The Probert Encyclopaedia of Money

OHIO COMPANY

The Ohio Company was an American colonial land company. In 1749 George II granted to a band of wealthy Virginians, calling themselves the Ohio Company, a tract of land containing 500,000 acres, and lying mostly to the west of the mountains and south of the Ohio River. Thomas Lee was the projector of this company, but it was later conducted by Lawrence Washington. The conditions of the grant were that 100 families should be established upon it, a fort should be built and a garrison maintained. Numerous store houses were also established.

A second Ohio Company was formed on March the 1st, 1786, on the suggestion and in the house of Rufus Putnam, of Rutland, Massachusetts. On March the 3rd, Putnam, Cutler, Brooks, Sargent and Cushing reported an association of 1000 shares, each of $1000 in Continental certificates, or $125 in gold. A year was allowed for subscription. Land was to be purchased from Congress, in tracts lying between the Ohio and Lake Erie. On May the 9th, 1787, Parsons, agent for the company, appeared before Congress and was well received. Congress granted certain lots free of charge, and an enormous tract was bought at about eight or nine cents per acre in specie. Colonization was immediately begun, and slavery was prohibited. The company had much influence in shaping the Ordinance for the Government of the Northwest Territory.
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