Ohio History Journal

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OHIO

OHIO

Archaeological and Historical

PUBLICATIONS.

 

 

 

THE BEGINNING OF THE OHIO COMPANY AND THE

SCIOTO PURCHASE.*

 

BY MAJOR E. C. DAWES.

 

The beginning of the year 1783 saw the Revolutionary war

virtually at an end, although the final treaty of peace was not

signed until September third. The colonies had achieved their

independence at the price of the lives of many, and the fortunes

of all of their defenders. The Continental currency, despite

the fiat of the government, had long since ceased to be of value.

Since 1780 all army supplies had been purchased with interest

bearing notes, payable in coin, issued by the Quartermaster

General by authority of Congress. These were known as "Con-

tinental specie certificates" and had depreciated to about one

sixth their par value. The troops were about disbanded; there

was no money to pay them. Many meetings were held among

the officers and many plans for securing the arrearages of pay

were discussed. All conferences came to the same conclusion.

The United States had no credit upon which to borrow money,

no power to enforce the collection of a tax, no property with

which to pay its debts. The only apparent resource was the

land west of the Alleghenies belonging to the Indians, the

In preparing this paper I have made liberal extracts from an essay

read by me before the Cincinnati Literary Club, in 1881, a few copies of

which were printed. I have also used, with consent of the publisher,

almost the whole of an article on the Scioto Purchase, published in the

Magazine of American History, December 1889.

Vol. IV-1