40 acres? That's a LOT of stumps. How big are they? What's the intended purpose of the cleared land? Feilds? I read that they're about 1' off the ground. That's not much length to do much with them.
That said, how big around are they? (diameter) if they're not too big, you should be able to pull them out with a tractor and a good logging chain hooked to the drawbar. I helped my brother remove some 6-8" pine stumps with our MF 165. Pulled them out much easier than we thought it would, but those trees were pretty small and the roots weren't deep at all.
I personally wouldn't want to pull out 40 acres worth with a tractor though. If you hire it out, that's a lot of money spent on stump removal. Might still be the best way to go. With that much to clear, you should be able to experiment quite a bit and find something that works good. Cheapest would be to let them rot over 5-10 years.
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