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Early American Land Speculation & Investment
Land speculation is sometimes considered the first major industry of Colonial America.
It flourished in the South even before the commercial importance of the tobacco industry became apparent in the 1600s.
It appears that virtually every colonial enterpriser and proprietor understood the principle of economic rents and the conditions
necessary for speculative enhancement.
The very early enterprisers realized little profit from their ventures; in time,
the ownership of land, with agriculture an accompanying factor, became the mainstay of large private fortunes.
Ultimately, the heirs of those who held investment
lands in actual or prospective urban centers enjoyed phenomenal financial success.
At least one credible historian believes that British interference with colonial land acquisitions to the west,
especially beginning in 1763, played a significant role in events leading to the Declaration of Independence--a role
overlooked by many historians.
In any case, men like George Washington, Benjamin Franklin, Patrick Henry, Samuel Adams,
and other movers and shakers of the era, subsequently and ultimately did well with land speculation and investment.
The third Secretary of State, Timothy Pickering, said in 1896 "All I am now worth was gained by speculations in land".
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