Prospect was settled soon after 1760 by Scotsman Thomas Thompson. Two families, comprising 20 family members and 73 slaves, led prosperous lives there by 1802. They built ships, grew cotton, and engaged in trade. A fort once stood near the location of the present monument. Nearby are historic cemeteries and archaeological remains of the Prospect settlement. Look to the north for a view towards the site of the old Red Bay community. Here some of the Islands’ schooners, among them Fame and Thomas & James, were lost in hurricanes in 1846 and 1876. Other ships foundered on the offshore reefs.