It was brought to an amicable
settlement, by Massachusetts surrendering to New York the right of
jurisdiction, over all the land west of the present eastern boundary of
the State; and by New York giving to Massachusetts the pre-emptive right,
or right of purchasing of the Indians, all of the lands lying west of a
meridian line drawn through Seneca Lake, from a certain point on the
northern boundary of Pennsylvania, reserving however, a strip of land one
mile in width, along the eastern shore of the Niagara river. Thus New
York, while she retained the sovereignty, lost the fee of about six
millions of acres of land, in one of the finest regions of country in the
new world. [Footnote: For a more full account, see "Turner's History of
the Phelps and Gorham Purchase."]
While these difficulties were being adjusted, a magnificent speculation
was in progress, which bid fair to meet the expectations of its earnest
projectors. A company was organized, called the New York and Genesee Land
Company, with a view to obtain the entire tract of Indian lands within the
State. To evade the law forbidding the sale of these lands to any party
not authorized by the State, it was proposed to obtain them by a lease,
that should extend nine hundred and ninety-nine years. A lease extending
so long, was regarded as equivalent to a sale.
With a view to further its designs another company, the Niagara Genesee
Company, was also formed in Canada, of those who were most in
correspondence with the Indians, and who would be influential in securing
from them a decision in favor of their object.
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