Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-05-21
Land SpeculatiOns.-Lett from
Iowa. All SellerS..NO BUYERS.

Land Observation-Disclosures from
Iowa. All Sellers-.NO Buyers.
An Iowa correspondent of the Boston
Traveller, who has been for many years a
resident of that State, writes as follows
with reference to the present land fever:
Have you made any compilation of The
enormous quantity Of wild lands purchased
of the government within the past five
years? Have you thought of the vast ex-
ten o lands taken up by individuals du-
ring that period, in Indiana, Illinois, Michi-
gan, Wisconsin. Minnesota, Iowa, Missouri,
Nebraska and Kansas! Of the many mil
lions of acres thus purchased, how much
has been sold. again and again, at con-
stantly increasing prices, with an actual in
crease of value! How many paper towns
have been alluringly mapped out, convey
ed and recovered times without number.
How all improved property throughout the
West has advanced in price, repeatedly
changed owners, and what an nor in
debtedness has grown out of the unwarant-
able speculations! Ifyou have reflected
upon these facts, you can hardly be surpris-
ed when you hear that times are tight in
the West, and bid fair to become rapidly
tighter. Nor will you be astonished if an
almost universal insolvency should result
from the speculative fever which, forseve-
raj years, has been growing more and more
general. until it has seized upon all classes
and almost every individual amongst us.
Payday is coming. A short time
since every body wanted to buy lands. A
marked change has recently come over
them. Nor, almost every body wishes to
sell. The question TO be solved is, where
are the buyers to come from? Some will
come from the East no doubt. but not
enough to avert III disaster which is al
ready impending. Wild lands will be wild
lands still, and such are really worth moth
ing. Until ar owner lives upon it, a town
ship of wild land is utterly valueless; and
after he has fixed his residence upon it, its
value only becomes positive in proportion
to the labor he i~nte!igently bestows up
on it.
All the lands in the hands of recent pur-
chasers are producing and will produce
nothing, until they arc required for actual
occupants. Great and rapid without pre-
cedent as has been the increase of popula-
.tion ofIowa within the past five years, still
4 full moiety, if not more, the land taken
from government is in the hands of mere
spectators, who have had and have 10 in
tention of occupying them. They were pur-
with the sole idea of re-selling at an
advance. Much oft has been bought of
first hands at from three to five, and in some
instances even ten dollars per acre, almost
Immediately after the purchase at the gov
eminent price. Much of this latter de-
scription of purchase has been on one, two
and three years time, with ten per cent,
interest, the first and second payments now
beginning to fall due. How are these pay
ments to be met! Ordinarily, a sale of the
land would produce the money.
This will not do now, for the simple rea-
son that, except an occasional purchaser,
who will buy for personal use, no one has
money to invest. The land will then be
sacrificed, and still the debts will remain
partially unpaid. Prices, instead of con-
tinuing to advance, will rapidly recede. un-
til unimproved lands may probably be pur-
at less than Government valuations!
Such must be the result, except in special
localities. How many millions of dollars
loss will this impose on landjobbers and
their unfortunate victimsl The estimate
would be rather appalling of itself, but as
l think it involves a complete arrangement
of financial affairs throughout the country
"a arrangement already manifesting itself,
it is quite safe to affirm that the present
land-bubble is fated 10 burst within the
current twelve-month, and it is but wise to
prepare for the train of r%uinous consequent
ces which must inevitably follow.