Hide Article Text (OCR)
This farm of Capt. Elisha Miller was ^glven by will to the Ancient Second “ijcrety ofLyrae, forever for school purposes and the income derived theretrom for the rental was to be divided among the children in the several districts between the ages of 4 and 1C years respectively,Capt. Elisha Miller died on the 24th of February, 1779, in the G2ud year of his age and was buried in the old burying ground near the Old Stone church lo East Lyme and the following inscription appears on his tombstone.“In memory of Capt. Elisha Miller, a worthy benefactor of this society, and in particular to the youth in that he gave a great part of his estate to the support of schools.“Who died February 24th, 1779, in the 02 year of bis age, a friend to all, a father to the poor and needy.”Also another stone of marble erected to his memory by the inhabitants of the Ancient Second society of Lyme, now East Lyme, has the following inscription:Oct. 1st, 1825, this stone is erected by the inhabitants of the Ancient Second society of Lyme, as a token of respect to Capt. Elisha Mtller, who died February 24, 1779, in the 02 year of his age.”This farm was rented to different tenants and was running to waste and the society had trouble in collecting the rents. Finally to remedy this evil they made application to the legislature for liberty to sell the same but the legislature refused to grant the requestaud the Bociety tben concluded to lease the farm for a long term of years.The society committee at that time consisted of Joel Lewis* Titus Beckwith and BIchard Huutlcy and they gave a lease to Collins Gorton, his heirs and assignees, etc., for 999 years from Apiii 1st, 1828. I he avails of this lease were invested permanently in the stock of the New London bank. Twenty-nine shares were bought untransferable, and afterwards one share was bought with the Interest from the original shares, so that this bank had thirty shares of its stock held by the Ancient Second society of Lyme, tweuty-nine shares being untransferable and one share transferable.Ibis stock was held by this society until about 1SG5, when the bank went into a national bank and they made the society take the money for the untransferable stock and the question wag raised bow much ought the hank to pay the society for the stock; the state of Connecticut had money in this bank similarly invested and this society accepted the game pay that the state accepted.The claim made by the bank was that the bank was holden for this stock at its face value under any circumstances and therefore ought not to be obliged to pay a premium.I was treasurer of this society for many years and was in the habit of drawing the dividends from this bank, which amounted to |75 semi-annually or 1160 per annum, which was divided among the scholars in (he several school district* in the society the same as the money from the school fund.This money paid back by the bank was then held by the town of East Lyme, for which the society held the selectmen's order on interest. Subsequently the money to conform to the state law was removed from the custody of the selectmen and placed in the hands of the Judge of probate, where It now
Newspaper Details
Connecticut Eastern News
Niantic, Connecticut, US
Tue, Dec 18, 1894
Page 2
Full Page
Clipped by
Katie D.
NA, 17 Oct 2023
Other Publications Near Niantic, Connecticut
Connecticut Eastern News
