Were I to characterise the United States, it should be by the appellation of the land of speculation.
Such has been the rapid rise of every article of american produce, of house-rent, and land (to say nothing of mercantile speculation, great part of the carrying trade of Europe being now in the hands of the Americans), that surely there never was a country where that passion was so universal, or had such unbounded scope.
The last great purchase of land from the Indians, on the confines of Georgia, was at the rate of a cent per acre; one hundred acres for a dollar!
Before the american war, flour, was sold at two dollars, per barrel; it is now selling at fourteen.
But perhaps the most tempting speculation is that of the mines. Our friend, Parsons, who is here looked upon as an agent to some english speculators, has lately received the enclosed, which I begged a copy of, for your perusal but should first inform you, the cheapest fuel you can burn in some parts of America, is english coal from Liverpool!
Farewell.
COPY OF A LETTER TO B. PARSONS.
"SIR,
"The coal mine, of which you requested, me to give you a description, is situate in the county of Hampshire, on a spur or arm of the Allegany mountains. At the foot of this, within the distance of one mile, is the river Patowmack, at the confluence of it's north branch with the Savage river. To this point, the Patowmack Company, incorporated for this purpose, intend to extend their navigation, and have already perfected it within the distant of six or seven miles. The work is going forward, and I believe will be completed next summer. This being perfected, there will be a good navigation for large flat-bottomed boats, within one mile of the coal-bank, to which a good road may be had on the side of the mountain.
"This immense body of coal, which lies not above two or three feet under the surface of the earth, was discovered by the falling of a tree, the roots of which brought up some pieces of coal. It has been made use of for some years by the neighbouring blacksmiths, who have made a perpendicular opening, about ten feet on this side of the mountain. Intending to purchase this property, I employed a man about two years ago to dig about twelve feel lower down than the first opening, and found nothing but a solid body of coal, of an excellent quality. I am inclined to think it extends to the bottom of the mountain, and may be procured with so much ease, that one hand, as I am assured, could deliver three hundred bushels a day.