2-2-OPT, Sales on Credit

2-2-OPT, Sales on Credit - Items re period of U.S public...

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Items re period of U.S. public land sales on credit 1795 U.S. Hoyt:10 war x Gnrl. Wayne persuades U.S. to buy site of Chicago from Indians, to control key passage. Eng. were at Green Bay. 1803, Ft. Dearborn built. (Why the lag of 8 years? Probably due to depression.) 1795 U.S. Sakolski:53 Slump in land prices. Sakolski attributes slump to national policy of distributing domain in small parcels, but I think he has his dates wrong. (Cf. his error re given name of Fessenden.) Elsewhere he has praised Hamilton's plan of funding national debt, withholding lands. Sakolski is no friend of ours: RSF should never waste money distributing his book. 1796 U.S.,ohio Goodrich:24,169 x Federal lands given to Eb. Zane for marking out Zane's Trace across s.e. Ohio. [This suggests a feeble pace of devmt., cf. tollroad boom further east.] 1796- U.S.,ohio O'Callaghan:111 x x Finally start distributing federal lands to vets 1797 U.S. Sakolski:167 tax U.S. Sakolski:167 tax Robert Morris loses 200,000 acs of land in N.C., sold for a year's taxes. [Note use of land tax by a state.] 1798 N.Y. Sakolski:62 l.v. N.Y. Sakolski:62 l.v. N.Y. law had prohibited foreign landownership. 1798, Burr gets this annulled, helping Dutch and English owners of Genesee purchase (in which Burr had an interest). 1798 U.S. Bogart:241 x Capital import halts. [Cf. 1797, was also an Eng. fall then, possibly aborted by wartime land tax.] 1800 U.S. Sakolski:169 l.v. slump Land specn at low ebb. Big plungers wrung out. 1800 U.S. Rothbard:24
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Congress establishes liberal credit system, sale of public lands. 1/4 down, 5 years to pay for min. 320 acs. Repeatedly extended terms. [Very likely it took this , a truly Jeffersonian land policy, to accelerate settlement west of Ohio R. Hicks52 has maps of pop density: 1800, p.206; 1810, p.283; 1820, p.327. Pace of westward expansion picks up fast after 1800. Cf. 1750, p.103. New states: Ohio, 1803; LA, 1812; then a flood, 1816-21: IN, MS, IL, AL, ME, MO. (Lake states did not come in until after Erie Canal.)] 1800 U.S. Sakolski:169 Congress adopts new land sales policy. Lowers min. size from 640 to 320 acs. 1804, lowers to 160 acs. Price fixed at $2/ac, regardless of size of purchase. I.e., no more wholesale discounts. P.170, Interest in quick flips wanes; internal improvements and townsites now seen as essential. "'Town jobbing' . .. became the new form of land grabbing." 1803 U.S. SOURCE? paxdiv LA Purchase. This was a peacediv w/o war, it fell into our laps as Nap. was buying allies, or buying off potential enemies. Nap. needed money, they say, but he even extended credit! (Paxdiv can take form of land acquisition. In U.S. history, often did. As a result, higher rents result in massive expansion onto new lands: land-linking and land-enhancing look better than land-saving.) Treaty stipulated residents would become citizens, and all their property recognized, including slaves. (Thus, Nap. didn't sell us LA as a pvt. seller might; He sold U.S. Govt. the duty to protect LA for the French landowners already there. Helps
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This note was uploaded on 02/16/2012 for the course ECON 123 taught by Professor Smith during the Winter '11 term at UC Riverside.

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2-2-OPT, Sales on Credit - Items re period of U.S public...

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