74 



siasm with which the enterprise wag carried forward by the 

 merchants of our town, and its connection with the origin of 

 our national navj, to which it was an important contribution. 



A war with France at that time seemed imminent, and Con- 

 gress, responding to the suggestions of President Adams, pass- 

 ed an act in June, 1798, authorizing the President to accept 

 such vessels as might be built by the citizens for the national 

 service, and to issue six per cent stock to indemnify the sub- 

 scribers. Subscriptions were raised for this purpose in New- 

 buryport, Boston, New York, Philadelphia, Baltimore, Norfolk, 

 and other places. Even in the infant city of Cincinnati a sum 

 was subscribed towards equipping a galley for the defence of 

 the Mississippi river. Stock was subsequently issued under the 

 act to the amount of $711,700. 



About the middle of July, 1798, citizens of Salem opened 

 " a patriotic subscription," at " the Insurance office," for the 

 purpose of " raising money for the use of the government to be 

 applied to the building of vessels, or such other purposes aa 

 government may choose." The object of the fund thus stated, 

 was general, not specific, yet the project was at once received 

 with favor. Our wealthier and more spirited citizens entered 

 their names upon the list. It was soon considered expedient to 

 devote the moneys thus raised to the construction of a " stout 

 Frigate," under the act of Congress, which we have mentioned. 

 This special purpose being known, several of the subscribers 

 came forward and doubled their original subscriptions, and de- 

 clared their willingness to do more if necessary. Elias Has- 

 kett Derby and William Gray, jr. subscribed ^10,000 each. 

 By October the amount had reached $74,000. A paper has 

 been preserved containing the names of the subscribers, with 

 the amount offered by each, as follows : 



"Willianl Gray, jr. 



$10,000 



Samuel Gray 



2000 



Elias H. Derby 



10,000 



"William Ward 



500 



"William Orne 



6000 



Joshua Ward 



750 



John Norris 



5000 



Jonathan Neal 



2000 



John Jenks 



1500 



John Daland 



100 



Eben'r Beckford 



2000 



Joseph Newhall 



100 



Benja. Pickman 



1000 



Michael Webb 



100 



Stephen Webb 



500 



Edmund Gale 



10 



Benja. Pickman, jr. 



1500 



Benja. Webb, jr. 



100 



Joseph Peabody 



1500 



Richard Manning 



1000 



John Osgood 



1000 



Benja. Hodges 



500 



"William Prescott 



1000 



John Becket 



100 



Ichabod Nichols 



1000 



James Gould 



50 



Benja Carpenter 



5no 



John Derby 



1000 



Jacob Ashton 



1000 



Edward Allen, jr. 



500 



Jamea King 



500 



Page & Ropes 



100 



