The national era. [volume] (Washington [D.C.]) 1847-1860, 1855-02-08

out the capital invested in slaves. This he has
no right to do on pro-slavery principles, be.
cause in doing so he admits, what we have al
ways maintained, that that species of capital is
wholly unproductive-in other words, that Sla-
very is a monopoly merely, and not source of
production. The value of the slaves of Georgia,
at present rates, would be fully two hundred
millions and in 1850, that value could not have
been less than one hundred and fifty millions.
That sum added to the value of farms, etc.,
would swell the capital to 1851 ,647,5 94, in
stead of SlOl ,647 ,59f; and the sixty-four per
cent. profit dwindles to twenty five.
But, in point of fact, Mr.. Campbell made a
too liberal estimate of Georgia products in
comparison with those of Ohio; and some val
liable articles are left out of the tables. The
hay is placed at some four to FIVE dollars un-
der the selling price. Mr.. Stephens complains
that sweet potatoes have not been placed at the
present selling price in the cities. Well, let
him be gratifed in that, and Irish potatoes
should be raised to the same figure. The eff
feet is to throw Georgia still further behind.
Mr.. Campbell was governed by most liberal
principle in making out his tables and while
he placed the great staple, cotton, at the high
est current price, other articles were rated
much below their market rates. We subjoin
the footings of Mr.. Campbelrs tables with the
cancellations which are required to make them
correspond with Mr.. Stephens's suggestion as to
sweet potatoes; and we think it but right, on
the same principle, to raise hay to $40 per ton.
We now recur to the proposition of Mr.. Ste
phens, that the agricultural production of Geor.
gia is greater in proportion to the capital in
vested, exclusive of slaves, than that of Ohio.
This ought to be the case, if it is not. An acre
of prairie land in Kansas, worth one dollar and
twenty-five cents, will produce as much wheat
or corn as the best acre of farming land in the
vicinity of Boston, although the latter may be
worth from one to two hundred times as much
money. The Massachusetts, acre owes its high
value to its location in the midst of dense
population, and not to its superior fertility. 1t
is in demand, and is sought after by thousands
of buyers with pockets full of money; while the
acre in Kansas cannot find a purchaser-it is
not wanted.
Hence the product of the soil for single
year, in a new or thinly-peopled country, will
far exceed its value in fee simple; while, in
populous countries, the value of the land will
equal the product of many years. But, after
all the profit is greater in the latter case than
in the former; since, in populous communities
there is a market for whatever is produced
while in sparsely.peopled regions the yield
above what is necessary to supply the wants Of
the family ia utterly valueless. Mr.. Stephens
has studied political economy to little purpose,
if he is unable with our assistance to make
these distinctions.
We might point out other errors of Mr.. Ste.
phens, originating in mere INSTALLATIONS
particularly in reference to church accommoda
tions-but it is of little consequence.
We call attention to the following statement
of the "actual crops per acre, on the average,
which will be found at page ITS of the Compen
dunn of the Census: