250 Obser-ai lions mode during a Tour in the United States. [Jan. 1, 



"From the ohftiviiuons I hud imide 

 in life, I was induced lo veft tlie frrcatcr 

 part ot" iny fortune in tlie uncultured 

 lands of tlie United States, I)y the lol- 

 Jnwin:: eoiJiderations : Ift, Ikcaufe the 

 rife ot ]:uidi in a new country is nearly 

 double the vidue of money, wiicu ap- 

 phed in any rej;uhir eonnnorce, or loan- 

 ed ronfilient witii law. '3illy, Other pro- 

 ptrty is liable to nisny ril'rjucs, and ^s\\t\X. 

 HucUjutions in price, whiht the price of 

 lands is re;:ularly prh;j:reliiny; with the 

 aftouifliins growth of the nation. TJic 

 author of exigence funiilhes us with an 

 an)Uial crop from the culti\ated lands; 

 and if two crops come into the market at 

 once, the price is reduced next to no- 

 thinjT : fi), if the labour of uicchanics 

 and arti/ans for one vear are on hand 

 when the laljours of the fecond year arc 

 hrouirht to market, the |)rice is rediicetl, 

 and a lofs on the articles nmll ha[)|)cn, 

 or the iabonrers bo put out of employ 

 for the fucccediuir year, which is inijjro- 

 bable. iXone of thel'eevilts happen when 

 «:apital is invelted in lands. While the 

 liunian race uiultiiily (and wilh alionilh- 

 itig rapidity in tliis country) the (pian- 

 tity of fi>il is not inereafed; "and, of cou- 

 fequence, the foil is continually and ra- 

 pidly chani-iuir in its relation to the lunn- 

 ber of cuilivalors. 'J'Ik; intorilt, with- 

 out labour, is.turnin'i into principal, and 

 .in fht-t, it is a conltaut increafnii; fund. 

 While war would fhake our fmids, and 

 hazartl our commerce, nothing Ihort of 

 fubjurrHtion, of itfelf hnpolfdde, if even 

 that, could (liake the value of our foil. 

 'n)is -with me was a powerful conhdcra- 

 tion, as even this nation mnft ha\e hor 

 calamities, though they will unavoidably 

 be fewer, and are more reuiote, thaii 

 "ill fall to the lot of :u)y other nation 

 on earth. Sdly, Ever hnce 1 had the 

 moans of making critical obfervations, 

 I have remarked, in America, that when 

 children vveje loft with perlbnal fortunes, 

 tliey \<iv\v nioti comnioidy ciiU'ipateil in 

 the courfe of a few years; while thote 

 whofc fortunes are in real property more 

 penerally prcfirve them from veneration 

 to ;;ciieration^ thouj^h there are excip- 

 tioiis. TomyiniiKl the reufon is appa- 

 rent. In the full cafe the heir uiay dil- 

 Jjofe of his property by ])iece-ineal, with- 

 out the knowledi;c of his fjicnds; there; 

 is nothing to check his j/airujiis forfpU-n- 

 dour, CNtravagance, and diffipation. In 

 The latter cafe lie cannot diipofe of his 

 preporty without the knov\ledi;e of his 

 f'ii lids, iiiid lh« cenfure of the world; 



and pride checks and controuls his other 

 pallions. lie takes time to deliberate, 

 and reafoa afl'umcs the dominion over 

 iudifcretion. 



" It, however, muft be admitted, that 

 while lands are, in my opinion, the molk 

 productive in the end, tlie fafeft and the 

 belt property for the man of wealth ; it 

 is the worft, or among the worft, pro- 

 perty for a man to hold who is embar- 

 rafled with debt. Property in new lands 

 K'cjuires time and patience : it cannot be 

 forced into the market at any given 

 time. To a man who knows America 

 the rcafon is ob\ ions. Land is no fur- 

 ther valuable than as the holder depends 

 ujion the great and rapid growtli of this 

 nation, arihiig from the hcalthiuefs and 

 fertility of the country ; the facility ol" 

 acfjuiring fubiiilencc; our fecurity from 

 enemies; and our muxainpled trancpnl- 

 lity, confidence in our government, and 

 iniUtutions in fupport of civil liberty, 

 adiy, Upon the products of the foil, 

 when brought into cultivation, there i% 

 not fulhcicnt capital in the United .States 

 to hold the jiroperty, and purchafcrs 

 and cultivators are generally young fa- 

 milies of fmall capitals, (fay, of from 

 200 to 2000 dollars each.) Thefe, for 

 many j'ears, require all their increaliiig 

 capital to CHable them to make their im- 

 provements, and lurnilh themfelvcs con- 

 venient bniidiiigs, flock, c^'C. Yet every 

 tree they fell, every Ihoke they ftrike, 

 every lield they eneJofe, and every build- 

 ing they erect, increafcs the fecurity and 

 wealth of the landholder. Of all men 

 on earth they ujoli, deferve to be clie- 

 rilhed and c.-irelild. Were the capital of 

 this country like an old one, the value of 

 our lands would more than inllantly 

 fpiadruple. Souie European dealers in 

 v\ild lands have danmed this fpecies of 

 ])ropcrty, becaufe they could not raife a 

 reafonablc ci]ui\alent in money upon 

 them : they Ihould have rtMueinbered 

 that the property, though of the very 

 bell quality, requires tinio and patience. 

 It mull not be thrown into the market on 

 an cmcr|eiiey. I'hat famefteady progrul's 

 "Lich marks the advances in America to 

 the tirii rank of importance amoiii: na- 

 tions, is necelUiry for tlie landholder. 

 In this opinion the greateft man in Ame- 

 rica unites with me, as vvell as that 

 which declari s the new lands in the 

 United States of found title and fertile 

 foil, the lirll, fafed, and greateft object 

 iur an invelriture of c.npital; and it is a 

 fact, that alinoll the vshole of our capi- 

 taliU«, 



