In fact, the land speculation craze was partly responsible for the adoption of the Northwest Ordinance of 1787, which set up a government for the ceded territory north of the Ohio. Nevertheless, the speculators and land companies were an important factor in the development of the West. If an investor does the proper research to understand the local market, a reasonable expectation of return can be obtained. Some attempts were made by the government to reign in potentially harmful speculative behaviors, such as homestead acts that allowed tracts to be granted to individuals that actually occupied them. Similarly, the Penns and Calverts in Pennsylvania and Maryland and the early proprietors of New York, New Jersey, and the Carolinas speculated in land in an imperial way. Amazon Doesn't Want You to Know About This Plugin. Land speculators were often unpopular and regarded unfavorably in newly opened areas because they often left their holdings undeveloped. LAND COMPANIES. Most of these dream cities never flourished, but a few, with aggressive leadership, managed to become the county seat, the territorial or state capital, or a railroad center, or managed to acquire the U.S. land office, a religious college, or a state university or other public institution. https://www.encyclopedia.com/history/dictionaries-thesauruses-pictures-and-press-releases/land-speculation, "Land Speculation When donations by states with western land claims created the public domain of the United States, speculative interests converged upon Congress with requests to purchase tracts of land north of the Ohio River. These purchases virtually defeated the purpose of the Land Ordinance of 1785, which authorized the sale of land at $1.00 an acre, or a third more than the Scioto Company paid, and the Land Act of 1796, which raised the price to $2.00 an acre, because the speculators whom Congress had allowed to acquire large tracts of land at lower prices than were offered to individual settlers were able to undersell the government. These men, unlike Robert Morris, were able to retain their lands long enough either to resell at high prices or settle tenants on them. However, the date of retrieval is often important. The Public Lands in Jacksonian Politics. George Washington was a large landowner in Virginia, Pennsylvania, and the Ohio country; Robert and Gouverneur Morris, William Duer, Oliver Phelps, Nathaniel Gorham, and William Johnson acquired princely domains in Pennsylvania, New York, and Maine. This very act of land speculation could drive prices up, but sometimes had detrimental effects as well. Taxing land values reduces the benefits of ownership. Refer to each style’s convention regarding the best way to format page numbers and retrieval dates. land speculation Large-scale investments in agriculture and forestry have far-reaching implications for the lives of affected individuals and communities. In some cases these land purchases would be nullified by disagreements between colonies, or in later cases between states, and the speculator would be left with nothing. Among the most prominent of the speculators were the Wadsworths of the Genesee country, John Jacob Astor, and Peter Smith, father of Gerrit Smith. Land speculation, a recurrent American phenomenon that was essentially a part of the frontier movement, was a significant factor in the passing of Texas land from government into private ownership. Most influential colonials tried their luck at speculating, either through the land companies or on their own account. Their efforts to attract settlers to their lands through the distribution of pamphlets and other literature describing the western country lured thousands from their homes in the eastern states and the countries of northern Europe to the newly developing sections of the West.
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