Westward Expansion and Land Speculation
After the United States government granted land to Revolutionary war soldiers for military service, the Pennsylvania General Assembly passed a general land act on April 3, 1792. It authorized the sale and distribution of the large remaining tracts of land east and west of the Allegheny River in hopes of sparking development of the vast territory. The process was an uneven affair, prompting much speculation but little settlement. Most veteran soldiers sold their shares sight unseen under market value, and many investors were ultimately ruined. The East Allegheny district consisted of lands in Potter, McKean, Cameron, Elk, and Jefferson counties, at the time worthless tracts. West Allegheny district was made up of lands in Erie, Crawford, Warren, and Venango counties, relatively good investments at the time.
Three major land companies participated in the land speculation that followed. Holland Land Company and its agent, Theophilus Cazenove, acquired 1,000,000 acres (4,000 km2) of East Allegheny district land and 500,000 acres (2,000 km2) of West Allegheny land from Pennsylvania Supreme Court Justice James Wilson. The Pennsylvania Population Company and its President, Pennsylvania State Comptroller General John Nicholson, controlled 500,000 acres (2,000 km2) of land, mostly in Erie County and the Beaver Valley. The North American Land Company and its patron, Robert Morris, held some Pennsylvania lands but was vested mostly in upstate New York, former Iroquois territory.
Read more about this topic: History Of Pennsylvania
Famous quotes containing the words westward, expansion, land and/or speculation:
“Columbus felt the westward tendency more strongly than any before. He obeyed it, and found a New World for Castile and Leon.”
—Henry David Thoreau (1817–1862)
“We are caught up Mr. Perry on a great wave whether we will or no, a great wave of expansion and progress. All these mechanical inventions—telephones, electricity, steel bridges, horseless vehicles—they are all leading somewhere. It’s up to us to be on the inside in the forefront of progress.”
—John Dos Passos (1896–1970)
“The structure was designed by an old sea captain who believed that the world would end in a flood. He built a home in the traditional shape of the Ark, inverted, with the roof forming the hull of the proposed vessel. The builder expected that the deluge would cause the house to topple and then reverse itself, floating away on its roof until it should land on some new Ararat.”
—For the State of New Jersey, U.S. public relief program (1935-1943)
“There was no speculation so promising, or at the same time so praisworthy, as the United Metropolitan Improved Hot Muffin and Crumpet Baking and Punctual Delivery Company.”
—Charles Dickens (1812–1870)