d of silver, of iron, copper, and coal; he could not discover
and work wells of petroleum and natural gas; he could not build up,
sell, and speculate in railroad systems and steamship companies; he
could not gamble in the stock market; he could not build huge
manufactories of steel, of cottons, of woollens; he could not be a
banker or a merchant on a scale which is dwarfed when called princely;
he could not sit still and see an already great income double and
quadruple because of the mere growth in the value of real estate in some
teeming city. The chances offered him by the fur trade were very
uncertain. If he lived in a sea-coast town, he might do something with
the clipper ships that ran to Europe and China. If he lived elsewhere,
his one chance of acquiring great wealth, and his best chance to acquire
even moderate wealth without long and plodding labor, was to speculate
in wild land.

Land Speculators

Accordingly the audacious and enterprising business men who would
nowadays go into speculation in stocks, were then forced into
speculation in land. Sometimes as individuals, sometimes as large
companies, they sought to procure wild lands on the Wabash, the Ohio,
the Cumberland, the Yazoo. In addition to the ordinary methods of
settlement by, or purchase from private persons, they endeavored to
procure grants on favorable terms from the national and State
legislatures, or even from the Spanish government. They often made a
regular practice of buying the land rights which had accrued in lieu of
arrears of pay to different bodies of Continental troops. They even at
times purchased a vague and clouded title from some Indian tribe. As
with most other speculative business investments, the great land
companies rarely realized for the originators and investors anything
like what was expected; and the majority were absolute failures in every
sense. Nevertheless, a number of men made money out of them, often on
quite a large scale; and in many instances, where the people who planned
and carried out the scheme made nothing for themselves, they yet left
their mark in the shape of settlers who had come in to purchase their
lands, or even in the shape of a town built under their auspices.

Land speculation was by no means confined to those who went into it on a
large scale. The settler without money might content himself with
staking out an ordinary-sized farm; but the new-comer of any means was
sure not only to try to get