Magazine of western history, illustrated, Vol. I, No. 1, November 1884

by Various

Article 5th.—That the agent shall make himself accountable to each subscriber for certificates and invoices received, by duplicate receipts, one of which shall be lodged with the secretary; that the whole shall be appropriated according to articles of association, and that the subscriber shall receive his just dividend according to quality and quantity of lands purchased, as near as possibly may be, by lot drawn in person or through proxy, and that deeds of conveyance shall be executed to individual subscribers, by the agent, similar to those he shall receive from the directors.

Article 6th.—That no person shall be permitted to hold more than five shares in the company’s funds, and no subscription for less than a full share will be admitted; but this is not meant to prevent those who cannot or choose not to adventure a full share, from associating among themselves, and by one of their number subscribing the sum required.

Article 7th.—That the directors shall have the sole disposal of the company’s fund for the purposes before mentioned; that they shall by themselves, or such person or persons as they may think proper to entrust with the business, purchase lands for the benefit of the company, where and in such way, either at public or private sale, as they shall judge will be the most advantageous to the company. They shall also direct the application of the one year’s interest, and gold and silver, mentioned in the first article, to the purposes mentioned under the second article, in such way and manner as they shall think proper. For these purposes the directors shall draw on the treasurer from time to time, making themselves accountable for the application of the moneys agreeably to this association.

Article 8th.—That the agents, being accountable to the subscribers for their respective divisions, shall appoint the directors, treasurer and secretary, and fill up all the vacancies which may happen in these offices respectively.

Article 9th.—That the agents shall pay all the certificates and moneys received from subscribers into the hands of the treasurer, who shall give bonds to the agents, jointly and severally, for the faithful discharge of his trust; and also, on his receiving certificates or moneys from any particular agent, shal make himself accountable therefor, according to the condition of his bonds.

Article 10th.—That the directors shall give bonds, jointly and severally, to each of the agents, conditioned that the certificates and moneys they shall draw out of the treasury shall be applied to the purposes stipulated in these articles; and that the lands purchased by the company shall be divided among them within three months from the completion of the purchase, by lot, in such manner as the agents or a majority of them shall agree, and that on such division being made, the directors shall execute deeds to the agents, respectively, for the proportions which fall to their divisions, correspondent to those the directors may receive from the Commissioners of Congress.

Article 11th.—Provided, that whereas a sufficient number of subscribers may not appear to raise the fund to the sums proposed in the first article, and thereby the number of divisions may not be completed, it is therefore agreed that the agents of divisions of twenty shares each shall, after the seventeenth day of October next, proceed in the same manner as if the whole fund had been raised.

Article 12th.—Provided, also, that whereas it will be for the common interest of the company to obtain an ordinance of incorporation from the honorable Congress, or an act of incorporation from some one of the States in the Union (for which the directors shall make application), it is therefore agreed that in case such incorporation is obtained, the fund of the company (and consequently the shares and divisions thereof) may be extended to any sum, for which provision shall be made in said ordinance or act of incorporation, anything in this association to the contrary notwithstanding.

Article 13th.—That all notes under this association may be given in person or by proxy, and in numbers justly proportionate to the stockholder or interest represented.

These articles of agreement were unanimously adopted and subscription books were immediately opened. A committee was appointed, consisting of three members, to transact necessary business, and some other measures taken to advance the project of the association; but in spite of all the exertions made, there was but little progress in the affairs of the Ohio Company. When the next meeting was held—a little more than a year from the time of the first, that is, upon March 8, 1787—it was found that the total number of shares subscribed for was only two hundred and fifty. And yet, all untoward circumstances considered, that was probably a fair exhibit, and more than was expected. One active friend of the movement, General Tupper, was the greater part of the year in the west. The influence of the others was very largely counteracted by events of an alarming nature—the dissatisfaction which finally culminated in Shay’s rebellion. That civil commotion growing out of the imposition of heavy taxes upon the already impoverished people threatened for a time exceedingly dire results, but fortunately it was speedily quelled. It served as a startling illustration, however, of the great depression in New England, and of the desperation to which men can be driven by ill condition. Possibly the outbreak gave a slight impetus to the progress of the Ohio Company’s project, by way of increasing the disposition of some citizens to seek in the west a new home. General Tupper, whose immediate neighborhood was “deeply infected with the sedition,” returned from his second visit to the Ohio country in time to take a prominent part in subduing the revolt. The dawn of 1787 witnessed the pacification of the troubled country, but no marked increase in prosperity.