for the European market. [3] Many were owned by former indentured servants. Maryland was the fourth of the American colonies founded. The Act led to less production of tobacco and caused higher prices and more profits for the larger producers. The colonial-era would also see Maryland begin early industrialization and urbanization, experiment with the ʌœɝɞdifferent monetary systems, and make efforts to diversify its economy. Parts of the original Maryland Colony eventually became other states as Maryland ceded land that became part of Pennsylvania, and the District of Columbia.