Speculation Nation: Land Mania in the Revolutionary American Republic

Early American Studies

by Michael A. Blaakman

During the first quarter-century after its founding, the 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.” In Speculation Nation, Michael A. Blaakman uncovers the revolutionary origins of this real-estate bonanza―a story of ambition, corruption, capitalism, and statecraft that stretched across millions of acres from Maine to the Mississippi and Georgia to the Great Lakes.

Patriot leaders staked the success of their revolution on the seizure and public sale of Native American territory. Initially, they hoped that fledgling state and national governments could pay the hefty costs of the War for Independence and extend a republican society of propertied citizens by selling expropriated land directly to white farmers. But those democratic plans quickly ran aground of a series of obstacles, including an economic depression and the ability of many Native nations to repel U.S. invasion. Wily merchants, lawyers, planters, and financiers rushed into the breach. Scrambling to profit off future expansion, they lobbied governments to convey massive tracts for pennies an acre, hounded revolutionary veterans to sell their land bounties for a pittance, and marketed the rustic ideal of a yeoman’s republic―the early American dream―while waiting for land values to rise.

When the land business crashed in the late 1790s, scores of “land mad” speculators found themselves imprisoned for debt or declaring bankruptcy. But through their visionary schemes and corrupt machinations, U.S. speculators and statesmen had spawned a distinctive and enduring form of settler colonialism: a financialized frontier, which transformed vast swaths of contested land into abstract commodities. Speculation Nation reveals how the era of land mania made Native dispossession a founding premise of the American republic and ultimately rooted the United States’ “empire of liberty” in speculative capitalism.

Genres: History, American History, Nonfiction

432 pages, Hardcover

First published September 19, 2023

Reviews

[Brandon Westlake · Rating 5 out of 5]

Speculation has always seemed, at least to me, as a great missing piece of the American story. Blaakman puts this development in the context of settler colonialism, which adds a lot of explanation to why it became so prevalent, but also speaks to current trends in historiography. Americans have always had a steady fascination with owning land, and this book manages to trace that history through America's early days.

Speculation is viewed partially as a reaction to the Proclamation of 1763. Blaakman situates it as part of a conflict between the British crown and natives. In his view, part of the conflict that had arisen on the North American continent was over land ownership and the right to parcel it out.

Speculation further explains debt and currency issues that arose during the early years of the Republic. The situation after the war, as described by historians, is dominated by politics and the Constitutional Convention, but this book makes clear that there was a pervasive anxiety about land rights that was on the back of many Americans' minds. The instability of the 1790s is tied to the debate over how this land would be doled out and how the buying and selling of such land would be organized.

The biggest strength of the book is Part 2. Oliver Phelps, a rather unknown American, and his connect to speculation is detailed. Other lesser known Americans also make an appearance and drives Blaakman's narrative. It is a great piece of social history.

In all, Speculation Nation focuses on questions of land ownership, but ties them into the question of American identity. Without a doubt, it adds nuance to our understanding of the early decades of American history and our founding

[spencer wright · Rating 4 out of 5]

A look into the formative years of America and helps to answer the question of how the 'settlement' process began. It's at times a sad read, as Native Americans were routinely forced off their land in the name of expansion or greed, but it's an important story to tell.

[Dave Tabler · Rating 4 out of 5]

"Speculation Nation: Land Mania in the Revolutionary American Republic" by Michael A. Blaakman provides a comprehensive analysis of the land speculation phenomenon during the late 18th century in the United States. The book explores the political, economic, and social implications of the mania, tracing its roots to the Revolutionary era and its lasting impact on the nation.

Blaakman's examination of the connections between land speculation, state formation, Native dispossession, and the development of American capitalism challenges conventional narratives and offers new perspectives on the American Revolution and its aftermath.

'Speculation Nation’ provides a nuanced understanding of the complex relationship between land, power, and economic systems in the early years of the United States.

[Andrea Wenger · Rating 5 out of 5]

This engaging and informative book explores the unprecedented land speculation frenzy in the early United States. Patriotic leaders pinned their revolutionary success on seizing and selling Native land to fund war and promote a republican society. Enterprising merchants and financiers lobbied for massive, discounted transfers with the hope of making huge profits. Though the bubble burst, leaving many speculators bankrupt, their visionary schemes had enacted a distinct settler colonialism that turned Native lands into abstract commodities, making Native dispossession foundational to the American concept of destiny.

Thanks, NetGalley, for the ARC I received. This is my honest and voluntary review.

[JoAnn · Rating 3 out of 5]

A very well-researched monograph with an intriguing argument, one which challenges existing narratives about the motivations of settler colonialism. Rather than a mad rush for land and occupation, settlers and colonial governments found it difficult to get settlers to actually settle. Both the British and American governments, before and after the American Revolution put policies into place to fuel desire for settlement. The process required a cultural shift, but also strategic economic and financial maneuvers.

Blaakman reveals to readers the economic mechanics of how the Doctrine of Discovery was implemented.

I hesitate to provide a full academic review here; a much fuller reading of the material is required on my part.

[Tammy Mannarino · Rating 3 out of 5]

Fascinating, but academically written exploration of the workings of an mania for land acquisition around the time of the American Revolution. The author covers disagreements between Britain and the Colonists on acquisition of land from Native Americans and also nuances in how separate colonies handle granting and division of tracts. I was particularly interested in how and why speculation was discouraged in some instances and not in others.