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9203. YAZOO LANDS, Speculation in.

—Arthur Campbell * * * says the Yazoo
bargain is likely to drop with the consent of the
purchasers. He explains it thus: They expected
to pay for the lands in public paper at
par, which they had bought at half a crown a
pound. Since the rise in the value of the public
paper, they have gained as much on that
as they would have done by investing it in the
Yazoo lands; perhaps more, as it puts a large
sum of specie at their command, which they
can turn to better account. They are, therefore,
likely to acquiesce under the determination
of the government of Georgia to consider
the contract as forfeited by non-payment.—
To President Washington. Washington ed. iii, 251. Ford ed., v, 324.
(Pa., 1791)