American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1857-04-04
WESTERN LAND WARRANTS.

Mr. Greely. OF the n. Y. 1ri6use, is
on tour III the West, aud giving his
opinion of matters and things. In one
of his letters from Iowa, dated Iowa Ci-
", February 3d, he gives his views re.
specllng the rage for speculation, now
going on. They may be- of interest to
some of our readers: .....
"Aimost every one here who isn't
getting drunk is getting rich, or thinks
he Is. The soil here has so often donb.
led III market value, that almost every
one who came here more than three
years ago and bought,land, now counts
himself at least on the high road to
wealth. Many qnarter section which
was bought for $500 since 1850, is now
held at $500 to $4,000 per Iot-said lot
containing, perhaps an eight of an acre.
VI course, this is true only of a village
and embryo city property but there is
very much unicnced, unbroken prairie,
which never had anything done upon it
TO enhance its value, now held at $40 to
$50 per acre. while timbored tracts
range still higher-and the harvesrs IL.
suaIly grown whenever the land has
been fairly broken aud titled, seem to
Justify these prices. -....
"Still, the picture has its shades
Land speculation, as a consequence of
these rapid enhancements of price, has
become an epidemic. which attacks all
and will yet ruin thousands. The bub
bic will be swelled till it bursts. A
crash in Europe or on the seaboard-a
failure OF crops, or any great disaster
causing contraction of credit and q
general collection of debts, may collapse
IT, any moment. There is many an on.
orator, W ho now counts his wealth by
hundreds of thousands, and confidently
expects soon to reckon it by millions,
who will find himself bankrupt before
ten years roll around unless am much
mistaken.
The more see of land speculation,
.where ITS raVages are most general, the
less like it. Here men are eagarly
grasPing all the land they can possibly
purchase, paying the most exorbitant
usury, putting off needy creditors.
living crowded in wrorched huts, and
letting their children grow up in ienor.
ance, In order that they may clutch more
land conVersed with thrifty sensi.
bic farmor, who came in sixteen wears
ago, when there were not three settlers
in this township, aud took up choice
location, on which he has lived till few
months ego, when he was obliged to sell
1t aud remove 10 the nearest village in
order to educate his children: monopo.
" OF lands all around him, in part bv
non residents, having deprived him Of
all school privileges, Another pioneer.
who came DOT fifteen years ago, and has
since acquired property worth fifteen
or twenty thousand dollars, said com,
passionately tn his poor brother who
had just joined him from New York -
"lf you bad come out when | did. Won
might by this time have been as well of
as am" "Yes," replied the other !;
"hut | would not swop estates with YOU
and have my children 10 better educa.
ted than yours are.'
Fer coDtra--we may add, that we
have received two or three papers from
the wcet--irom lowa--~giviDg assuran.
ces that great opportunities for invest
ing money, based upon good security,
and assurances Of tho rapid rise in real
| estate, &c. We shall not advise. The
west hes great inducements for cmipra.
tion, but nero speculation is another
matter. ..
A dry goods dealer in New Hayon
Il 4