Roswell L. Colt Roswell L. Colt Roswell Lyman Colt (1779-1856) was an American businessman who made a fortune in the shipping industry, served for decades as governor of the Society for Establishing Useful Manufactures, and was an early railroad executive. Colt's parents were Peter Colt (1744-1824) and Sarah Lyman. (Peter's brother was Benjamin Colt (1740-1781), whose grandson would be gunmaker Samuel Colt (1814-1862).) A graduate of Yale University, Peter founded a shipping business that traded with the West Indies, served in the Revolutionary War, served as Connecticut State Treasurer from 1790 to 1794, and went on to help found Paterson, New Jersey. In
Samuel Colt was exonerated and the story became national news when "Scientific American" reported that the fault was not with Colt, but with Washington politicians. With a virtual monopoly, Colt sold his pistols in Europe, where demand was high due to tense international relations. By telling each nation that the others were buying Colt's pistols, Colt was able to get large orders from many countries who feared falling behind in the arms race. A key element to Colt's success was vigorous protection of his patent rights. Even though he lawfully held the only patent on a revolver, scores of imitators copied his