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Yazoo Companies
(gcide) | Yazoo Fraud \Yaz"oo Fraud\ (U. S. Hist.)
The grant by the State of Georgia, by Act of Jan. 7, 1795, of
35,000,000 acres of her western territory, for $500,000, to
four companies known as the
Yazoo Companies from the region granted; -- commonly so
called, the act being known as the
Yazoo Frauds Act, because of alleged corruption of the
legislature, every member but one being a shareholder in
one or more of the companies. The act granting the land
was repealed in 1796 by a new legislature, and the
repealing provision was incorporated in the State
constitution in 1798. In 1802 the territory was ceded to
the United States. The claims of the purchasers, whom
Georgia had refused to compensate, were sustained by the
United States Supreme Court, which (1810) declared the
repealing act of 1796 unconstitutional. Congress in 1814
ordered the lands sold and appropriated $5,000,000 to pay
the claims.
[Webster 1913 Suppl.] |
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