Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-05-22

hand, or on perfectly safe security. with
interest, and without expense, the con-
clusion would be correct; but such is far
from being the case They can only be
sold at that price, through long period
Of years, in small portions at time. and
at heavy expense, all Of which must be
taken into the estimate to form correct
opinion OF their real value, or, to express
the idea differently, their actual present
value.
"In order TO determine what that real
IIy is, it will be necessary to assume
what would probably be the gross annu-
al proceeds Of the sales of the public
lands embraced by the bill. on the suppo-
sition that the present price. and the land
system. as it now stands, will be continu>
ed. The committee are fully aware that
the assumption must be, in great mea.
sure, coniectural. There are not, and
cannot be, from the nature Of the subject.
any certain data on which to rest calcu>
latioD. All that can be done is, to as
sumo sum sufficiently liberal to guard
against the possibility of an under esti.
mate and, proceeding on that principle.
after full consideration of the whole
ground, the committee have come to the
conclusion that it would be a liberal as
sumption to take the sum of So, 5000
as their average gross annual income, on
the supposition of the continuance Of the
system till the whole shall be sold. The
assumption supposes that the whole of the
lands embraced in the bill will be sold at
ST. 25 per acre. and that the average
sales annually will yield $500. 900. till
the last acre is sold an assumption
which all. the least conversant with the
subject. will readily allow to be ample.
Taking, then, that sum as the annual
gross income. it is clear that the real val
ne of the lands in question cannot exceed
a sum which. at the legal interest of 6
per cent. would give an annual income
Of So. 100000 or. to express it differ
emily, cannot exceed the present value OF
permanent annuity of that amount
that is. fraction over Sal 100000.
So far is clear. and it is equally SO
that it must be less than that sum. The
reason is obvious (: to derive an income Of
So. 500. 900 from lands at 81 IS per acre.
there must be annually sold g 100000 Of
acres. which would dispose al any rate.
Of the whole 60.oOo,ooo Of acres in
eighty years. Il follows. Of course. that
their true present value, instead Of being
worth a permanent annuity of So. .5oo..
900. would be worth one Of that amount
for eighty years only, which is little more
than $34 100000. That sum, then. it is
manifest. would be the true present val
ue of all the unsold lands in the new
States. on the data assumed. provided
they could be sold without expense.
trouble. or cost by the government but
as that cannot be. it becomes necessary
to determine what deduction ought TO be
made on that account to ascertain what,
in fact. is their real value.
In determining this. the committee
have taken experience as their guide
They have carefully ascertained. under
the actual operation of the system. to the
present time. what deductions ought TO
be made. under all the various heads. as
incident to the system, on the actual quan
tity of land sold by the government. and
have apportioned them rateably on the
lands to be sold. on the supposition that
what remains to be sold will be subject to
as great reduction. in proportion. as
that which has been; in other words,
that the administration Of the public lands
hereafter, if the present system should be
continued as it stands. would be neither
more nor less economical or prudent than
it has been. In making their estimates,
they have included under expense not
only what is appropriately comprehended
under it, but whatever goes to diminish
the net income from the lands-such as
grants and donations other than the 10Th
section reserved for schools. the two and
three per cent. fund reserved out Of the
sales for internal Improvement. the ex.
penditures on internal improvement incl
dent to the public domain, but not charg.
ed to that fund. and the increased ex-
pense Of legislation.
The result is. that the expense Of the
management Of the public lands embraced
in the bill (on the supposiLion that the ad-
ministration will be neither more nor less
economical than the past. aud that they
will yield annually the sum supposed,
and Of course be sold in the period as
signed) would amount to fraction over
$44, 900, 900, which. divided by eighty.
the number ofyears required to dispose
Of the lands. would give $55o.Ooo as the
average annual expense. This sum, re-
garded as an annuity for eighty years.
and estimated as present charge. would
make fraction less than 81. 600. 900,
which, deducted from the sum of 1884,
ooo, 900. the present value of. the lands.
without estimating expenses. would give
for the actual present value of the lands
the sum Of S26. .4Oo.o
But as small as this sum may ap>
pear to many. the committee believe that
it is over. rather than under. the true es-
innate. It makes no allowance for defal.