The Credit System And the Public Domain

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420 1 6 Ibid. , Vol. IV. , p. 911. 7 Vol. XXI. , 1821, p. 277.
8 American State Papers, Finance, Vol. III. , p. 263; Public Lands, Vol. IV. , p. 2; Niles' Register, Vol. XIX. , 1820, p. 48.
'Niles' Register, Vol. XV. , 1819, p. 77; Vol. XEX. , 1821, p. 132; An- nals of Congress, 1819 '20, col. 465 ; ibid. , 1820, col. 1892.
IO Sumner, History of American Currency, p. 79.
The Credit System and the Public Domain. 1 1 that year "the price of all articles produced in the western states fell so low
...as scarce!}' to defray the expense of transportation to the ports from whence they were usually exported to the for- eign markets. This condition of things, which had not been an- ticipated when the debt for the public lands w r as contracted, produced the most serious distress at the moment, and excited alarming apprehensions for the future. " 1 The price of cotton fell more than fifty per cent. 2 Growers endeavored to recoup them- selves by planting a larger acreage, but this only drove the price still lower until 3 it had fallen more than twenty cents per pound.

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