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Lectres 2 - -Once there were more than 5,000 males of...

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ii. Distribute Wealth to the worthy (small lots sold on credit for low prices or given way) Anti-Federalists (Thomas J efferson) -nation of small handed farmers promotes democracy -Right to labor the earth Note: existing landowners would lose because of the decrease in the value of land iii. Setting price to maximize revenue was tricky Goal is to set price where elasticity of demand equals 1 %∆Q = 1 %∆P -difficult to do when cannot see demand curve -Each unit of land is different iv. Land Ordinance of 1785 and Northwest Ordinance of 1787 Orderly Settlement -Surveyed in advance -Regular grid -Six-mile square townships Price and size -Alternating townships sold whole -640-acre sections -Auctions with minimum price of $1 per acre -Cash sales -One section set aside for schools-tells us this is in the North N.W ordinance -A governor would be appointed by Congress
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Unformatted text preview: -Once there were more than 5,000 males of voting age, then they could elect a territorial legislature-Once you had more than 60,000 people, you were deemed a state on equal footing with original states-Civic and religious liberty-slavery prohibited(again, this is in the north) v. 1796 Land Act-$2 per acre but credit was possible C. Expanding Settlement 1800 Land Act (Harrison land Act) cut minimum acreage in half to 320 acres 1804 Land Act- cut in half again to 160 acres 1820 Land Act-price $1.25 per acre, minimum acreage 80(no credit) 1830 Increase in grain prices Increase in settlement by farmers and speculators 1830 Preemption Act. Squatter could pay $1.25 per acre up to 160 acres 1862 Homestead Act: -160 acres free if you live on it for 5 years, or after 6 months you can pay $1.25 an acre, and it’s yours...
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