Fort Washington was established on the present site of Cincinnati in 1789,[190] and at that time, 1789, the settlement numbered 20 log cabins.[191] In 1792, fifty persons were added by emigration, and in 1802 the Territorial legislature incorporated the town of Cincinnati. The population of Cincinnati, 1792, consisted of about 250 inhabitants, living in 30 log cabins; within the next four years the population increased to 600, and the cabins to 100, besides which there were about 15 frame houses,[192] with stone chimneys. Collot in 1796 says, "The town of Cincinnati contains already 300 families. The spot offers no advantage for commerce; and it is probable that when the army shall have left this place, whatever industry it possesses will be carried to the little town of Newport."[193] Such was this traveler's opinion of the town which was later to become one of the greatest commercial centers of the Ohio country. By the year 1805 the population did not exceed 500;[194] in 1807 Cincinnati contained about 300 houses, had a bank, market-house, printing office, and a number of stores well stocked with every kind of merchandise in demand in the country.[195] About the year 1808 a disastrous period commenced which lasted until 1818, during which a short period of imprudent banking and wild speculation ensued, which proved disastrous to the city.[196] In 1810 Cincinnati contained 2320 inhabitants.[197] Wheeling settled in 1770, contained in the year 1795 about 50 log and frame houses.[198] Harris in 1803 says that "Wheeling is increasing very rapidly in population and in prosperous trade; and is, next to Pittsburg, the most considerable place of embarkation to traders and emigrants, anywhere in the western waters. During the dry season, great quantities of merchandise are brought hither, designed to supply the inhabitants on the Ohio River, and the waters that flow into it, as boats can go from hence, when they cannot from higher up the river. Boat building is carried on at this place to a great extent, and several large keel boats and some vessels have been built."[199] At this point the great post roads from Philadelphia, Baltimore and Northern Virginia united, and crossed the river, on the route through the States of Ohio and Kentucky, to Tennessee, and New Orleans.[200] In 1807 Wheeling contained about 200 houses, amongst which there was a considerable number of stores, well supplied with every kind of merchandise. It still continued to draw trade away from Pittsburg, many of the lower country merchants preferring to send their goods overland to this place, rather than risk a detention of 3 or 4 weeks at Pittsburg.[201]