Gun Machine

Eighteen

[show direct message conversation]

ANY INTEREST in finance becomes an interest in power, and an interest in place, I think. When I started working on Wall Street, I was interested first and foremost in doing a good job in a high-pressure environment. But it became apparent to me, quite quickly, that I would do my job better if I took notice of the real flows of currency, and the actors and locations they gravitated to and spun around. And I think—it might even be too obvious to state!—that that leads you to a study of history.

There I was, routing around financial meltdowns the world over, not realizing that I was standing on the site of the original American financial meltdown. Wall Street itself, named for the wall the Dutch put up to fortify the New Amsterdam settlement against the natives, a wall that eventually extended out to what is now Pearl Street, the old shoreline. It was here on Wall Street that the smart operators of the 1600s looked to do business with the locals, the people of Werpoes and the other Lenape villages of what they called Mannahatta.

The Europeans had noticed that the Native Americans seemed to place great value on something called wampum, or “white strings.” These were lengths of beading made from shells and woven together into strips or belts. They had many uses. The relative complexity afforded by shape and color meant that wampum could be used as a communications medium and as a record of events, not unlike a simple tapestry. There are surviving photos of wampum belts constructed to seal and commemorate treaties. They were used as devices to preserve and tell stories from one generation to the next, a crucial cultural aid in otherwise oral societies. Wampum had myriad other social functions. In short, there was perceptible value to wampum in Native American society.

When the Europeans arrived, they immediately looked for ways to open commerce with the natives, and when they saw the traffic of wampum, they felt sure that they’d found it. Therefore, they began to produce their own wampum. It must have been difficult at first, essentially trying to forge a currency without really understanding it, but the Europeans had one important advantage. The natives of Mannahatta were a preserved Stone Age culture. These seventeenth-century Europeans had metal tools and all the advantages of coming from a world poised less than a century from the top of the Industrial Revolution.

The natives, at first, must have found it to be some weird way of reaching out. The Europeans making wampum, rich with cultural memory and meaning, and wanting to hand it over in exchange for furs and food. I wonder if the natives felt beholden; if they felt they had to take this strange, useless wampum and exchange it for the goods the Europeans needed to survive.

Soon, of course, the inevitable happened. The Dutch flooded this tiny primitive market with fake wampum. They massively overproduced it, at great speed, and the villages of Mannahatta couldn’t absorb more than a fraction of it. Wall Street caused and presided over America’s first financial collapse. But the furs and the food and the other goods obtained from the Lenape with fake currency allowed the wall of Wall Street to grow until it enclosed and swallowed villages like Werpoes. It’s still there now, buried under downtown, a hidden place of power. I don’t think of it as subsumed into the new power of Wall Street.

I think of it as lying in wait, glowing with the half-life of its lessons learned and its vengeance pending.

I’m not supposed to go near Werpoes. If you can see this friends-locked entry, then you know there are issues in my life that I can discuss only in the most allusive of ways. But I invent new reasons, weekly, to get a little closer. Purchasing cut flowers from a certain store. Getting food from a certain café. I edge nearer, incrementally, despite the risks, because my first interest was in power. And Werpoes was the first community I know of that was crushed by the sort of financial wrongdoing that I did for a living. The living that, in fact, gave me, completely, the life I have now.

I’ve had to learn a lot about Native American culture since those days. I’m drawn to it, fascinated by it, and hope that what I’ve learned will protect me in the years to come. But I’m drawn to power, too, and there is power there.

Don’t go to Werpoes. It’s not safe.