Lands entered at the public sales, or at the Register’s office, are payable, one fourth part of the price at the time of purchase; one fourth at the expiry of two years; one fourth at three years, and the remaining fourth at four years. By law, lands not fully paid at the end of five years, are forfeited to the government, but examples are not wanting of States petitioning Congress for indulgence on this point, and obtaining it. For money paid in advance at the land office a discount of eight per cent, per annum is allowed, till instalments to the amount of the payment become due. For failures in the payment of instalments, interest at six per cent is taken till paid. The most skilful speculators usually pay only a fourth part of the price at entry, conceiving that they can derive a much greater profit than eight per cent. per annum from the increasing value of property, and occasionally from renting it out to others. Where judicious selections are made, they calculate rightly. The land system now adopted in the United States is admirable in regard of ingenuity, simplicity, and liberality. A slight attention to the map of a district, will enable any one to know at once the relative situation of any section that he may afterwards hear mentioned, and its direct distance in measured miles. There can be no necessity for giving names to farms or estates, as the designation of the particular township, and the number of the section is sufficient, and has, besides, the singular convenience of conveying accurate information as to where it is situated. By the new arrangement the boundaries of possessions are most securely fixed, {154} and freed alike from the inconvenience of rivers changing their course, and complexity of curved lines. Litigation amongst neighbours as to their landmarks, is in a great measure excluded. The title deed is printed on a piece of parchment of the quarto size. The date, the locality of the purchase, and the purchaser’s name, are inserted in writing, and the instrument is subscribed by the President of the United States, and the agent of the general land office.[85] It is delivered to the buyer free of all expense, and may be transferred by him to another person without using stamped paper, and without the intervention of a law practitioner. The business of the land office proceeds on the most moderate principles, and with the strictest regard to justice. The proceeds are applied in defraying the expense of government, and form a resource against taxation. The public lands are in reality the property of the people.