These men merely wanted so much land as they could till. Others, however, looked at it from a very different standpoint. The land was the real treasury-chest of the country. It was the one commodity which appealed to the ambitious and adventurous side of the industrial character at that time and in that place. It was the one commodity the 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.
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 arrears of pay to different bodies of Continental troops. They even at times purchased a vague and clouded title from some Indian tribe. As with most other speculative business investments, the great land companies rarely realized for the originators and investors anything like what was expected; and the majority were absolute failures in every sense. Nevertheless, a number of men made money out of them, often on quite a large scale; and in many instances, where the people who planned and carried out the scheme made nothing for themselves, they yet left their mark in the shape of settlers who had come in to purchase their lands, or even in the shape of a town built under their auspices.