How did the preemption act hurt land speculation?

The Preemption Act of 1841 allowed settlers to claim land before it was offered for sale, at a minimum price, which discouraged speculative land purchases. Speculators, who typically bought large tracts of land to sell at a profit, found it difficult to acquire land since settlers could secure it first. This shift in priority from speculation to settlement reduced the profitability of land speculation, ultimately leading to a decline in speculative activities in the land market.