tract into numerous plantations and farms which he rented out, keeping in his own hands a most valuable, excellent tract, the choice of the whole. In short, the value of this estate has augmented so exceedingly that in the year 1772 Mr. Farley refused £28,000 for the purchase of it.” This transaction is interesting enough, as showing what the apparent opportunities were for land speculation in the later colonial period, and yet how impossible it was for any exclusive business of that sort to succeed on a large scale. General Washington owned more than 500,000 acres of land to the west, the proceeds of which to his estate were not very considerable. Robert Morris, the shrewd financier, went bankrupt in attempting to develop the western country as a field for the operator in real estate. There was a continent of land to be exploited, and it was very difficult to corner even a small part of the market. The land could not be handled as capital until a sufficient number of settlers had come in, each contributing his accumulations to enhance the value of the common stock. It was from the necessity of the case a common stock at the first, and the pioneers were not long in finding that out. In his journey to Kentucky, Captain Smyth happened upon some of these pioneers. His observations confirm the belief that the hero is a hero, but also a very fallible person. “On the 15th day of May I took my leave of Mr. Bailey and his family (at the Lower Sawra Towns), every one of whom seemed to be really more concerned for my safety than I could possibly have conceived, being all in tears and appearing almost certain that I should be destroyed by the savages; having used their most earnest persuasions and utmost endeavors to change my resolution of proceeding on this journey. The kind-hearted and truly amiable Miss Betsy Bailey insisted on piloting me over the Dan herself, rather than any of her brothers, although the ford at this place was exceedingly rapid, rocky and dangerous. In a very few hours, by pursuing the wrong path, I found myself in the woods without any track whatever to direct my course, that in which I had been having terminated, being only made by the hogs, which run wild almost all over America, and especially in the Western frontiers. It is impossible for me to ascertain how far I had traveled in this most disagreeable of all imaginable situations, when all on a sudden, on the side of a gentle ascent, I perceived a number of men sitting on the ground, and such they were as I had never seen before, painted black and red and all armed with firelocks and tomahawks.”