Question

Which of the following statements most accurately describes federal land policy between 1800 and 1840?

- The government steadily increased the minimum purchase size of federal lands and tightened the terms of repayment.
- The government eventually sold land only to speculators, not to individuals.
- The government set an artificial ceiling on land prices to protect would-be farmers.
- The government steadily reduced the minimum purchase size of federal lands and loosened the terms of repayment.

Answer 1

The best option is "The government steadily reduced the minimum purchase size of federal lands and loosened the terms of repayment."

In an effort to pass the property of land to private entities. The government initially granted a minimum price of land at 2$ per acre and additionally made it possible for purchasers to access to credit. This led to a rapid rise in land sales between 1800 and 1820.

During the year 1820, the government decided to end with the credit system but reduced the minimum price of land at 1.3$ per acre. This led to a greater increase in sales and revenue.

Answer 2

When the republicans came to the power in 1800, Thomas Jefferson thought that the small farmers of the time ought to control the west. Therefore, the land law of 1800 reduced the minimum individual purchase of land in the west to 320 acres. During the following years this purchase turned down to 160 acres in 1804, and 80 acres in 1820. By 1832 the purchase was reduced to 40 acres and the price had dramatically fallen to one dollar per acre. However, for small farmers these small lots were okay, as they needed to repay their loans as soon as possible, and clearing the land usually took them quite some time. On the other hand, banks increased the availability of credit specifically for land speculation and loosened the terms of repayment. Following this information, the correct answer is: "the government steadily reduced the minimum purchase size of federal lands and loosened the terms of repayment".