John Harrison Wilson, The life of Charles Henry Dana

[37] to Dana, who joined late in September and took part in forming the articles of association, getting subscriptions to the stock, and in electing the officers of the institute.

The par value of the shares was fixed at five hundred dollars each, of which Dana took three and Ripley three; the rest, in all twenty-four shares, were taken by various others, including Nathaniel Hawthorne, in lots of one, two, and three shares. The favorite number seems to have been three. Of the entire amount subscribed only one third was actually paid in. The property consisted of about one hundred and ninety-two acres, and was situated in the town of Roxbury, on the road leading from Dedham to Watertown, about nine miles from Boston. The purchase price was ten thousand five hundred dollars, six thousand of which was secured by a mortgage “for three years and twenty-one days.” This was followed at once by a second mortgage for five thousand dollars, from which it will be seen that the place was mortgaged to start with for five hundred dollars more than it cost. Dana, although adolescent and without any capital whatever, was at once elected recording secretary, one of the three trustees, and a member of the committee of finance, and also of the committee on education.

The sole asset of the association was the farm, mortgaged at the start for more than its value, while its only dependence for actual income was the farm produce which might be grown, and the charge for tuition and board which would be furnished to such as might join the institute. I have given these details for the purpose of showing that the association, whatever might have been its merits as a business undertaking, and however unsound or visionary may have been the principles and aims on which it was founded, was fore-doomed to failure, primarily for lack of capital. It was doubtless an honest and unselfish