An endorsement on the back of the document records that Mr. Waters received the sum of twenty pounds for “parte of the within agreement,” which return reaped him a handsome profit on the speculation. Many similar agreements are preserved to indicate that Salem merchants plunged heavily on the risks of privateering by buying seamens’ shares for cash. The articles of agreement under which these Salem privateers of the Revolution made their warlike cruises belong with a vanished age of sea life. These documents were, in the main, similar to the following:
“Articles of Agreement
“Concluded at Salem this Seventh day of May, 1781, between the owners of the Privateer Ship Rover, commanded by James Barr, now fixing in this port for a cruise of four months against the Enemies of the United States of America, on the first part and the officers and seamen belonging to said Ship Rover on the other part as follows, viz.:
“Article 1st. The owners agree to fix with all expedition said Ship for sea, and cause her to be mounted with Twenty Guns, four Pounders, with a sufficiency of ammunition of all kinds and good provisions for one Hundred men for four months’ cruise, also to procure an apparatus for amputating, and such a Box of medicine as shall be thought necessary by the Surgeon.
“Article 2nd. The Officers and Seamen Shall be entitled to one half of all the prizes captured by Said Ship after the cost of condemning, etc., is deducted from the whole.
“Article 3rd. The Officers and Seamen agree that they will to the utmost of their abilities discharge the duty of Officers and Seamen, according to their respective Stations on board Said Ship, her boats and Prizes, by her taken, and the Officers and Seamen further agree that if any Officer or Private shall in time of any engagement with any Vessell abandon his Post on board said Ship or any of her boats or Prizes by her taken, or disobey the commands of the Captain or any Superior Officer, that said Officer or Seaman, if adjudged guilty by three Officers, the Captain being one, shall forfeit all right to any Prize or Prizes by her taken.
“Article 4th. The Officers and Seamen further agree that if any Officer shall in time of any engagement or at any other time behave unworthy of the Station that he holds on board said Ship, it shall be in the power of three officers, the captain being one, to displace said Officer, and appoint any one they may see fit in his place. That if any Officer belonging to said Ship shall behave in an unbecoming character of an officer and gentleman, he shall be dismissed and forfeit his share of the cruise.
“Article 5th. The owners, officers and Seamen agree that if any one shall first discover a sail which shall prove to be a Prize, he shall be entitled to Five hundred Dollars.
“Article 6th. Any one who shall first board any Vessell in time of an engagement, which shall prove a Prize, Shall be entitled to one thousand Dollars and the best firelock on board said Vessell, officers’ prizes being excepted.
