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:
“Behold the difference between the Oriental and the Occidental. The former has nothing to do in this world; the latter is full of activity. The one looks in the sun until his eyes are put out; the other follows him prone in his westward course.”
—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)
“For Nature ever faithful is
To such as trust her faithfulness.
When the forest shall mislead me,
When the night and morning lie,
When the sea and land refuse to feed me,
‘Twill be time enough to die.”
—Ralph Waldo Emerson (1803–1882)
“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)