Rare Book Monthly
Book Catalogue Reviews - May - 2003 Issue
An Interesting Americana Auction PBA Sale #264: Held May 29th
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* A Scheme for Emitting Notes of Hand redeemable with Silver and Gold: Whereas the Silver and Gold, which formerly were our Medium of Exchange, have been exported to our Mother Country...we the Subscribers have agreed to the following Articles... Broadside. 2 pp. on single sheetl. 14¼x9. (Chips along left edge, short repaired tear). 1740. * Advertisement: Whereas there has been lately banded about serveral square Bits of Paper with the Name of Joseph Marion written on the backside... Handbill/ broadside. Ink notation at top "Against Land Scheme," and at bottom "came forth Sept. 16th 1740." 7¼x4¾. 1740. * Advertisement: Whereas sundry Merchants & Factors, some Book-keepers and others...have lately published a Declaration setting forth that they will not take in Payment the Manufactory Bills... Handbill/ broadside. Ink notation at top "For Land Scheme," and at bottom "came forth Sept. 17th 1740." 7¼x4¾. 1740. * Printed receipt/certificate of investment for shares in the Manufactory Company. Not filled out. 15½x12¼. 1740. * Printed receipt/certificate of investment for shares in the Manufactory Company, differing slightly from preceding. Not filled out. 15½x12¼. 1740. * Printed Indenture Agreement for investment in the Manufactory Company. Not filled out. 17¾x14. Ford 740. 1740. * Printed Indenture Agreement for investment in the Manufactory Company, differing slightly from preceding. Not filled out. 17¾x14. Ford 740. 1740. * Printed agreement for investment in the Manufactory Company. Not filled out. 12½x7½. (Chips along left edge). 1740. Together, 10 items. Important archive of original printed broadsides and related material from the colonial Province of Massachusetts Bay, concerning the Manufactory Scheme whereby deposits were made and shares were sold in a joint stock company, which then issued its own paper money. The principals in the Company, as printed on the various documents, were Robert Auchmuty, Samuel Adams, William Stoddard, Peter Chardon, and Samuel Watts. There were 800 or so stockholders and they not only controlled the Massachusetts legislature, but they also succeeded in achieving Governor Belcher's removal in 1741. However, Britain won out in the end. There was an Act of Parliament that extended to the colonies, an earlier Act of George I, that forbade the incorporation of joint-stock companies with more than six partners. The banking company was then obliged to suspend operations and redeem their script. All of the partners of the companies were held individually liable, and each was quickly ruined. The wealth of Samuel Adams, father of the famous patriot, melted away in a moment. Friends of the banking companies denounced this Act of Parliament as a violation of the chartered rights of the colony and they questioned the extent of the authority of Parliament in America. Thus this early proposition to issue paper laid the seeds of discontent which were to errupt some 35 years later in the quest for independence.
Condition: Some minor soiling and aging to the broadsides and agreements, but still quite fresh and in near fine to fine condition, while the pamphlet is worn.
Price Realized: (Estimated $5,000-8,000). Actual: $9,775
