Plan of an American Manufactory

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Philadelphia, February 22, 1775.

As the establishing of Manufactories among ourselves, must undoubtedly be of great advantage to the publick, it is hoped that every friend to his country will endeavour to promote the following Plan, to which a considerable number of gentlemen have already subscribed:

Plan of an AMERICAN Manufactory.

We the subscribers, being deeply impressed with a sense of our present difficulties, and earnestly solicitous, as far as in our power, to support the freedom and promote the welfare of our country on peaceable and constitutional principles, and well knowing how much the establishing Manufactories amongst ourselves, would contribute thereunto, besides exciting a general and laudable spirit of industry among the poor, and putting the means of supporting themselves into the hands of many, who at present are a publick expense, and also to convince the publick that our country is not unfavourable to the establishing Manufactories, do agree to form ourselves into a Company for the promoting of an American Manufactory, on the following principles, subject to such rules and regulations as shall be hereafter agreed on.

1. That the Company be called "The United Company of Philadelphia for promoting American Manufactures."

2. That the Company shall continue for three whole years, commencing on the day of the first general meeting of the subscribers.

3. That a share in the Company be fixed at ten Pounds; after the payment whereof, every subscriber shall be entitled to a vote in common on all occasions, and also to be elected to any office belonging to the Company, and no person shall be entrusted with any office but a member thereof.

4. That we will begin with the manufacturing of Woollens, Cottons, and Linens, and carry on the same to the greatest extent and advantage our stock will admit of during the three years aforesaid, for which purpose we do agree to pay into the hands of the Treasurer, who shall be hereafter chosen, one moiety, or full half of each of our subscriptions, within one week after the first general meeting of the subscribers, and the other moiety within two months after the aforesaid general meeting; all which moneys paid as aforesaid, together with all the profits arising from the Manufactory, shall be continued as Company stock, for the space, and to the full end of three whole years, commencing on the day of the first general meeting of the subscribers aforesaid.

5. That a general meeting of the subscribers shall be

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called by written tickets, within one week after two hundred subscribers are obtained, in order to choose by ballot, for the first year, twelve Managers, a Secretary and Treasurer, to fix the time of the annual meeting for our future elections, and to do all other matters and things as may then be deemed necessary for the better regulating the affairs of the Company.

6. That one third of the Managers, and no more, be changed annually, on the day of the election, by their drawing lots for their going out; and on the death, or departure out of the City and its Districts, of any Manager, for the space of three calender months, the other Managers may choose another in his stead, who shall be considered as acting in the room of the deceased or departed Manager.

7. That the Managers carry on the Manufactory agreeable to the rules of the Company, and shall have the whole direction thereof, and shall attend two by two, in turn, every day, at the Manufactory Store, at such hours as they shall agree upon, to oversee the business, draw orders on the Treasurer, and give the necessary directions.

8. That the Treasurer shall give security for the faithful discharge of his trust, and for accounting for, and delivering up to his successor in said office, all such moneys, books, writings, and effects, as shall then be in his hands, belonging to the Company, at such times as the Managers, or a majority of them, shall direct and require, which security the Managers are hereby required to see duly given, executed, and recorded in the office for recording of Deeds for the County of Philadelphia, before any such Treasurer, so elected, shall enter upon his said office. And the Treasurer is hereby enjoined to answer no order but such as shall be signed by the two attending Managers for the day, as aforesaid, which said orders shall be good vouchers to indemnify him.

9. That a state of the Manufactory, and of the Company' s accounts, shall be fairly made out at the end of every six months, and kept in the Manufactory Store, for the inspection, of the Members.

10. That the Managers shall have power to call a general meeting, as often as they shall find it necessary to take the advice of the Company in any affair, or to lay any proposal or matter of importance before them.

11. That after the first general meeting of the subscribers, three weeks notice of the time and place of meeting, in one of the Newspapers, shall be sufficient to call a general meeting of the Company; and no rule nor regulation shall be binding on the Company, but such as shall have received the approbation of a majority of the Members present at a general meeting.