May 14, 2025
Speculation Nation:  Land Speculation in the American Revolutionary Era
Michael Blaakman
Associate Professor of History at Princeton University

Michael Blaakman and Len Burlik, introducer

​Minutes of the 32nd Meeting of the 83rd Year

President George Bustin called to order the 32nd meeting of the 83rd year of Old Guard. Julie Elward-Berry read the minutes from the previous meeting. The following guests (and their hosts) were introduced: Jeff Griesemer * (John Cotton); Audrey Egger (David Egger); and John Eory * (Ric Fernandez)
* Potential Applicant

In memoriam: John D. Wallace, a member since 2008, died on May 1, 2025.
William K. Wakefield, a member since 2025, died on May 5, 2025.
125 Old Guard members and guests attended.

The slate of ten prospective members was presented to the membership (who had previously received all their bio information, etc.), which accepted them all as new members by voice vote.

Dan Haughton, head of the ad-hoc committee for the enhancement of the Old Guard’s website, submitted his committee’s report.
· The response to the survey was excellent: 114 responded or 38%, which is over 50% of the active membership; 75% of the responders use the directory; 61% watch videos; 45% use-bio books; 38% use the website to propose new members; 24% look for minute taker instructions; and 22% seek to obtain the current Bylaws.

President George Bustin clarified that the current Old Guard Website will continue as is. A link will be provided to access the additional functionality provided by the enhancements.

Len Berlik introduced Michael Blaakman, Associate Professor of History at Princeton University. Professor Blaakman completed his undergraduate studies summa cum laude at the College of William & Mary, and he earned a Ph.D. in history from Yale University in 2016. He was a postdoctoral fellow at the Library Company of Philadelphia and an assistant professor of history at the University of St. Thomas in St. Paul, MN before joining the Princeton faculty in 2018. He is the author of Speculation Nation: Land Mania in the Revolutionary American Republic, which received the Frederick Jackson Turner Award for best first book in American history from the Organization of American Historians and the Cromwell Book Prize from the American Society for Legal History. The book was also a finalist for the George Washington Prize.

During the quarter-century after 1776, the new United States was swept by a wave of land speculation so unprecedented in intensity and scale that contemporaries and historians alike have dubbed it a “mania.” From Maine to the Mississippi and Georgia to the Great Lakes, wily merchants, lawyers, planters, and financiers purchased claims to millions of acres of land, chasing fantastical visions of profit by investing in the United States’ future expansion across Native American territories. Although such ambitious schemes drove many speculators into bankruptcy and debtors’ prison, they also indelibly shaped the development of American capitalism and the U.S. “empire of liberty.”

Professor Blaakman started the talk by saying that his book, Speculation Nation: Land Mania in the Revolutionary American Republic, was grand in scope and underscored two American themes: ambition and corruption. The scope of his lecture was no different.

Professor Blaakman stressed that land, in its seemly inexhaustible abundance, had an extraordinary grip on the Colonies. Fighting the Revolution was immensely expensive. At its conclusion, the new government was essentially bankrupt. Plentiful land, confiscated from the indigenous peoples, was its greatest asset and allowed the government to: (1) sell land for cash, and (2) pay its debt to its soldiers by issuing land grants.

The government’s hope was that the families settling on these properties would create a “citizen republic,” that promoted equality, bonded the country together, and solidified the fabric of the growing nation. It was thought that drastic inequality was fertile ground for despots. This was Jeffersonian thinking: equality within the republic was essential. National policy was to sell small farm-sized tracks to the common man.

There were two flaws in the plan. First, much of the grants was in the heart of Indian-controlled land. The second was the economic depression that followed the War. Soldiers needed cash and were forced to sell their land grant claims at substantial discounts to their true value. Land grant sales soon evolved into land speculation that led to a “bubble.” Governments tried to suppress land speculation, but failed. Speculators bought individual properties and amalgamated them into HUGE properties that could reach millions and millions of acres. Professor Blaakman called this speculation “a disease.”

Two of the largest speculators were Henry Knox, Secretary of War under Washington, and William Duer, whom Blaakman described as an “18th Century finance bro.” They used their connections and influence to outbid their rivals. Blaakman called this “coordinated graft.” The bubble burst in 1796 and many speculators ended up bankrupt or in jail. The real winners were the lawyers who had to sort out contested claims, bureaucratic snafus, and sloppy paperwork.

Professor Blaakman stated two conclusions which he said were two-sides of the same coin:
· The Revolution, by nature of the land grants, extended potential opportunity to the common man by giving him a valuable asset, land;
· This however, led to land speculation and, “The revolt of the elite,” who consolidated their power and wealth.

The speculation morphed into a “financialized frontier,” and a new form of capitalism where land itself evolved into an abstract source of wealth instead of something to provide shelter and sustenance. Land could be bought, borrowed against, or sold based on its future potential. Leverage was prevalent. Homeowners today inherently recognize this as they consider their land a valuable financial asset. Think of refinancing to generate cash.
Land mania had lasting consequences. The desire for more and more land drove America to continue to push west. It was a driving force for the Louisiana Purchase and America’s Manifest Destiny. Using a quote, Professor Blaakman said, “The land mania … has continued to be, more or less, the epidemic of our country ever since.”

What does this historical record of land speculation say about the character of America? Professor Blaakman let the audience draw its own conclusions.


Respectfully submitted,
James Hockenberry