Page images

that the taxable property of Georgia is $670,000,000 gress in the development of wealth, and all of the and upwards, an amount not far from double material resources of national power and greatwhat it was in 1850. I think I may venture to ness, as the Southern States bave under the say that, for the last ten years, the material general Government, notwithstanding all its wealth of the people of Georgia has been nearly defects!” if not quite doubled. The same may be said of In his oration, on the occasion of laying the our advance in education, and everything that corner-stone of the Capitol extension, Mr. Web makes our civilization."

ster gives a comparative table to exhibit our up. And, speaking more generally for the South, he exampled progress from 1793, when the corner asks:

stone of the Capitol was laid by Washington, to "llare we got at the South, as well as at the 1851, when that of its extension was laid. W. North, grown great, prosperous, and happy under take a few of the matters from this table, and the operation of tbe general Government? Hlas carry them up to 1861, the year of the rebel. any part of the world ever shown such rapid pro | lion:

[blocks in formation]

EXPORTS OF BREADSTUFFB, 1863. The annexed statistics of the annual export of breadstuffs for a series of years is from the Circular

ME EDWARD BILL. The export trade of this country, in breadstuffs, to Great Britain and Ireland for the past three years, has greatly exceeded that of any former period, and its importance is duly estimated by all reflecting minds. The tables are made up to the end of the cereal year, and may be relied on for their general accuracy. In addition to the English and continental shipments, the clearances to Mexico, Brazil, and other South American ports, the West Indies, British Provinces, str., for the last year amount to 1,325,143 bbls. flour, 85,174 bush. wheat, 599,894 bush. corn, 283,598 bush. oats, 50.889 bush. barley, 15,374 bush. rye, 134,280 bbls. corn meal, 6364 bbls. rye flour, and 22,340 bush. peas. Erport of Breadstuffs to Great Britain and Ire- To the Continent, from New York and other Porte, land from Sept. 1, 1862, to Sept. 1, 1863.

year ending September 1st.
Flour, Wheat, Corn,
Barrels. Bushels. Bushels.

Flour, Wheat, Corn, Rye, New York ..........1,164,119...20,471,460... 9,836,826

Barrels. Buxhela Bushele. Bushel.. Ner Orleans......

1863 ..213.579... 2,313,314..... 68,957... 435,205 Philadelphia 121,927... 1,134,318...

.....626,672...7,617,472.... 332,074...1,612,926 Baltimore. 46,553... 306,105...

....142.129... 3,452,496.....101,145... 3-47,258 Boston 46,123...

16,088 1860......... 49,243... 178,031..... 19.358...

51,388... 58.845..... 25,519... Odber ports...........100,690... 1,255,307...

1858. .303,100... 390,428..... 16.848... 13,100 Total, 1863 .1,479,413...23,107,190...10,334,356 1857. .483.341...2,875,653.....543,590... 216,162

1862 2,672,515...25.754,709...14,084,168 1856.. ..748,408...2,610,079..... 282,083...1,975,178
1861 2,561.661...25,553,370...11,705,031 1855. 7,763... 4,972.....308,428... 35,569
1860 717,156... 4,938.714... 2.221,857
...... 106,457...

439,010... 312,013 Total .......2,625,626..19,530,290..1,688,002...4,935,398
1658 .1,295,430... 6,655,613... 3,317.802

819,600... 7,479,401... 4,746,278 1856 .1,641,245... 7,956,406... 6,731,161 1855. 175,209... 324,427... 6,679.138 1854 1,846.920... 6,038,003... 6,019,371 | From Canada to Great Britain and Ireland, tia 1853 ..1,600,419... 4,823,519... 1,425,278 St. Lawrence, years ending September lst. 1852. ..1.427,412... 2,728,412... 1,487,398


1863. 1851, ......

1,559,584... 1,496.353... 2.205,601
..... 574.757...
461,276... 4,753,858 Flour. bbls.........

817,303......... 687,988 6,376,905 .......

.3.272,377 1549.........1,157.556... 1,140,194... 12,685,260 Wheat. bushels.. 1848 182.583... 2+1,300... 4.300,226 | Corn, burbels.... .2,016,040. ..1,678,458 1847 ... 3,155,845... 4.009,359... 17.157,659 Peas, bushels.

822,060 694,999 Oats, bushels .................... 780,766.

9.024 Total, 17 years...22,983,812 123,098,318 110,315,968 Oat Meal, bble................. 7,212. 1,020

201,368 1862..
270,074 | 1861.
10,000 1859.


(Comparative Statement, with STATEMENT showing the Population, Private Property, rate of Increase of Wealth, Annual Produch,

of Interest to Population, Proportion of Annual Interest of Debt to Annual Product of Industry, United States, at Ten Periods, from 1791 to 1863.


Note.—The United States Mint value of the British pound sterling is $4 86.3.

NOTES ON THE FOREGOING TABULAR STATEMENT. 1. Estimates of the property value of Great The public property - palaces, churches, hosBritain and Ireland at the several periods stated, pitals, prisons, bridges, forts, arsenals, artillery, and the "authorities” responsible for them. dock-yards, military, naval, and ordnance stores,

Colquhoun estimated the wealth of the United ships of war, and the like he valued at eighty. Kingdom in 1812 thus:

nine millions of pounds. Productive pri

These aggregates are the results of the most vate property.. £2,250,640,000 = $10,940,862,320 and the best thought-ont array of the subjects of

comprehensive and carefully-made exploration, Unproductive..... 397,000,000 1,934,611,000 the calculation that have yet been made Tho

later and more fashionablo "authorities," how. £2,647,640,000 = $12,875,473,320 | ever, reject his method and his conclusions, har.


Dies by Dr. Tm. Elder.)
Public Delt, Annual Charge of Public Debt, Proportion of Debt to Property, Proportion of Debt and
and relative BURDENS AND RESOURCES of the United Kingdom of Great Britain and Ireland and of the


Amount of interest-bearing debt on 1st Oct. 1863.. $799,356,152 Average rate of interest,
Amount without interest on Oct. 1, 1863...

422,757,407 6.0368 per cent.
Total debt, Oct. 1, 1863.............

.$1,222,113,559 Average rate on total debt,

3.9485 per cent. ing generally agreed to cut down his aggregate / while a considerable degree of popularity, to of the private property of the empire to twenty- which it certainly had very slender claims. It is, one hundred millions of pounds,--a reduction of from beginning to end, a tissue of extravagant Dearly twenty-five per cent. at which sum wo hypotheses and exaggerations;" and, accordingly, have felt compelled to state the wealth of the the author has gone into the biographical dictation at the time, in order to keep it in some tionaries with a badly-damaged reputation and Bort of harmony with the received estimates for out of credit with the more recent British writers earlier and later periods. McCulloch says of and their copyists. Pablo Pebrer, the very best Dolgnhoun's "Wealth, Power, and Resources of of them, indeed, takes Colquhoun's items and the British Empire," "This work enjoyed for a values for 1812 as a basis of his own for 1833, do claring that the estimates are even too low; but,, of production." This is what capital means in overborne by the prevailing doctrines of the the current language of tradesmon; but he gives *dismal school," he deserts his data and his convic- it as the true definition in the science of political tions, and simply adds thirty-three and a third per economy. Pebrer includes the industry of a nacent. for the increase of twenty

years, for no as- tion in his definition as if he intended to capitalizo signable reason except that McCulloch had said, it, but, of course, he gives only the value of im"sixty years is the shortest time in which the plements and machinery, and not of the men and capital of an old and densely-peopled country can women that employ them in production. be expected to be doubled.” But, according to Statisticians are generally held to be eminently Lowe and Porter, the wealth of the kingdom practical people; on the contrary, they are more nearly doubled in eighteen years from 1823 to given to theorizing than any other class of writers, 1811; according to' Porter and Levi, it increased and are generally

less expert in it. 50 per cent. in seventeen years, at which rate it 2. The annual products of industry and capital, would double in about twenty-nine years. Por. as stated in percentage of the capital-wealth of ter's estimate for 1841 is an increase over the the British Empire, look as if they might be true, amount at which these people put the valuation and might also afford a law of the relation. They in 1812, at a rate which would double in thirty- hold a pretty regular proportion to tho given two years. Levi's £6,000,000,000 in 1858 is an in- capital through all the periods tabled, declining crease of 1854 per cent. in forty-six years, and in proportion as capital increases, which is doubt would be 1264 per cent. on Colquhoun's estimate, less true; but, closely examined, these annual inif his "extravagant hypotheses and exaggera- comes appear to come by arithmetical rules, or tions” were accepted as the true valuation of 1812. are at least controlled by them. They declino Nothing can save these calculators from still from 15 to 10 per cent. of the capital in sixty-five greater extravagance than they charge upon Col- years with tolerable regularity, but there is no quhoun, but their admission that his statement is law of the subject in them, for they are certainly moderate and just. Thus McCulloch's sixty-year not true facts. When the distributive share of period of doubling is totally demolished, even by each person in the product of the year is exthe showing of those who have permitted them- amined, it is manifestly inadequato at once to tho selves to be overruled by it. Pebrer quotes a current support of the people and the constant report of the House of Commons in 1830, which accumulation of wealth, though taken at its showed that in Ireland the increase of wealth lowest statement. was far greater than of population. He knew We conclude that the authorized estimates of that this was also true of France. He even states the capital and annual incomo of the British the general opinion of all the economists of the people need reformation, and, especially, that tho productive school in confirmation; yet he submits doctrines of Malthus and Ricardo must be disgo far to the "authorities” as to assign a much carded by their statisticians if the facts and lower rate of increase in the wealth than in the figures of universal experience aro over to get population of the United Kingdom for the period allowance. from 1812 to 1833.

3. Capital wealth and annual product of the Leone Levi, one of the latest and most approved United States and of the loyal States :of this sect of economists, puts the increase of The first attempt to obtain the data by actual the nation's wealth at 122 per cent. in the period investigation was made by the United States Mar1800 to 1841, and at 50 per cent. from 1841 to 1853, shals in 1810. Since that time we havo official an accurately even rate of accumulation,-for as valuations more and more complete at the end of 41 is to 122, so is 17 to 50. This is arithmetic, not each consus decade. That these three inventories enumeration, estimation, or appraisement. A of the property of the Union are all defective in period, one-half of which elapsed before the the matters intended to be embraced, and under modern improvements in manufactures and agri- stated also in valuation, is well known. There is culture were fairly introduced, cannot approach not an item in which they are suspected of overeuch equality of wealth-producing power with statement. that which covers all the productive agencies We are indebted to Professor Tucker for his brought into service between 1841 and 1858. digest of the Census of 1840, and to him and the

The estimates which, for want of authorities, we Secretary of the Treasury (Mr. Guthrie) for the have supplied, are made in conformity with the like service in 1850. The valuation of property doctrines and data of those quoted in the table. in 1860 for the Union and for the loyal States, we The results show that no concordance can be have from the Census Bureau. From the official effected, and help to expose the absence of theo- returns of both 1850 and 1860, we have subtracted retic and practical truth, in the principles and the value of the slaves, which was included in process which they adopt.

the official aggregates, holding them, for all the All the English statisticians exclude the British purposes of our inquiry, as producers and connational stocks or funds, and all bonds, mortgages, sumers of wealth, and not as property, otherwise acceptances, and other evidences of domestic than the laborers of any other country are a part debt, from their estimates of the people's wealth of their national wealth and resources. Lowe rejects jewelry, household furniture, and The property value of the loyal States at midornaments; he admits the houses that twenty summer, 1863, we have estimated by adding to its millions of people live in, and the lumber they amount in 1860 the average increase of the decado are made of, but he excludes the wearing-apparel ending that year, and not at the market-prices they live in, while he puts the ready-made manu- ruling in 1863. factures at as high a figure as Colquhoun does. The estimates for the other periods in the table McCulloch's definition of capital excludes jewelry, for which no authority is quoted, are our oirn, but embraces race-horses; with him it is nothing under guidance of such data as we could com but that portion of the produce of industry mand. which may be made directly available, either for The value of the year's products In 1860 is ob the support of human existence, or the facilitating tained by taking the agricultural products of that ex giren in quantity in the preliminary report The population of the United States for every

the Burean, but not priced) at 90 per cent. Census-year, is the official return for the date. increase upon those of 1850; by 'subtracting from For other years it is estimated by Tucker's rule the value of the manufactures one-third for the of 3 per cent increase per annum, except for the 12% materials, which are included in the esti- loyal States in 1863, to which his rule does not rate of the agricultural values; and by adding apply. In time of peace, with immigration at its 10,000,000 for the profits of commerce.

average rate, the loyal States would have had a We bare not room, here, to describe the process population of 24,500,000 in June, 1863; but allowhy which we obtain the year's product for 1860 in ing half a million for loss by the casualties of the loyal States. No labor or care has been war, deficiency of births, and of customary immişired in obtaining it.

gration, considerably too large an allowance The annual product put down in the table to would leave 24,000,000 as we have stated it. In the United States in the several periods, is in all the number given to the loyal States in 1860, tho instances greatly below the truth. The share Census returns for that year are exactly followed, allowed to each person stands at $62.28 in 1840, the counties which now constitute West Virginia and at $35.41 in 1850; but the expenditure or being included. consumption per head, in these years, cannot be 5. British debt. The authority for the amount estimated at less than $100; and the consumption of British debt and annual charge (interest and per head in 1860 was at least equal to the amount management), is the financial reports presented allowed by the stated production of the year. to Parliament and published by order of the Beside this deficiency of provision for the current House of Commons, except for the year ending subsistence of the people, there is the accumula- March 31, 1863, which is taken from the Royal tion of capital wealth to be accounted for, amount- Almanac for 1864, in which, however, the capital ing to 2,420,000,000 in the former period, and to of the unfunded debt is not given. We have calthe enormous sum of 8,000,000,000, or an increase culated it from the rates of interest which its of 130 per cent., in the latter.

items severally bear. We need not stop here to estimate the sponta- It must be observed that the Exchequer bills Deous growth of our national wealth, or that en required to meet deficiencies of the last quarter sacement of value which occurs in real estate of the current year, and which are issued in the by the rapid settlement of our wild lands, and first quarter of the ensuing year, are not included almost as rapid growth in the value of the fixed in the first statement of the debt and interest. property in the older States, which, of course, This deficiency was, in March, 1862, nearly 2,000,000 would account for a very considerable part of the pounds sterling. Moreover, very considerable difapparent disparity between the property value ferences of the total amount of the debt and anand the annnal production, because an unques- nual charge are met with in the best authorities. tionable deficiency in the reported products occurs Some of them capitalize the terminable annuities, in the following particulars, for which the Census- adding the amount to the debt;" some chargo takers are not responsible =

them to the annual interest account, and somo They take no account of the current consump- overlook them. Properly they have no principal, son of our agriculturists and of their families nor do they represent the interest of cash bor and employees. In 1810, this class amounted to rowed and paid into the Exchequer. They gene three-fourths of the total population, and ap- rally express the depreciation of loans, or part of proached the same proportion in 1850; nor are the depreciation of loans sold at a nominal price any manufacturing or mechanical products of the above their market value. Generally, they aro year returned whose annual valuo falls below compensatory payments. Nevertheless their arith$500. Beside all this, which probably amounts to metical principal is as much a part of the debt one-fourth of the total annual product, no account proper as are the consols, which are perpetual anis taken of the labor employed in clearing and nuities, have no principal demandable by tho improving land, in building railroads, canals, holders, and whose capital is simply the markethouses, manufactories, steamships, and other ves-price at which they sell at the broker s board. sels: nor of the labor employed in coal-mines; They differ from the United States debt in this, nothing of the products of the fine arts, nor of a that the Excheqner is under no contract to pay or large portion of the products of the useful arts; reimburse the capital of the debt at any time. All of which may be very safely stated as equal to The very considerable variance of the debt and half the value of the agricultural and manufac- annual chargo in 1858 and 1861, was occasioned by turing products noticed by the Census - takers. the expiry of terminable annuities in 1859 and Some of these appear in the valuation of the pro- | 1860. perty of the country in the decennial Census The increase of the capital of the debt in 1858 appraisements, and help to swell the obvious dis- over its amount in 1850 was produced by a loan parity. The very considerable increase of the of £16,000,000 taken in April, 1855, by the Messrs. values of 1863 over those of 1860, is owing to the Rothschild at the rate of £100 in consols for every fact that the growth of wealth in the loyal States £100 cash subscribed, and a terminable annuity is so much greater than the average enhancement for thirty years of 14s. 6d. for every £100 of stock, in the whole Union before the severance of the-that is, at the rate of 3.725 per cent. for thirty estimates given in the tabular statement. The years, and 3 per cent. thereafter. This is reckoned most surprising of our statements are precisely as equivaleni to a loan in consols at 87%, which is those which have been most carefully considered the same thing as saying that the lonn was conand best verified.

tracted at 3.425 per cent. The increase of the 4. Population column. No official enumeration debt in 1863 over the amount in 1860-1, may be of the people of England, Wales, and Scotland accounted for by an excess of expendituro over was made previous to the year 1801, and no com- ordinary revenuo in 1861 and 1862, resulting, in plete enumeration in Ireland till 1821. The popu- 1863, in an increase of the total debt of about lation of the United Kingdom for other years $15,000,000. stated, is obtained by calculation.

The aunual charge in 1883 was lessened as com

« PreviousContinue »