Declaration of Independence Signer Robert Morris Issues a Stock Certificate in the North American Land Company to John Barker Church

Church, who had been a friend of Morris and taken a mortgage for land in New York from him, ended up foreclosing when Morris could not pay

 

This contributed to the problems that sent Morris to debtor’s prison in 1798

John Barker Church went to America early in the Revolution, where he became one of three commissioners appointed by the Continental Congress in July 1776 to audit the accounts of the army in the northern department. He resigned his commission in September 1777, and moved to Boston. In Boston, he began a variety of businesses, including banking and shipping, and speculated in currency and land. In 1780, he secured a contract for provisioning the French forces in America, becoming Commissary General. Two years later, he was contracted as sole supplier to the American army as well. Church was known for his marriage to Angelica Schuyler, which made him the brother-in-law of Alexander Hamilton. Church returned to England after the Revolutionary War and served in the House of Commons from 1790 until 1796. The Church family returned to America for a visit in 1797, and then returned permanently in 1799 to New York, where Church, who had become wealthy from his speculations, became a founding a director of the Bank of North America.

Financier of the Revolution Robert Morris, a former delegate to the Continental Congress and signer of the Declaration of Independence, James Greenleaf, and John Nicholson founded the North American Land Company on February 20, 1795 and began soliciting investors soon after. By May they were selling shares. The North American Land Company was one of the largest land trusts in American history. The land company had 30,000 shares of stock, each valued at $100, and a total of 6 million acres of land in the District of Columbia, Georgia, Kentucky, North Carolina, Pennsylvania, South Carolina, and Virginia.

From the beginning, the North American Land Company was plagued by serious financial difficulties. Firstly, the authenticity of many of the titles to the lands were questioned. Secondly, some of the land proved useless. For example, the land company owned more than 2 million acres in the Georgia “Pine Barrens.” These large tracts of barren wilderness were uninhabited, covered in sandy soil, and consequently difficult to sell to land purchasers and settlers. So Morris sent his son-in-law, James Marshall, to Europe in order to sell shares in the company stock. Due to financial difficulties in Europe and doubts about the value of the North American Land Company’s holdings, Marshall was unsuccessful.

In May 1796, Church accepted a mortgage on 100,000 acres (40,000 ha) of land in western New York state against a debt owed to him by his friend Morris. After Morris failed to pay the mortgage, Church foreclosed.

Morris and Nicholson soon became bankrupt and the promissory notes they used as payment to Greenleaf for his share of the company defaulted. Greenleaf became bankrupt and in 1797 was sent to Prune Street Prison in Philadelphia. Nicholson and Morris soon joined Greenleaf in the same debtors’ prison. Morris was released after serving three and half years, but was left penniless and almost $3 million in debt. Nicholson died in prison, but Greenleaf was released in 1798 after serving less than one year.

This is a historic stock certificate for the North American Land Company, presented to John Barker Church on account of his investment in the company, signed by Robert Morris, dated at Philadelphia on May 28, 1795, and representing 5 shares – 17.608 to 17.612. It is also signed by James Marshall, Secretary.