The purpose of the association was announced to be "to build a city
on liberal and advantageous principles, and to constitute funds for the
establishment of seminaries of learning and for religious purposes." The
proprietors reserved for themselves one-fourth of the lots, these being
called "proprietors' lots;" one-fourth were called "public donation lots;"
and one-half were called "private donation lots." The plan of survey and
sale was described as follows: "The front street is 132 feet wide; the
others 99. The in-lots are six poles in front, and eleven and a half back;
containing each sixty-eight perches, nearly half an acre. The most of the
out-lots contain four acres and eight square poles; some of them more,
(five and six acres on the back range); and a few of them less. There are
748 in-lots, and 331 out-lots--1079 in the whole.

"The lots are offered at private sale, at the following prices:

In-Lots On Front Street.

Corners, $150 each
Not corners, 100

The Rest Of The In-Lots.

Corners, $120 each
Not corners, 80
The out-lots, $100 each

"The payments are to be made in four annual instalments; the first
at the time of sale.

"A bank is to be constituted by the sale of the lots.

"One-fourth of the lots are appropriated to the use of schools and
religious purposes.

"One-half of the lots are to be given away to those who will
improve them according to the articles of association. A person
may have as many gift, or private donation out-lots, as he has
such in-lots; the out-lots not required to be improved. The gift
lots are to be disposed of on the following terms: the persons
receiving them pay the prices above stated, and receive for the
money thus paid, stock in the aforesaid bank. They are to improve
the in-lots thus given to them, by building one dwelling-house for
every such in-lot; one-half of the houses to be built within five
years, and the other half within ten years, from the sale of said
lots. The houses to be framed, brick, or stone, and to contain two
rooms, and two fire-places each."

The bank referred to was "The Bank of Mount Carmel." Its shares were ten
dollars each. The proprietors might put into the stock one-half of the
money received from the sale of proprietors' lots; all the money received
for public donation lots was to be divided into three equal parts, one
part to be f