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In the beginning of the 19th century, a young man named John Bond Swasey purchased or inherited most of the land on which Meredith Village now sits. Swasey had inherited a 95-acre lot from his father Benjamin who had bought the land in 1777. The farm was located at what is now the core of Meredith. Across from his homestead on Main Street, Swasey owned the General Store, which supplied the many new settlers moving into Meredith Village. Swasey then undertook a project that was to have great significance for the town of Meredith, a project that marked the beginning of the development of the present Mill Falls Marketplace site. Starting from frontage on Lake Waukewan, Swasey built a rock-lined canal over 600 feet in length channeling the water under the Main Street Horse Path to where the land drops sharply to Lake Winnipesaukee. Water power was now concentrated into one fall of about 40 feet.
According to Swasey family tradition, this stone was used to measure property boundaries since the town's earliest days. Deed records, however, indicate its significance lies more in designating the southwest corner of the "Swasey mill lot". As early as 1800, deeds show the "mill yard on the outlet of Measly Pond" (Waukewan), indicating the existence of mills there even before John Bond Swasey purchased them. It also marks the corner of the old "Corporation Square," where community band concerts took place. The current building at the corner of the mill lot across Dover Street was once the studio of Meredith's Bob Montana, creator of the famous Archie comics.
The Waukewan Canal and the fall were probably completed by 1818. Now Swasey was able to build a number of profitable mills for sawing lumber, grinding flour, combing cotton flax, and weaving cloth. All these mills helped stock the shelves of the Swasey Store. Swasey's man-made waterfall was considered among the best mill drivers in the state. Swasey died in 1828 at the age of 46. He had carved out an industrial center that became the hub of Meredith. Town citizens today still credit him with nursing the village through its infancy and setting the town on the road to prosperity.
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