Manuscript Group 1594, Guide to the Lewis BrownIndenture 1836
TABLE OF CONTENTS
The New Jersey Historical Society
Finding aid encoded by Julia Telonidis. October 2004. Production of the EAD 2002 version of this finding aid was made possible by a grant from the Andrew W. Mellon Foundation. Finding aid written in English.
There is very little known about the two parties involved in this purchase. It is known, however, that land speculation and purchasing flourished during the first half of the 1830s especially for businessmen in the New York City area. By 1836 President Andrew Jackson decided to substantially reduce the amount of power wielded by banks across the country as a result of this great boom in land value. On August 15, 1836, Jackson declared that all government lands purchases by investors must be bought in specie, which broke away from the soft money concept (this particular purchase was made only ten days before Jackson’s specie circular was announced). As a result banks across the nation collapsed from debt leading to a nation-wide panic in 1837. Many argue Jackson’s policy was a major cause for the great economic panic of 1837 and the ensuing depression that lasted for almost seven years, while some cite other domestic and international issues as the cause. In any case, land purchasing, especially from inhabitants of New York, sharply decreased after 1837. Thus, it is possible that this purchase of land by Samuel Mott might have been made during the final moments before a severe depression.
The indenture identifies the two parties involved, Mr. Lewis Brown and Mr. Samuel Mott, and acknowledges their agreement on August 5, 1836. The document states that Lewis Brown agrees to sell his land in Rahway, New Jersey, which was mapped on November 4, 1835, to Samuel Mott for the sum of $200.
This collection should be cited as: Manuscript Group 1594, Lewis Brown Indenture, The New Jersey Historical Society.
Purchased by the New Jersey Historical Society in May 2002.
Bancroft, Hubert H. “The Financial Panic of 1837.” Retrieved on June 24, 2003. link