Introduction:
In our last Time Capsule, we saw the establishment of Washington D.C. Today, the city has become one of the more valuable real estate markets in the country. That’s why it is so instrumental for the real estate industry. For today’s article, we will be looking at significant events that saw the acceleration of real estate development in the United States in 1792.
Three Key Points
1. Establishment of the United States Post Office Department: On February 20, President George Washington signed the Postal Service Act, which created the United States Post Office Department. This allowed sending and receiving letters within the United States a lot easier than before and helped foster the development of the real estate industry.
2. Kentucky Becomes the 15th State: On the first of June, Kentucky officially became a state of the United States. It became the second state to join after the first 13 declared independence from the United Kingdom. The entry of Kentucky into the Union would encourage those from other areas to eventually join the Union which would make more land became readily available to settlers.
3. The Beginning of the Columbia River Expedition: An entire continent was waiting to be explored. To learn more about this vast expanse of unknown land, several expeditions were made and one of those was the Columbia River Expedition. The expedition was headed by Robert Gray. The Columbia River Expedition was significant because it was used as a basis for the American claim on the Pacific Northwest.
Headline Real Estate News Stories in 1792
Without any doubt, the news of the entry of the state of Kentucky into the Union was the single most important real estate news for 1792. Although it didn’t add any new land into what is covered by the United States, because it only split from the state of Virginia, it helped the expansion of the United States because it showed that getting accepted into the union as a new state was feasible.
What Historic Real Estate Events Shaped 1792?
The struggle to form a separate state from Kentucky was a process that took years and a great deal of effort on the part of a lot of people. It took 10 constitutional conventions to get it finally approved.
Economic Factors, Supply, and Demand
The United States was slowly building its economy as it tried to do away with the last vestiges of British imperialism. One part of the effort to build a separate economy was the passing of the Coinage Act, which in turn established the United States Mint, which was responsible for producing coinage that was necessary for conducting commerce. Although the economy was making progress, the country was still largely dependent on agriculture.
Government Policies and Interventions
The passing of the Coinage Act was a key government action during this period which had a major impact on the economy. The acceptance of Kentucky was also a significant government at this period. The Postal Service Act was also crucial as we would see later on.
Demographic Factors
The final tally of the first United States Census which began in 1790 was released in 1792. It recorded 3,919,023 persons divided into 14 states and territories.
Societal Preferences and Trends
By 1792, most Americans were still living off largely self-reliant farms There were large urban centers but compared to those found in Europe at the time, those cities were small and largely undeveloped.
Technological Innovations
It was in 1792 that George Anschutz built the first iron foundry in Pittsburgh, Pennsylvania. This is the first step in making it into the “Iron City”. This development was crucial for the entire country as the development of the steel industry helped to boost transportation as it fed the development of the railway system in the years to come, which in turn helped to develop the real estate industry. The steel industry will also be instrumental in the development of construction methods for houses and buildings.
Environmental Factors
Expeditions into the vast continent helped to increase the settlement. One such expedition was the one headed by George Vancouver. This is the expedition that would name Mount Hood in Oregon.
Transportation and Infrastructure
The establishment of the United States Post Office Department was pivotal not only for communications within the country but in transportation as well. One of the provisions of the Postal Service Act of 1792 was about the role of Congress in creating roads that would be used by the postal service. Once the law was in place, American citizens were encouraged to request postal roads in their areas. This helped to increase the number of roads that connected towns and cities which would help the settlement and the sale of properties.
That’s it for our Realty Time Capsule for the year 1792. We’re taking a look at the development of the American real estate industry yearly. Follow us for the next Time Capsule and be in the know about the history of real estate in the United States.
For a deeper understanding and look into these topics check out these titles:
History of Kentucky:
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“A Concise History of Kentucky” by James Klotter and Freda Klotter
United States Postal Service:
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“History of the Postal Service from the Earliest Times” by Louis Melius
