Metes and Bounds
Subdividing lands using compass points and directions. using physical geographical features.
Land Ordinance of 1785
Eased boundary conflicts.
Created the Public Land Survey System (PLSS)
Township
Major unit of PLSS
36 sq. miles
Sections
Minor unit of PLSS
1sq. mile
Preemption
Settle land first pay later
Homestead Act (1862)
Encourage westward expansion
Gave 160 acres of public land to any adult citizen (or intended citizen) who would
Live on the land for at least 5 years,
Build a dwelling, and
Cultivate/farm the land.
Title
Saying you own this lane
Deed
Actual paper saying you own this land.
Homestead Act: Politics
The Homestead Act became law only after Southern opposition disappeared, as they feared losing cheap labor to the free western lands.
Squatting
Enjoyed considerable public sympathy.
Public Domain
Land owned by the US government
National Monument
A protected area of public land set aside by the U.S. government to preserve natural, cultural, or historical features.
Antiquities Act 1906
Signed by Theodore Roosevelt. The President could create national monuments.
Morrill Land Grant Acts
1862 - Land to the state for colleges
USU\
1890 - Black people could receive federal funding to attend college.
Free Riders
Enjoys the benefit but doesn’t pay for it
Forced Riders
Pay for good, but it doesn’t fit them.
Panic of 1837
Financial Crisis
Financial Crisis
Financial Assets lose value
Specie
Gold and Silver (had more value after the panic of 1837)
Speculation
Purchase of the asset and its value will quickly increase.
Bank Run
Many depositors withdraw their money from a bank at the same time because they fear the bank will fail.
Deposit Insurance
A government program that protects the value of deposits even if the bank fails.
Price Bubble
Inflated prices for assets that are inconsistent with fundamental values.
