Nathaniel Pendleton A.L.S., Placentia, May 10, 1815 : to A. L. Stewart
1815
MSS 189-L M
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Title
Nathaniel Pendleton A.L.S., Placentia, May 10, 1815 : to A. L. Stewart
Published
Placentia, (N.Y.) 1815
Description
[1] p. on 2 conjugate leaves ; 25 cm.
Call Number
MSS 189-L M
Note
"It is my opinion that Mr. Dexter had no ground whatever to claim any part of the commission of two per cent allowed the Trustees in the Tenessee [sic] trust deed."
Mr. Dexter was a trustee of the Tennessee Company and had sought compensation for his efforts regarding the sale of land.
"The Tennessee Company was formed in 1789 along with the South Carolina Yazoo Company and the Virginia Yazoo Company for the express purpose of buying land from the Georgia legislature. The South Carolina and Virginia Yazoo Companies quickly became embroiled in scandal when they made an illicit deal with the Georgia legislature to buy 20,000,000 acres of land for approximately 1 cent per acre, an amount well under the actual value of the land. This deal was never completed, as the companies in question attempted to pay for the land using outdated currency. The Tennessee Company joined the Yazoo companies in scandal in 1794, when it convinced Georgia legislators (many of whom were, conveniently, stockholders in the Tennessee Company) to sell them 40,000,000 acres of land for 500,000 USD (or approximately 1.3 cents per acre), an amount constituting a ridiculously low price for the land in question. There was widespread outrage when workings of these deals were revealed to the American public, and the matter quickly reached the nation's capital." --Source: University of Tennessee Special Collections Library. (web posting)
See also MSS 189-K M for background for this correspondence.
Page [4] is the address leaf.
Gift of the great-great-great grandchildren of Captain Pendleton: Arthur Tilghman Brice, Alice Brice Joline, and Julia Brice Chubb.
Mr. Dexter was a trustee of the Tennessee Company and had sought compensation for his efforts regarding the sale of land.
"The Tennessee Company was formed in 1789 along with the South Carolina Yazoo Company and the Virginia Yazoo Company for the express purpose of buying land from the Georgia legislature. The South Carolina and Virginia Yazoo Companies quickly became embroiled in scandal when they made an illicit deal with the Georgia legislature to buy 20,000,000 acres of land for approximately 1 cent per acre, an amount well under the actual value of the land. This deal was never completed, as the companies in question attempted to pay for the land using outdated currency. The Tennessee Company joined the Yazoo companies in scandal in 1794, when it convinced Georgia legislators (many of whom were, conveniently, stockholders in the Tennessee Company) to sell them 40,000,000 acres of land for 500,000 USD (or approximately 1.3 cents per acre), an amount constituting a ridiculously low price for the land in question. There was widespread outrage when workings of these deals were revealed to the American public, and the matter quickly reached the nation's capital." --Source: University of Tennessee Special Collections Library. (web posting)
See also MSS 189-K M for background for this correspondence.
Page [4] is the address leaf.
Gift of the great-great-great grandchildren of Captain Pendleton: Arthur Tilghman Brice, Alice Brice Joline, and Julia Brice Chubb.
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