Editing Samuel Colt (section)

== Early problems and failures ==
Although by the end of 1837 the Arms Company had made more than 1,000 weapons, there had been no sales. After the [[Panic of 1837]], the company's underwriters were reluctant to fund the new machinery that Colt needed to make [[interchangeable parts]], so he went on the road to raise money. Demonstrating his gun to people in [[general store]]s did not generate the sales volume he needed, so with another loan from his cousin Selden, he went to Washington, D.C., and demonstrated it to President [[Andrew Jackson]]. Jackson approved of the gun and wrote Colt a note saying so. With this letter, Colt pushed a bill through [[United States Congress|Congress]] endorsing a demonstration for the military, but failed to obtain an appropriation for military purchase of the weapon. A promising order from the state of [[South Carolina]] for 50 to 75 pistols was canceled when the company did not produce them quickly enough.<ref name=wilson10 />

The provisions of the [[Militia Act of 1808]] were a constant problem for Colt, as they required that any arms purchased by a [[state militia]] had to be in current service in the United States military.<ref>{{harvnb|Rohan|1935|p=74}}</ref> This  prevented state militias from allocating funds for the purchase of experimental weapons or foreign weapons.<ref>{{harvnb|Edwards|1953|pp= 88–89}}</ref>

Colt undermined his own company with his reckless spending. Selden often chastised him for using corporate funds to buy an expensive wardrobe or give lavish gifts to potential clients. Selden twice prohibited Colt from using company money for liquor and fancy dinners; Colt thought getting potential customers inebriated would generate more sales.<ref>{{harvnb|Houze|Cooper|Kornhauser|2006|p=43}}</ref>

The company was given a brief reprieve by the [[Second Seminole War|war against the Seminoles]] in Florida, which provided the first sale of Colt's revolvers and his new [[Colt ring lever rifles|revolving rifles]]. The soldiers in Florida praised the new weapon, but the unusual hammerless design, sixty years ahead of its time, made it difficult to train men who were used to exposed-hammer guns. Many curious soldiers took the locks apart, resulting in broken parts, stripped screw heads and inoperable guns.<ref>{{harvnb|Rohan|1935|p=77}}</ref> Colt soon reworked his design to leave the firing [[hammer (firearm)|hammer]] exposed, but problems continued. In late 1843, after the loss of payment for the Florida pistols, the Paterson plant closed and a public auction was held in New York City to sell the company's most liquid assets.<ref>{{harvnb| Mappen| 2004|p = 164}}</ref><ref name=houze678 />