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It leads to foreclosure and the closing of banks. When overspeculation of land occurs, banks give loans to people who can't afford it because they think the prices of land will increase. And when the prices don't increase, people who took out the loans can't repay them, banks are forced to foreclose on the land, and they gradually go out of business because of all the money they lost giving loans and never being repaid.
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Overspeculation in western lands?
Speculation on the potential value of lands in the western part of the emerging United States resulted in the loss of many fortunes. This over-speculation caused rampant and short lived land rushes.
What was the oridance of 1784?
It was the oridance on 1975 and it was called the "land oridace" which set up a system for surveying and dividing western lands It was the oridance on 1975 and it was called the "land oridace" which set up a system for surveying and dividing western lands It was the oridance on 1975 and it was called the "land oridace" which set up a system for surveying and dividing western lands
What divided western lands into townships?
the land ordinace
According to the Proclamation of 1763 the government controlled all western lands?
british
Why did congress sell and give away western lands after the revolutionary war?
The confederation congress wanted to sell the nations western lands so that they could pay the nation's debts. They wanted to sell the land to the public.
