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Manuscript DS as president, endorsed and signed “And by him paid over to me, Go: Washington,” one page both sides, 9.25 x 15, July 31, 1795. Articles of agreement concluded "between General George Washington of Mount Vernon in Virginia…and Colonel Israel Shreve of Fayette County in Pennsylvania," by which "George, for and in consideration of the sum of four thousand pounds lawful money of Pennsylvania to be paid and secured to him by the said Israel…doth agree and engage to sell and convey to the said Israel in fee simple one thousand six hundred and forty four acres and a quarter of Land." Below, James Ross affirms receipt of the sum of £1,000 from Israel Shreve; Washington signs below to confirm receipt of his payment. Matted and framed with a portrait and nameplate to an overall size of 25 x 21; a glass backing allows the entire reverse of the document to be viewed. In very good to fine condition, with some expert professional repairs, and a fold split passing between the capital letters of the signature.
This document pertains to a complicated land transaction made between President George Washington and Colonel Israel Shreve, a veteran of the Revolutionary War who fought alongside Washington at the Battle of Brandywine and Battle of Germantown, and wintered at Valley Forge. A surveyor by trade, Washington had acquired vast land holdings through inheritance and purchase—in addition to large properties in his native Virginia, he owned about 58,000 acres of western lands in Pennsylvania and what is now West Virginia. His first purchase west of the Allegheny Mountains was a 1,644–acre tract of land, called Washington’s Bottom, on the Youghiogheny River in western Pennsylvania.
In the fall of 1789, Col. Shreve leased a 600-acre section of the Washington's Bottom property for a term of five years. When the lease was up, Shreve approached Washington about purchasing that tract, offering 'any Sum per acre your Excellency may please to fix not Exceeding Six Dollars.' Washington replied by offering him the entire tract for £4,000 Pennsylvania currency, one-fourth to be paid upfront and the remainder payable in five yearly installments, every June 1st, at an interest rate of six-percent. In this transaction, Washington acted through his agent, James Ross.
Shreve struggled to pay his debt on time, falling delinquent in spite of Washington's repeated requests and warnings. Although he threatened to foreclose, Washington could not bring himself to sue a fellow Continental Army officer. The History of Fayette Country (1882) reports: 'At one time, not long before the death of Washington and Shreve, the former, notwithstanding his great wealth, having become somewhat straitened for money, pressed Shreve hard for payment on the lands, and caused an execution to be issued against him, at the same time writing him a severe letter in reference to his delinquency; but at its close he relented, and said to his old comrade of Trenton and Monmouth, 'not withstanding what has been done, and in consideration of our ancient friendship I give you further indulgence. Take this letter to Col. Thomas Collins, sheriff of Fayette County, and it will operate as a stay of execution.' Col. Shreve took the letter to the sheriff as directed; further time was given, the payments were met (though with great difficulty) by Shreve, but both he and his great creditor passed from earth, leaving the transaction uncompleted and the lands still unconveyed.' Ultimately, Washington's executors conveyed the property to Col. Shreve's heirs in 1802.
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