Cutler contracted to purchase for the Ohio Company a million and a half acres at one dollar per acre, less one third of a dollar for bad lands and the expenses of surveying. Because the public securities with which payment was to be made were worth only twelve cents on the dollar, the actual purchase price was eight or nine cents per acre. The tract was bounded on the east by the Seven Ranges, which had been surveyed and offered for sale under the Land Ordinance of 1785, on the south by the Ohio River, and on the western side by the seventeenth Range; it extended far enough north to include in addition to the purchase one section of 640 acres in each township for the support of religion, one section for the support of schools, two entire townships for a university, and three sections for the future disposition of Congress. An interesting phase of this provision of the contract with the government was that the Ordinance of 1787 itself made no specific provision for public school lands, lands for support of religion, or for university purposes. The Land Ordinance of 1785 had provided for the setting aside of one section in each township for public schools, but for neither religion nor universities. But, so earnest of purpose were the men who had written into the Ordinance of 1787 “Religion, morality and knowledge, being necessary to good government and the happiness of mankind, schools and the means of education shall be forever encouraged,” that in their bargaining with the land commissioners, insistence was made upon these specific reservations. And so, perhaps outside the formal tenets of law, was furthered a public land policy which has done much to make our public school and university educational system an integral and distinctive feature of this government. Five hundred thousand dollars was to be paid when the contract was signed and the same amount when the United States completed the survey of the boundary lines of the tract. The contract was signed on October 27, 1787, by Cutler and Sargent for the Ohio Company, and by Samuel Osgood and Arthur Lee for the Treasury Board, as commissioners of public lands. Because the company could not pay the second installment when it was due, the tract was reduced in size from a million and a half acres to 1,064,285 acres when the patent was issued on May 20, 1792. By giving 100,000 acres for donation lands to actual settlers, Congress reduced the final purchase to 964,285 acres. In conformity with the Articles of Association the shareholders received equal divisions of the purchase. Instead of the 1000 shares originally expected, 822 were subscribed. When the final apportionment was made, each share received a total of 1,173.37 acres in seven allotments of eight acres, three acres, a house lot of .37 acres, 160 acres, 100 acres, a 640 acre section, and 262 acres.