In addition to the first 20,000 acres, their appurtenant city lots “was an entire street, and one side of a street from river to river,” comprising 100 acres, exclusive of an additional 400 acres owned in the Liberties. The location of the property was the tract between Spruce and Pine streets, from the Delaware to the Schuylkill River, 366 feet in width. Their lands were given the name Society Hill.
The society was empowered to appoint and remove its officers and servants, to levy taxes, etc. An important privilege was the authority given to be represented in the Provincial Council by three representatives of the society.
This society was given title to three-fifths of the products of all mines and minerals found, free privilege to fish in all waters of the Province, and to establish fairs, markets, etc., and the books of the society were to be exempted from all inspection.
May 29, 1682, the general court prepared and published an address, and mapped out an ambitious program of operations.
The address, which is ingenuous, points to the fact that while it proposes to employ the principles of the association in order to conduct a large business, it is no monopoly, but an absolutely free society in a free country. “It is,” says the prospectus, “an enduring estate, and a lasting as well as certain credit; a portion and inheritance that is clear and growing, free from the mischief of frauds and false securities, supported by the concurrent strength and care of a great and prudent body, a kind of perpetual trustees, the friends of the widow and orphan, for it takes no advantages of minority or simplicity.”
In the society votes were to be on a basis of amount of stock held, up to three votes, which was the limit. No one in England was allowed more than a single vote, and proxies could be voted. The officers were president, deputy, treasurer, secretary and twelve committeemen. Five, with president or deputy a quorum. The officers were to live on the society’s property.
All the society’s servants were bound to secrecy, and the books were kept in the society’s house, under three locks, the keys in charge of the president, treasurer and oldest committeeman, and not to be entrusted to any persons longer than to transcribe any part in daytime and in the house, before seven persons appointed by the committee.
The society was to send 200 servants to Pennsylvania the first year, “to build two or more general factories in Pennsylvania, one upon Chesapeake Bay, and the other upon Delaware River, or where else the committee shall see necessary for the more speedy conveyance of goods in the country and Maryland, but that the government of the whole be in the Capital City of Pennsylvania.”
The society was to aid Indians in building houses, etc., and to hold Negroes for fourteen years’ service, when they were to go free “on giving to the society two-thirds of what they can produce on land allotted to them by the society, with a stock and tools; if they agree not to this, to be servants till they do.”
The leading object of the society at the outset seems to have been an extensive free trade with the Indians, agriculture, establishment of manufactories, for carrying on the lumber trade and whale fishing. An agent in London was to sell the goods.