Our country is filled with pecuniary wrecks from causes like this. Thousands trust themselves during their lifetime, to manage this description of property, confident of their caution and sagacity. With close watching and good luck, they may be equal to the task; but the question still occurs as to the probable duration of such a fund in families. What is its safety when invested in the current stocks of the country? and next, what is its safety in the hands of heirs? There are no statistics showing the probable continuance of estates in land in families, and of estates composed of personal property, such as stocks. But every bank cashier will testify to one remarkable fact--that an heir no sooner inherits stock in the bank than the first thing he generally does is to sell and transfer it, and that such sale is most frequently the first notice given of the holder’s death.
This preference for investment in real estate will doubtless be objected to by the young and dashing business man. But lands, or a fund secured by real estate, is unquestionably not only the highest security, but in the hands of heirs it is the only one likely to survive a single generation. Hence the wisdom of the common law, which neither permits the guardian to sell the lands of his ward, nor even the court, in its discretion, to grant authority for their sale, except upon sufficient grounds shown,--as a necessity for raising a fund for the support and education of the ward. Even a lord chancellor can only touch so sacred a fund for this or similar reasons. The common law is wise on this subject, as on most others. It is thus the experience and observation of mankind that such a fund is the safest, and hence the provisions of the law.
Those, therefore, who acquire personal property, acquire only what will last about a generation, longer or shorter. Such property is quickly converted into money--it perishes and is gone. But land is hedged round with numerous guards which protect it from hasty spoliation. It is not so easily transferred; it is not so secretly transferred; the law enjoins deliberate formalities before it can be alienated, and often the consent of various parties is necessary. When all other guards give way, early memories of parental attachment to these ancestral acres, or tender reminiscences of childhood, will come in to stay the spoliation of the homestead, and make even the prodigal pause before giving up this portion of his inheritance.