Cumberland, Rhode Island, USA (Valley Falls) (Ashton) (Cumberland Hill)
1878 - Ashton

Ashton.
Simon Whipple, George Olney, Samuel Clarke, and others purchased this privilege, and built a factory in the year 1810, and spun cotton. Mr. Olney purchased his partners' shares at various times. In 1825, he owned the entire privilege. The management of these men, gave the place the name of 'Sinking Fund', which was bestowed upon it by Henry Scott. At the time of which we are speaking, the leading politicians had a great deal to say about creating a 'Sinking Fund', in order to be able to pay the public debt at maturity. Mr. Scott took the word, and pronounced the above company a 'Sinking Fund.' His peculiar method of enunciation added to the beauty of the joke, and the story has been remembered, although its author has long since passed away.

Mr. Olney afterward sold out to the Lonsdale Company. This company operated the mill until 1869, on silicias and sheetings. Since this time, the mill has been used as a store-house. A part of this village is in this town, but the manufacturing interest, and the new village, have been built upon the Cumberland side. The Lincoln village has several stores, and is connected with the new village by a fine bridge.


History of the State of Rhode Island with Illustrations Albert J. Wright, Printer No. 79 Mille Street, corner of Federal, Boston. Hong, Wade & Co., Philadelphia 1878.
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