The plan suggested by Generals Putnam and Tupper was carried out, and upon the first day of March the delegates from the several counties assembled at the Bunch of Grapes Tavern, the designated place in Boston (which was then a considerably smaller city than is now the capital of Ohio), and there discussed, in conventional form, the proposed organization of the Ohio Company. The delegates present at that historical meeting were: Manasseh Cutler, of Essex; Winthrop Sargent and John Mills, of Suffolk; John Brooks and Thomas Cushing, of Middlesex; Benjamin Tupper, of Hampshire; Crocker Sampson, of Plymouth; Rufus Putnam, of Worcester; Jelaliel Woodbridge and John Patterson of Berkshire; Abraham Williams of Barnstable.
General Putnam was made chairman of the convention, and Major Winthrop Sargent, secretary. Before adjournment a committee of five was appointed to draft a plan of an association, as “from the very pleasing description of the western country, given by Generals Putnam and Tupper and others, it appears expedient to form a settlement there.” That committee consisted of General Putnam, Dr. Manasseh Cutler, Colonel Brooks, Major Sargent, and Captain Cushing.
On Friday, March 3, the convention reassembled and the committee reported the following:
Articles of agreement entered into by the subscribers for constituting an association by the name of the Ohio Company.
PREAMBLE.
The design of this association is to raise a fund in Continental certificates, 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 company, and to promote a settlement in that country.
Article 1st.—That the fund shall not exceed one million of dollars in Continental specie certificates, exclusive of one year’s interest due thereon (except as hereafter provided), and that each share or subscription shall consist of one thousand dollars, as aforesaid, and also ten dollars in gold or silver, to be paid into the hands of such agents as the subscribers may elect.
Article 2nd.—That the whole fund of certificates raised by this association, except one year’s interest due thereon, mentioned under the first article, shall be applied to the purchase of lands in some one of the proposed States northwesterly of the river Ohio, as soon as those lands are surveyed and exposed for sale by the Commissioners of Congress, according to the ordinance of that honorable body, passed the twentieth of May, 1785, or on any other plan that may be adopted by Congress, not less advantageous to the company. The one year’s interest shall be applied to the purpose of making a settlement 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 that may arise in the prosecution of the business. The surplus, if any, to be appropriated as one year’s interest on the certificates.
Article 3rd.—That there shall be five directors, a treasurer and secretary, appointed in manner and for the purposes hereafter provided.
Article 4th.—That the prosecution of the company’s designs may be the least expensive, and at the same time the subscribers and agents as secure as possible, the proprietors of twenty shares shall constitute one grand division of the company, appoint the agent, and in case of vacancy by death, resignation or otherwise, shall fill it up as immediately as can be.