Free Society of Traders Organized with Aid of Penn, May 29, 1682

Soon as William Penn received the grant of land in America which is now Pennsylvania, he immediately issued advertisements in which certain concessions were offered to settlers. Among those who made application for large quantities of land were companies organized for colonization purposes.

One such company was “The Free Society of Traders,” whose plans Penn favored and whose constitution and charter he helped to draw.

The first general court of this society was held in London May 29, 3731682, at which time the “Articles, Settlement and Offices” of the society were adopted and the actual operations begun.

The charter to the Pennsylvania Company, the Free Society of Traders, bears date March 24, 1862. The incorporators named in Penn’s deed to them were “Nicholas More, of London, medical doctor; James Claypoole, merchant; Philip Ford (Penn’s unworthy steward); William Sherloe, of London, merchant; Edward Pierce, of London, leather seller; John Symcock and Thomas Brassey, of Cheshire, yeoman; Thomas Barker, of London, wine cooper, and Edward Brookes, of London, grocer.”

The deed recites Penn’s authority under his patent, mentions the conveyance to the company of 20,000 acres in Philadelphia, erects this tract into the manor of Frank, “in free and common Socage, by such rents, customs and services, as to them and their successors shall seem meet, so as to be consistent with said tenure.” It allowed them two justices’ courts a year and other legal privileges.

In addition to the first 20,000 acres, their appurtenant city lots “was an entire street, and one side of a street from river to river,” comprising 100 acres, exclusive of an additional 400 acres owned in the Liberties. The location of the property was the tract between Spruce and Pine streets, from the Delaware to the Schuylkill River, 366 feet in width. Their lands were given the name Society Hill.

The society was empowered to appoint and remove its officers and servants, to levy taxes, etc. An important privilege was the authority given to be represented in the Provincial Council by three representatives of the society.

This society was given title to three-fifths of the products of all mines and minerals found, free privilege to fish in all waters of the Province, and to establish fairs, markets, etc., and the books of the society were to be exempted from all inspection.

May 29, 1682, the general court prepared and published an address, and mapped out an ambitious program of operations.

The address, which is ingenuous, points to the fact that while it proposes to employ the principles of the association in order to conduct a large business, it is no monopoly, but an absolutely free society in a free country. “It is,” says the prospectus, “an enduring estate, and a lasting as well as certain credit; a portion and inheritance that is clear and growing, free from the mischief of frauds and false securities, supported by the concurrent strength and care of a great and prudent body, a kind of perpetual trustees, the friends of the widow and orphan, for it takes no advantages of minority or simplicity.”

In the society votes were to be on a basis of amount of stock held, up to three votes, which was the limit. No one in England was allowed more than a single vote, and proxies could be voted. The officers were president, deputy, treasurer, secretary and twelve committeemen. Five, 374with president or deputy a quorum. The officers were to live on the society’s property.

All the society’s servants were bound to secrecy, and the books were kept in the society’s house, under three locks, the keys in charge of the president, treasurer and oldest committeeman, and not to be entrusted to any persons longer than to transcribe any part in daytime and in the house, before seven persons appointed by the committee.

The society was to send 200 servants to Pennsylvania the first year, “to build two or more general factories in Pennsylvania, one upon Chesapeake Bay, and the other upon Delaware River, or where else the committee shall see necessary for the more speedy conveyance of goods in the country and Maryland, but that the government of the whole be in the Capital City of Pennsylvania.”

The society was to aid Indians in building houses, etc., and to hold Negroes for fourteen years’ service, when they were to go free “on giving to the society two-thirds of what they can produce on land allotted to them by the society, with a stock and tools; if they agree not to this, to be servants till they do.”

The leading object of the society at the outset seems to have been an extensive free trade with the Indians, agriculture, establishment of manufactories, for carrying on the lumber trade and whale fishing. An agent in London was to sell the goods.

Nicholas More, president of the society and one of Penn’s Judges, was the first purchaser of land in the province who had a manor granted to him.

The Free Society of Traders obtained land on the river front south of Dock Creek. The society built a sawmill and a glasshouse, both in the same year, 1683. They also established a tannery, which was well supplied with bark and hides. Leather was in general use for articles of clothing, such as are now made of other goods. Penn himself wore leather stockings.

In 1695 the exportation of dressed and undressed deerskins was prohibited in order to promote their utilization at home.

But as the people arrived and settled they probably found they could do better by themselves than in a company and its schemes were not carried out. So the Free Society of Traders, from which much had been expected and which actually yielded so little, came to an end March 2, 1723, when an act of Assembly placed its property into the hands of trustees for sale to pay its debts.

The trustees appointed were Charles Reed, Job Goodson, Evan Owen, George Fitzwater and Joseph Pigeon, merchants of Philadelphia. These soon disposed of the property.

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