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CO ,"" V:l c--.! c,:: about one-half mile south of the present-day Colorado-New Mexico state line and about one mile south of present-day Garcia. During the next few years, successful colonies were established at San Luis, San Pedro, and San Acacio. (.~'.l It appeared to Carlos Beaubien that ownership of the land grant could be a distinct liability because the united States government was seriously considering land taxes as a source of revenue and the grant produced no income for its owner. In 1853, he vested title to one-sixth of the grant to each of three associ- ates. During December 1862, Beaubien heard that William Gilpin, who had been the first Colorado Territorial Governor, had purchased one of the one-sixth interests, and he offered to sell his one-half interest to Gilpin. Gilpin began to arrange for the purchase of Beaubien's interest and made offers to purchase the two outstanding one-sixth interests. By September 1864, Gilpin had purchased five- sixths interest in the million-acre grant at a cost of $41,000 or about four cents per acre. Gilpin also feared a threatened land tax burden. He sold small interests to several easterners, and he was determined to sell the grant at the earliest opportunity for a good profit. In June 1868, Gilpin and his associates incorporated the Colorado Freehold Land Association, Limited, and published a pamphlet designed to attract foreign investors. In the attempts to attract foreign investors, one of Gilpin's associates met William Blackmore. Blackmore was an English capitalist with experience in this kind of promotion. He made an investigation of the grant and felt that European investors, while they wouldn't buy a million-acre ranch in far-away Colorado and New Mexico, might invest in a highly capitalized land company for substantial dividends through promotion of emigration and stock raising. The owners of the grant agreed with Blackmore and divided the grant into two rather natural divisions--the northern portion was to be called the Trinchera Estate and the southern portion was to be called the costilla Estate. They formed a separate land company for each portion of the grant under ColoradO territorial law. Blackmore was able to interest some Dutch bankers in the costilla Estate, but they refused to become involved in the company until they obtained a federal statute of authority. The Dutch bankers were afraid the act of a territorial assembly might be nullified by the U. S. Congress. On March 8, 1870, a bill was -3-