III.   Fund

The Religious Society of Friends, also known simply as the “Quakers” is a type of commercial Religious Fund first formed in 1682 at New Castle in the Private Commercial Province of Pennsylvania in the colonies of America by William Penn on the principles of religious freedom, democracy, toleration and commerce. 

In respect of the Religious Society of Friends, also known simply as the “Quakers” as a Religious Fund:

(i) A genuine rejection and disgust at the corrupt and profane nature of the Church of England and the Church of Scotland continued well after the restoration of King Charles II in the 1660’s. After the failed Act of Uniformity of 1662, the movement quickly grew and posed a serious security threat to the monarchy and Westminster and churches, particularly as the public trials of Quakers such as James Nayler and George Fox had the effect of increasing supporters; and

(ii) In 1668, retired Admiral Sir William Penn suggested that the Quakers could be transported to the colonies in America as workers for the plantations and while “white” that an agreement could be made with the Dutch for such transport, given his marriage to Margaret Van der Schueren, daughter of the merchant leading family of Rotterdam. Yet the Admiral died by 1670 before the plan could be enacted and instead by 1672, his son petitioned the King to convert his father’s pension into a land grand in America where he would “convince” the migration of Quakers to leave. By 1681 a land grant was given and by 1682, William Penn, now “converted to a Quaker” took ownership of the Province of Pennsylvania and the founding of a religious state in honor of the Religious Society of Friends; and

(iii) In 1689 (1 Will & Mary c 18), an act by William and Mary encouraged further emigration to America and the “utopia” promised of Pennsylvania. However, the sheer greed and stubbornness of William Penn risked destroying the fledgling religious fund. The act of 1696 (8W3_c34) named the Quaker’s explicitly for the first time and increased interest in emigration as well as wealthy business owners in “converting” to Quakerism from being nominally “protestant”. In 1711 (10Ann.c.2) the religious toleration act and in 1721 (8Geo1.c.6), the Rights of Quakers were upheld in a statute that saw a mass conversion of nominally “Christian” merchants, slaver traders, bankers and money lenders to becoming Quakers. As a result, the majority of contracts of work houses were managed by Quakers.