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commissioners "themselves make such representations on the subject to the State of
Pennsylvania, as will in such event become proper.""
The Virginia General Assembly approved the Potomac Company legislation on January
5, 1785,''` and subscribed fifty shares on behalf of the Commonwealth.'' Washington informed
Samuel Chase on January 17, 1785.'° That same day, he wrote to Thomas Johnson (who
continued his involvement in the venture)," in order to expedite the opening of subscriptions for
the Company, which were scheduled to begin February 8, 1785, in Richmond, Alexandria and
Winchester, Virginia,'' and in Annapolis, "George-Town" and "Frederick-Town," Maryland.''
The founding of the Potomac Company was publicized in the newspapers of the day,"
" Id.
7- Id. at 104; Delaplaine, supra note 30, at 391; 1784-85 Va. Acts c. XLIII, reprinted in
11 Hening's Statutes at Large 510 (1823). The legislation also provided for the repeal of
Virginia's previous 1772 Act. Id. § XXI.
'' Id. § XX. The Virginia legislature also bestowed 50 shares of the Potomac Company
(and 100 shares of the James River Company) on George Washington as a grateful tribute for his
service to the country. 1784-85 Va. Acts c. XLIV, reprinted in 11 Hening's Statutes at Large 525
(1823). Washington declined to accept personally any such emolument as the result of work that
he believed to be his public duty. 28 Fitzpatrick, supra note 61, at 303-04 (Letter from
Washington to Henry of 10/29/1785); 2 Fitzpatrick, The Diaries of George Washington, supra
note 50, at 376 & n.4. The General Assembly directed that the shares be appropriated to "such
objects of a public nature" as Washington might direct by deed or last will and testament. 1785
86 Va. Acts c. XI, reprinted in 12 Hening's Statutes at Large 42 (1823).
'' 28 Fitzpatrick, supra note 61, at 32 (Letter from Washington to Chase of 1 /17/1785).
''' Delaplaine, supra note 30, at 391.
'6 28 Fitzpatrick, supra note 61, at 31 (Letter from Washington to Johnson of 1/17/1785).
'' 1784-85 Md. Acts c. XXXIII § 2; see Maryland Journal, Feb. 12, 1785 (giving notice
that the books have been opened and subscriptions will be received through May 10, 1785).
'8 Maryland Journal, Feb. 18, 1785 (announcing opening of subscriptions for the
company stock "so essentially necessary to accomplish a Work fraught with such universal
(continued . . .)
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