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 development when he dismissed an idea from one of his gunsmiths, Rollin White. White had an idea of a "bored-through" revolver cylinder to allow the use of metallic cartridges in a handgun. After Colt fired White for suggesting an improvement to his revolver, White took his idea to Colt's competitor, Smith & Wesson, who patented his invention and kept Colt from being able to build cartridge firearms for almost 20 years. Colt purchased a large tract of land beside the Connecticut River, where he built his first factory in 1848, a larger factory called the Colt Armory in 1855, a