The Land Act of 1820, adopted April 24, 1820, is a United States federal law that ends the ability to purchase public land in the United States on credit or installment systems for four years, as predetermined. The new law is effective July 1, 1820 and requires full payment at the time of purchase and registration. But to drive more sales and make it more affordable, Congress also reduced the minimum price (from $ 2.00 to $ 1.25 per acre ($ 495 to $ 309/km²)) and the standard minimum channel size (from 160 to 80 hectares (647,000 to 324,000 mÃ,²)). The minimum full payment now amounts to $ 100 instead of $ 320. At that time, these lands were located on the border of the Ohio Congress Lands and other places in the Northwest Territory and the Missouri Territory, in what was then called "The West".
With the high cost of transporting their products and the lack of internal improvements, the legislation was deemed necessary because many farmers had difficulty repaying loans due to the additional economic hardships brought by Panic in 1819. The Land Act of 1804 previously included a minimum purchase (160 acres) too great for many, and the price set by the Land Law of 1785. It's too expensive for the average family to move west. The squatter also violates the law by trying to get cheaper land; this is done by moving to the ground before being bought by the government and put up for auction. Congress does not like these encroaches in the Indian Treaty and must do something about it. The action was instrumental in ushering in a new era of Western influence. The low price allowed settlers to move to the West, thus increasing the population in the west, and with him, the congressional states.
Although the Land Act of 1820 is good for the average American, it is also good for wealthy investors, who have enough money to buy land at a lower cost. Although the Land Law helps create a new era of Western growth and influence, it also increases the seizure of land from Native Americans. However, for previous buyers of public land, and although assisted by an extension of the credit of eight years, more than necessary time to ease their situation. On February 16, 1821, the Relief Act of 1821 was authorized to adjust the debt repayment schedule for persons who had bought public land before the Land Act of 1820, when the federal government changed the method of selling public lands.
Video Land Act of 1820
References
Source of the article : Wikipedia
0 Comments