What was the graduation act of 1854?

The Graduation Act of 1854 was a United States federal law providing for the sale of public lands in the United States to settlers at 12.5 cents per acre, with the price reduced by 25% for each decade the land had been on the market. The act was popular with settlers and land speculators, but was opposed by those who believed that public land should be distributed more equitably. The act was repealed in 1872.