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Rhode Island Colony “Land Bank” Original Mortgage Bond as made by Colonies to Promote Economic Development

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December 11, 1751-Dated, Colonial Rhode Island “Land Bank” Original Mortgage Bond, Indenture/Deed, Partly-Printed Document Signed, “Benjamin Potter” along with his red wax seal, Exeter (RI), Choice Very Fine.

One of the finest we have ever encountered, December 11, 1751 rare, complete with full margins, measuring 13" x 17", Partially-Printed Colonial Rhode Island Indenture, being a deed is for a parcel of land in Exeter, being purchased by Benjamin Potter a Yeoman from the Colony of Rhode Island for: “One certain Tract or Parcel of Land Situated & Lying & Being in Exeter aforesaid & Contains by Examination Thirty Six Acres & One Quarter...”. This Document is printed on a sheet of high quality handmade laid watermarked period paper. The Indenture is Signed and red wax Sealed by Benjamin Potter of Exeter, and is further witnessed by Samuel Thomas and Daniel Coggshall.

On the verso, it shows this deed was further later recorded on October 6th, 1766, signed by Edward Thurston. There are fold splits with reinforcements and minor edge chipping. The manuscript portions are completed, well written and easily readable in brown ink on laid period paper. This is a rare important official Colonial Rhode Island “Land Bank” fiancial loan document for a mortgage. It reads, in part:

“Trustees for the Colony aforesaid (appointed to let out upon Loan, the Sum of Twenty-five Thousand Pounds, emmitted upon Loan, by an Act of the General Assembly of Said Colony, made at Providence, in and for Said Colony, on the third Monday of March, in the Twenty-fourth Year of His Said Majesty’s Rein, Annoq; Dom. 1750, entitled, An ACT for promoting the raising Flax and Wool, and maufacturing the same into Cloth ; and also for giving a proper and Suitable Encouragement for carrying on the Whale and Cod-Fishery, and for those Ends making and emitting the Sum of Twenty-five Thousand Pounds in Bills of Said Colony, and Settling and Ascertaining the Value thereof :

And one other Act of the General Assembly of Said Colony, made at Newport in Said Colony, upon the Second Monday of June , next after the Passing Said Act, entitled, An ACT ... That the Said Benjamin Potter, for and in Consideration of the Sum of Nine pounds Six Shillings & five pence, in good and lawful Bills of Public Credit of Said Colony, or Silver and Gold equivalent, as in the Said Acts are mentioned, to him in Hand, at or before the EnSealing and Delivery of these Presents, well and truly paid by the afore-named Trustees.” Recorded with a further repayment due date of December 10th, 1761 “in good and lawful Bills of public Credit of Said Colony...”.

Docket and notation on the verso Benjamin Potter’s Deed for 9:6:5 Recorded - Recd.(eived) October 8th, 1766 (recording fee paid).
“Land Bank” Bills of Public Credit documents are rare. They were used as part of a broad effort to stimulate the Rhode Island economy and alleviate debt burdens. The “Land Bank” relied on mortgaged land as collateral to issue loans and create a circulating medium of exchange. The bills of credit were backed by the colony's general revenues and were used to finance public projects, such as infrastructure development, military expenses, and public works. In 1751, the Rhode Island General Assembly repealed the Land Bank system and the issuance of new land bank bills. The bills of public credit continued to circulate for some time but gradually lost value. Rhode Island faced economic difficulties in the aftermath of these financial experiments, and the colony eventually moved towards adopting a more stable and standardized currency system.

When Benjamin Potter was born on 24 September 1724, in Kingston, South Kingstown, Washington, Rhode Island, United States, his father, John Potter, was 26 and his mother, Hannah Saunders, was 22. He married Susannah Sweet on 15 September 1748, in Exeter, Washington, Rhode Island, United States. They were the parents of at least 1 son. He died on 4 March 1799, in Exeter, Washington, Rhode Island, United States, at the age of 74.
Keywords: Land Bank, Mortgage Bond, Indenture Deed, Document Signed, 1751, Rhode Island, Colony, Colonial, Newport, Exeter, Watermarked
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Estimate Range: $2,400 - $2,800
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