management of which opened chances of procuring vast wealth, and
especially vast speculative wealth. To the American of the end of the
eighteenth century the roads leading to great riches were as few as
those leading to a competency were many. He could not prospect for mines
of gold and 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