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The Preemption Act of 1841 permitted "squatters" who were living on federal government-owned land to purchase up to 160 acres (65 ha) for $1.25 per acre ($3.09 per hectare) before the land would be offered for sale to the general public. To qualify under the law, the "squatter" had to be the following:
After 1860 the township filled up rapidly and little unoccupied land was to be found anywhere in its boundaries. The Will County Plat Atlas, 1862 shows some of the land in Will Township was still owned by the Illinois Central Railroad. It has been reported that the railroad sold land east of Peotone, to early settlers, for $2.50 to $5.00 per acre.
The Land Act of 1820 (ch. 51, 3 Stat. 566), enacted April 24, 1820, is the United States federal law that ended the ability to purchase the United States' public domain lands on a credit or installment system over four years, as previously established. The new law became effective July 1, 1820 and required full payment at the time of purchase ...
The enormous mansion in Illinois is listed for $3.5 million. Home & Garden. Lighter Side
Between 1862 and 1934, the federal government granted 1.6 million homesteads and distributed 270,000,000 acres (420,000 sq mi) of federal land for private ownership. This was a total of 10% of all land in the United States. [5] Homesteading was discontinued in 1976, except in Alaska, where it continued until 1986.
After he died in 1789, responsibility for surveying was transferred to the Surveyor General. Land was to be systematically surveyed into square townships, 6 mi (9.7 km) on a side, each divided into thirty-six sections of 1 sq mi (2.6 km 2) or 640 acres (260 ha). These sections could then be subdivided for re-sale by settlers and land speculators.
He soon began buying thousands of acres of land and eventually accumulated over 45,000 acres of land in Illinois, Iowa, and Tennessee. He used funds from the sale of land to develop the best of his land holdings: 5,000 acres of land in northern McLean County and southern Livingston County.
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