Page images
PDF

Proportional Benefits, as fully as if the whole had been cornpleated.

Art. II. The Land thus bought, is not to be cultivated at the Charge of the Buyer; but the yearly Profits of it shall for ever be brought Home to the Purchasers, their Heirs or Assigns, in the Ships of the Margravate, and paid them in regular Dividends.

Art III. The Purchase Money, that is to say, the forty Shillings per Acre abovemention'd, shall be paid one half down, and the other half, not till the first Return of the Shipping, and after a Dividend of Profit made among the Purchasers, by Sale of such Goods or Products as the said Ships bring over with them.

Art. IV. This first Return, and the whole yearly Produce for ever, of the first settled fifty Thousand Acres, or so much thereof, as shall at any time be clear'd, and cultivated, shall always come consign'd to the Purchasers Factors, for the Time being, or their Agents, or to Persons of their Appointment or Approbation, and shall be sold by them, or by Brokers of their chusing, which Brokers shall account with them the said Factors or their Agents, for the Purchasers Half the Profits, and with the Agents of Sir Robert Mountgomry, or his Assigns, for the other Half. Provided always that a Preference be given to any Buyer nam'd by the said Sir Robert, or his Assigns, or his or their Agents, on Condition however that such Buyer shall give a better Price than has before been offer'd.

Art. V. That on the Death, or Surrender of the Factors, or upon Dislike of their Management, it is always to be understood that a Majority of the Purchasers shall have Power to < ehuse new ones in their Places.

Art. VI. That on closing the Book of Subscription, due Notice shall be given, and the Purchasers shall meet, and chuse by Majority of Voices, (every twenty Acres entitling to a Vote) t such Person or Persons as they think best qualified to act, as their Factors, in the Trust abovemention'd, and such Factor, or Factors, shall in Consideration of their Trouble, be allow'd over and above their necessary Charges in the Management, such Gratuity as the Purchasers think reasonable out of the respective Dividends, which they from Time to Time, shall pay to the said Purchasers.

Art. VII. On Payment of the first Half the Purchase Money, the Purchasers shall severally receive an Instrument in Form following.

This witnesseth, that A. B. did on this Day of

1717. Subscribe the Sum of Pounds, towards Establishment of a new Colony, in the Margravate of Azilia in Carolina, and paid down one half of the said Sum; in Consideration whereof, and of the remaining Half to be paid, as by the Articles* provided, the said A. 13. is for himself, his Heirs, or Assigns

admitted as Proprietor of Acres of Land in the said Mar

gravate. The whole Rents, Products, Profits, and Advantages of

which Acres are absolutely vested in the said A. B. his

Heirs, or Assigns for ever, as they shall arise, and accrue yearly. by virtue of a General Management, as by the Articles provided, at the Cost of Sir Robert Mountgomry, or his Assigns, without Charge, or Trouble to the said Proprietor under the Penalties express'd and covenanted in a Deed to that End executed and enroll'd in the High Court of Chancery, for perpetual Proof of the Security therein provided. In Witness whereof, I the abovemention'd Sir Robert Mountgomry, have hereunto set my Hand, the Day and Year first above-written.

R. Mountgomry. Art. VIU. And for Encouragement of those, who shall considerably Interest themselves in this Affair. Whoever shall Subscribe the Sum of Five Hundred Pounds, for Purchase of two hundred and fifty Acres, as abovemention'd, shall, over and above his yearly Profits from the said two Hundred and Fifty t Acres, be entitled to one of the Estates of a Mile Square, or 640 Acres, in the first District, which shall be settled, as in the Cut describ'd. And shall for himself, his Heirs, and Assigns for ever, be put in Possession of the said Estate of 640 Acres, together with a House built on it, and the Ground ready clear'd to his Hand, without any Charge to him, or his Assigns, as soon as such first District shall be measur'd out, and settled; The said Estate to be cultivated at his Pleasure and for his Profit, by Himself, or his Agents, on Condition only, that if he shall not himself think fit to go over, and inhabit it, the Person he sends over in his Stead, shall be no ordinary Overseer, but a Gentleman well qualified, of a liberal Education, who is married, and carries with him a genteel well bred Family.

Art. IX. Over and above the Regard, which may naturally be expected to the Recommendation of Purchasers, in Disposal of Offices, and furnishing the various Supplies from Time to Time needful, it will be fit that some particular Encouragement be given to such, as shall be early Promoters of the Undertaking; because in this, as in all great Affairs, Expedition is the main Life of Business, and the necessary Preparations will require so much Time, that if the Subscription is suddenly compleated, it will turn to the extraordinary Benefit of the Design, and all concern'd in it; It is therefore hereby made an Article, that the first hundred Subscribers (to be known by the Numbers on their Instruments) whether they Subscribe more, or less, shall have, and be firmly entitled in all Dividends, to an additional Share of Profit, ttlter the Rate of one Acre over and above every ten Acres they buy, and so for more or less in Proportion; to be paid them out of the Undertaker's Part of every Dividend by their own Factors or Agents: As for Instance, a Purchaser of 100 Acres, if his Ticket of Purchase bears any Number from 1 to 100, shall not, at the Dividends, receive in Proportion to the 100 Acres he bought, but as if they were 110 Acres: by Virtue of the 10 Acres additionally annex'd to his Quota by Virtue of this Article. And so it shall be understood of any different Quantity purciias'd, from five Acres upwards.

A more particular Explanation of the Benefits of this
Proposal.

^rT> IS impossible to give a firmer Title, than is hereby made
"botn to the Lands, and their Profits, since the whole Coun-
try, with all its Improvements, in all Times to come, is engag'd
as a Mortgage, and will be forfeited into the Purchaser's Hands
on Non-performance of the Covenants, and as to the Rate of the
Purchase, 'tis the cheapest that ever was heard of: For it must
be observ'd, that the Forty Shillings per Acre is not a Consider-
ation for the Land only, to be cultivated afterwards at the Charge
of the Buyer, but on the contrary, it is the first, and last Ex-
pence, not only of the Land, but its perpetual Profit; so that for
what is once laid out, a Man has, every Year, brought Home to
his Door, by other People's Care and Charge, and without the
least Trouble to Himself, but That of receiving the Money, the
Produce and Profit of so many Acres of the finest Land in the
World, as he thus pays Forty Shillings a piece for; and this is to f
continue, not only during his own Life, but to Descend for ever
to his Heirs, or those, to whom he shall assign his Interest. And,
that the Benefits of this Proposal may as well reach those who
are willing to spare but a little, as those who shall incline to
Subscribe large Sums, we have therefore fix'd the lowest Quan-
tity at five Acres; By which Means People who cannot, or who
care not to venture much, may become concern'd for only five
Pound down, and five Pound more after the first Dividend of
Profit, at Return of the Shipping; and this will we hope be of
General Advantage, since the Benefit being made diffusive, will
reach Numbers who had else been shut out; And with that View
we have permitted it against the Opinions of a few: Since a Man
who is able to spare but 10 or 20/. and does afterwards sell his
Interest for two or three hundred, will much more feel the Benefit
than one, who being able to subscribe larger Sums, makes a Pro-
fit in Equal Proportion.

And here, tho' we utterly disapprove all swelling, and overrated Computations, it will be some satisfaction to give as rational a Guess, as Things to come admit of, after what proportion Furchasers may calculate their Profit, by the most modest Expectation; for tho' tis impossible exactly to state these Accounts, before they are put to the Trial, yet such Computations as are fairly, and impartially Drawn, are at least so far Useful, as to give some Idea to the Reader, of what he may otherwise perhaps be utterly ignorant in the very Nature and Meaning of.

It will be allow'd without Argument, that Three working Men may be carried over, and maintain'd one whole Year round, for every Hundred Pound in the Stock; And so a purchaser, for every Hundred Pounds, he subscribes, will the first Year be entitled to H;df what is gain'd by Three Men's constant Labour .the whole Year about. The other Half remaining to the Undertakers, to supply Encrease of People, and the necessary Charges of their Maintenance, and Government.

T;ie Practice of our Colonies all over America, has made it undeniable, that the Labour of a Man, for one Year, no otherway employ'd, will clear, at least, four Acres; It must be observ'd, that we do not suppose him to cultivate the four Acres, but only to cut, and burn down the Trees, which grow there; By this Account such a Purchaser's first Year's Claim will be the Profit of Six Acres (Half Three Mens Labour for That Year) And his Second Year advancing in Proportion, after Allowance for all Kinds of Hazard, there arises a great, and uncommon Advantage. For not to urge that the Designs, we shall employ our Men in, are such, as may be fairly expected to produce far greater Profit, than the overstock'd and beaten Practices, in Use at Present, we will take as our Example, the most common, known Product of South Carolina Herself, and That is Rice; This is, at least, one Crop with another worth Six Pounds per Acre; we will state it, however, but at four Pounds, and out of that allow Deduction of one Pound for Freight Home, and Duty; so the Purchaser receives but Three Pounds neat from each Acre.

Thus, all the Land clear'd, a Man, whose Purchase Money was a Hundred Pounds, for fifty Acres, must receive a Hundred, and fifty Pound per Annum for ever, as the Profit of it; but we are not desirous of laying more weight than the Reader, on the Exactness of such Calculations; A Thousand Accidents, not easily foreseen, will still vary these Events, sometimes for the better, sometimes for the Worse; we leave People's Expectation to he determin'd by their Reason, tho' even Men of Diffidence will we think be asham'd to disallow a Computation so low, as Three Pounds per Acre, from such Land in such a Climate.

But it may be objected that we compute on a Supposition of all the Land clear'd, and improv'd by Cultivation, whereas it may be some Years before the Woods, which over-run it, are Fell'd, and the Earth fit for Sowing; 'Tis true, to clear all the Land will require some Time, But while That is doing we make all our Potash, beforemention'd, of the waste Wood cut down, to clear the Land, and the Profit from an Acre that way, will be so much greater, than from uny yearly Crop, that Purchasers may reasonably expect as large gain the very first Year, from a few Acres only, as afterwards from all their . Land, clear'd and cultivated.

[graphic]

A word or two, to explain this Assertion, which may look like a Mystery, and we shall draw to a Conclusion.

When Workmen have nothing to do, but fell Great Trees cross one another, and as soon as dry, set Fire to them, that they may be burnt to Ashes, tis demonstrable beyond all Dispute, that Three Men so employ'd, in Twelve Months constant Work, must cut down more Wood than can grow on Twelve Acres.

If therefore we state it but at twelve Acres, it is a Rate ol computing which can admit of no reasonable Contradiction; And to shew how much Potash this will yield, it is plain from Experience and any Reader who doubts, may examine it at his Pleasure for the Charge of a Faggot, That the Weight of any good Wood Ashes amounts to about a Sixteenth of the Wood, they are burnt from; and the Weight of the Potash, which will be produc'd from those Ashes, is from a Sixth, to an Eighth of the Weight of the Ashes; But allowing at large, for loss, waste, and accidents, call the Sixteenth a Twentieth, and the Sixth a Tenth only.

For Quantity of Wood, say there grows on an Acre, so cover'd with huge Timber Trees, but four Hundred Tun; we have often much more (Bark, Timber, and Brushwood) on an Acre in England; It is therefore an unexceptionable Computation for America, where the date of the Woods, instead of Years, must be reckoned by Ages. Then the Wood of an Acre yields two Tun of Potash, and the whole Year's Labour of Three Men employ'd in cutting down, and burning on Twelve Acres, and tailing and managing the Ashes, will produce 24 Tun of Potash, which being a Commodity of Universal Consumption, cannot easily over stock Markets, at least not from far greater Quantities of Wood Land, than we are here talking of.

The general Price of such Potash, being the Richest, and Best, is from Forty to Sixty Pounds Sterling per Tun, but we will reduce it to Twenty, for Arguments Sake, tho' such a Fall is improbable for such a Commodity, (Some of our own English Ashes, which have not a 4th Part good Potash, yielding that Price or more) The 24 Tun will then sell for Four Hundred and Eighty Pounds, If out of this Sum we allow for payment of

« PreviousContinue »