Roswell L. Colt in Paterson on November 22, 1856. 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
Samuel Colt other than detonating mines. Colt concentrated on manufacturing his waterproof telegraph cable, believing the business would prosper alongside Morse's invention. He began promoting the telegraph companies so he could create a wider market for his cable, for which he was to be paid $50 per mile. Colt tried to use this revenue to resurrect the Patent Arms Manufacturing Company, but could not secure funds from other investors or even his own family. This left Colt time to improve his earlier revolver design and have a prototype built by a gunsmith in New York for his "New and improved revolver". This