Avery, E: Cleveland in a Nutshell (Classic Reprint) -

. .

Résumé :
Excerpt from Cleveland in a Nutshell

In May, 1792, the general assembly set apart five hundred thousand acres lying a ross the western end of the Reserve and bounded on the north by Lake Erie for the benefit of her citizens who had suffered losses by British incursions in the Revolution. In Connecticut history, these lands are known as The Suffeier's Lands; in Ohio history, as The Fire Lands. In May, 1795, the general assembly offered for sale the remaining part of its western lands and ydevoted the pro ceeds thereof, as a perpetual fund, the interest of which should be appropriated for the support of schools. The Con necticut school fund, which now amounts to more than two million dollars, consists wholly of proceeds of the sale of these western lands and of the capitalized interest thereon. In the following September a legislative committee sold these lands to the Connecticut Land Co., which was organized for the purpose of the purchase. This company was not incorporated; it was simply a sy1'1dicateofland speculators. The price agreed upon was the sale was made on credit, the purchasers giving their bonds with personal security, and subsequently supplementing them by mortgages on the lands. The Reserve was sold without sur vey or measurement. The committee made as many deeds as there were purchasers and each deed granted all right, title and interest, j uridical and territorial, to as many twelve hundred thousandths of the land as the number of dollars that the purchaser had agreed to pay Each purchaser was a tenant in common of the whole territory. Such was the largest sale of Ohio lands ever made. As a specula tion, the purchase proved unfortunate; the survey showed that instead of buying four million acres as was supposed, the shareholders had bought not more than three million; instead of paying thirty cents per acre, they had paid more than forty. The expenses of the survey were heavier than had been anticipated and a jurisdictional question caused much vexation and pecuniary loss. For a state to alienate the jurisdiction of half its territory to a company of land specu lators that never rose to the dignity of a body corporate and politic was certainly a remark able proceeding.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.