In the book American History a Survey (268), it is stated that during 1835 - 1837 nearly 40 million acres of land were bought and sold in the nation to immigrants who had little or no money. The land was sold on credit at greatly advanced prices. However, investors who were mostly Eastern speculators from the United States coming here to take advantage of the situation were buying most of the land. They had hopes to re-sale and make a profit. Their form of payment for this land was usually loans from banks. At the same time, the money from these land sales was coming in to the US treasury from land office, and most of it was of dubious value. In short, the gover

nment was selling acres of land and, in return, receiving a miscellaneous collection of state bank notes, none of which was really worth the stated value.

PEI History Department. Panic of 1837.

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Approximate Word count = 971
Approximate Pages = 4 (250 words per page double spaced)