and single proprietors of large grants early figured. In 1787
the Ohio Land Company, a New England concern, acquired a million and a
half acres on the Ohio and began operations by planting the town of
Marietta. A professional land speculator, J.C. Symmes, secured a million
acres lower down where the city of Cincinnati was founded. Other
individuals bought up soldiers' claims and so acquired enormous holdings
for speculative purposes. Indeed, there was such a rush to make fortunes
quickly through the rise in land values that Washington was moved to cry
out against the "rage for speculating in and forestalling of land on the
North West of the Ohio," protesting that "scarce a valuable spot within
any tolerable distance of it is left without a claimant." He therefore
urged Congress to fix a reasonable price for the land, not "too
exorbitant and burdensome for real occupiers, but high enough to
discourage monopolizers."

Congress, however, was not prepared to use the public domain for the
sole purpose of developing a body of small freeholders in the West. It
still looked upon the sale of public lands as an important source of
revenue with which to pay off the public debt; consequently it thought
more of instant income than of ultimate results. It placed no limit on
the amount which could be bought when it fixed the price at $2 an acre
in 1796, and it encouraged the professional land operator by making the
first installment only twenty cents an acre in addition to the small
registration and survey fee. On such terms a speculator with a few
thousand dollars could get possession of an enormous plot of land. If he
was fortunate in disposing of it, he could meet the installments, which
were spread over a period of four years, and make a handsome profit for
himself. Even when the credit or installment feature was abolished in
1821 and the price of the land lowered to a cash price of $1.75 an acre,
the opportunity for large speculative purchases continued to attract
capital to land ventures.

=The Development of the Small Freehold.=--The cheapness of land and the
scarcity of labor, nevertheless, made impossible the triumph of the huge
estate with its semi-servile tenantry. For about $45 a man could get a
farm of 160 acres on the installment plan; another payment of $80 was
due in forty days; but a four-year term was allowed for the discharge of
the balance. With a capital of from two to three hundred dollars a
family could embark