§ Articles of Agreement with Theodorus Bailey
5 January 1796. JM has sold to Theodorus Bailey and John B. Van Wyck his land known as lot number two of the Sedachqueda Patent in the Mohawk Valley of New York, amounting to approximately nine hundred acres, at $5.83⅓ per acre, for a total of $5,250. Bailey and Van Wyck have paid JM $4,000 and have given him a note for $1,250 payable on or before 1 Jan. 1797. The parties agree to have the land surveyed at their joint expense and to adjust the sale price according to the results of the survey. The parties post a performance bond of $1,000.
Ms (DLC). 2 pp. In Bailey’s hand; signed by JM. Witnessed by Isaac Winston, Jr., and Philip Van Cortlandt. Damaged by removal of seal. (Bailey and Van Cortlandt were New York congressmen; Winston was a relative of Dolley Madison’s.) For the details of JM’s Mohawk Valley land speculations, see Brant, Madison description begins Irving Brant, James Madison (6 vols.; Indianapolis and New York, 1941–61). description ends , 2:341–42.