[MANUSCRIPT DETAILING THE SALE OF LAND FROM ROBERT MORRIS TO THE BANK OF NORTH AMERICA]
by [Morris, Robert]
[Philadelphia], 1797. pp. Folio, stitched as issued. Toned, minor wear to extremities. Very good. Manuscript outlining Robert Morris' contract with the Bank of North America regarding 58 large parcels of land in central and western Pennsylvania. In an act of desperation Morris signed over his investment, attempting to appease his growing legion of creditors. Morris, with his two partners, James Greenleaf and John Nicholson, formed the North American Land Company in 1795. The company acquired nearly six million acres of land which was put into a trust, with stock being issued at $100 per share, and each share representing two hundred acres of real estate. When the market for real estate investment collapsed due to the Napoleonic Wars and the Panic of 1797, Morris was besieged with creditors. Though Morris made several attempts, such as this sale, to raise funds he was eventually sent to debtor's prison where he remained for three and a half years. The official document bears the original wax and seals of the Court of Common Pleas of Philadelphia.
(Inventory #: WRCAM51019)
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