One of the New Hampshire grants, the township was chartered on August 20, 1761 by Governor Benning Wentworth and awarded to Gideon Lyman and 61 others. Although Springfield's alluvial flats made it among the best agricultural towns in the state, the Black River falls, which drop 110 feet (33.5 m) in 1/8 of a mile (201 m), helped it develop into a mill town. Springfield was located in the center of the Precision Valley region, home of the Vermont machine tool industry.