Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1868-01-30
OHIO, JANUARY 80, 18
History of the Ohio Company,
and its Purchase.

History of the Ohio Company,
and its Purchase.
= COPIED FOR THE JOURNAL.
On the first day of March, one
thousand seven hundred and eighty
six, convened at the "Bunch OF
Grapes" Tavern, in Boston, as del
egates from several of the counties
of the Commonwealth of Massachu-
sets, to consider of the expediency
of forming an Association, or Com
pany to purchase lands and make a
settlement in the Western country,
the gentlemen whose names are I'M
derwritten:-
County of Suffolk. Winthrop Sargent.
John Mills.
T" " Essez, Manassah Cutler.
:" " Middlesex, John Brooks,
Thomas Gushing.
:" Hampshire, Benz. Tupper.
" Plymouth, Crocker Samp-
son.
orcester, Rufus Putnam.
:" Berkshire, John Patterson,
Jahlaliel Woodbridge.
T" " Barnstable, Abraham Will
liams.
Elected General Rufus Putnam,
Chairman of the Convention, and
Major Winthrop Sargent, Clerk.
From the very pleasing descrip-
ton of the Western country given
by Generals Putnam, and Tupper,
and others, it appearing expedient to
form a settlement there, a melton
was made for chasing committee to
prepare the draaght, or plan of an
association into a company, TO the
said purpose.
FRIDAY, 3D MARCH.
The Committee for preparing q
draught or plan of association, re-
ported in form following
Articles of agreement entered into,
for constituting an association by the
name of The Ohio Company.
The design of this association is
to raise fund in Continental certifi
Gates, for the sole purpose, and to be
appropriated to the entire use of
purchasing Lands in the Western
Territory, belonging to the United
States, for the benefit of the Com
pany and to promote settlement in
that Country.
ART 1st. That the fund shall not
exceed one million dollars, in Con-
tinental specie certificates, exclusive
of one years interest due thereon,
Except as hereafter providcd) and
that each share or subscription shall
consist of one thousand dollars, rs
aforesaid, and also, ten dollars in
gold or silver, to be paid into the
hands of such agents as the subscri-
bers may elect.
ART. I'd. That the whole fund of
certificates raised by this association,
except one years interest due there
on, mentioned under the first article,
shall be applyed to the purchase OF
lands in some one OF the proposed
States, Northwesterly Of the river
Ohio, as soon as those lands are sur
veyed, and exposed for sale by the
Commissioners of Congress, accord
ing to the ordinance OF that Honour
able Body, passed Goth May, l785,
or on any other plan that may be
adopted by Congress. not less adj
vantageous to the Company. The
one years interest shall be opplyed
to the purpose of making settle
ment in the Country, and assisting
those who may be otherwise unable
to remove themselves thither. The
gold and silver is for defraying the
expenses Of those persons employed
as agents in purchasing the lands
and other contingent charges thai
may arise in the prosecution of the
business. The surplus { if any, te
be appropriated as the one years in
terest on the certificates.
ART. Sd. That there shall be five
directors, treasurer and secretary
appointed in manner, and for the
purposes hereafter provided.
ART. 4th. That the prosecution
of the Company's designs may be thu
least expensive, and at the same time
the subscribers and agents secure a.
possible, the proprietors of twenty
shares shall constitute one grand di
vision of the Company; appoint thei
agent, and, in case of a vacancy b,
death, resignation or otherwise, shal
| fill it up, as Immediately as can be.
ART. 5th. That the agent shal
make himself accountable to eacI
subscriber for certificates and mon
les received, by duplicate receipts
(one of which shall be lodged wit
the secretary,) that the whole sha
be appropriated according to thos
articles of association, and that tn
subscriber shall receive his just div
idend. as to quantity and quality {
lands purchased, as near as possibl
may be, by lot drawn in person, c
! through proxy, and that deeds
conveyance shall be executed to il
Z dividual subscribers, by the agent
similar to those he shall receive frol
the directors.
ART. 9th. That no person sha
: be permitted to hold more than fly
/. shares in the company's funds, ar
no subscription for less than fu
share will be admitted: but this is n
~ meant to prevent those who canno
or choose not to adventure fl
I sharefro associating amongst ther
selves, and by one OF their numb
= subscribing the sum required.
q ART. 7th. That the directors sh'
have the sole disposal of the COZ
pany's fund, for the purposes befo
mentioned, that they shall, by thel
u selves, or such person or persons
they may think proper to entru
= = with the business, purchase lanu
IL for the benefit of the compan
~rk a