My father had a small Estate in Nottinghamshire; I was the Third of five Sons. He sent me to Emanuel-College in Cambridge,* at Fourteen* Years old, where I resided three Years, and applied my self close to my Studies: But the Charge of maintaining me (although I had a very scanty Allowance) being too great for a narrow Fortune; I was bound Apprentice to Mr James Bates, an eminent Surgeon in London,
Dose here "bound" is an adjective? and does the phrase mean: Because I did n't have enough money to continue my studies I had to work as an apprentice to Mr James Bates?
Source: Gulliver Travels