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and the French Republic, if the same, when liquidated, shall amount to so much; making in the whole fifteen millions of dollars. Thirdly, French and Spanish vessels and merchandizes directly from their own ports, for a period of twelve years, are to pay no higher duties than American citizens, after which they are to be upon the same footing with the most favoured nation. Fourthly, the inhabitants of Louisiana are to be incorporated with the United States, as soon as can, consistently with the constitution of the United States, be effected: and in the mean time are to be secured in their liberties, property, and religion.
Such are the terms upon which this important cession has been made to the United States; upon which I shall make a few remarks, before I proceed to consider what may be regarded as the solid and permanent advantages which the United States may derive from this most fortunate negotiation.
From a statistical table of the United States (for which the public is indebted to the labours of Mr. S. Blodget,) I find the quantity of land therein is estimated at six hundred and forty millions of acres; and, if I have not been misinformed, the territory of Louisiana contains at least an equal quantity of land, and it is by many believed to be of at least equal, or superior, quality. If there be six hundred millions of acres, only, the purchase at fifteen millions of dollars amounts to twenty-five milles, (or the fortieth part of a dollar,) only, per acre:—consequently, one dollar purchases forty acres of land. I believe that none of our balloon-land-mongers have purchased their lands at quite so low a rate. Consequently, regarding the transaction, merely as a speculation with a view to a pecuniary profit, the most experienced financier in the land-jobbing business would be obliged to acknowledge it to have been a lucky hit. When a former Secretary of the Treasury intimated to Congress that twenty cents per acre,
