Final answer:
The correct label would be Township 29 North, Range 1 West.
Step-by-step explanation:
The correct label of a township that is located one township west of the meridian and two townships north of the baseline would be Township 29 North, Range 1 West. In the Township and Range system, townships are numbered north or south of the baseline and ranges are numbered east or west of the meridian. So, starting from the baseline, which is a designated latitude line, you would count two townships north, and then move one township to the west to get to the correct label.