The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1865-08-22
How Much Property Is there In the
United Statesf

United Statesf
According to the sensus of 1860. the
total valuation of all the real estate and
personal property in the United States,
was $l6,l59,6l6,O6s. Had our produc-
ton continued to increase at the same
rate as during the ten years from 1850
to 1860, our wealth now would be at
least $25 900, 100000, and making lib
eral allowance for the destruction oc-
casioNed by the rebellion, it capnot be
less than $4,000, 900, 900 at this time.
But we believe that our wealth in 1900
was estimated at much too low fig
ure, The mode Of aseertaming the
amount of property IN each State and
territory, employed in taking the CEN
sus of 1860, iseXplained by Superinten-
dent Kennedy as follows: ''The Mar
shals of the United States were dipect-
ed to obtain from the records of the
States and territories respectively an
accurate account of the value OF real
and personal estate as assessed for taxa
ton, Instructions were given these
officers to add the proper amount to
the assessment, SO that the return
should represent as well the true or in
trinsic value as the inadequate sum
generally attached to property for taxa
Bic purposes" These instructions
were very proper; but how were they
obeyed? BY adding so small per-
centage to the assessors valuation, that
the so-called "true value" of all the
real and personal property in the coun-
try is stated as but 2s per cent. greater
than the assessed value. Now we be-
lieve that if the assessed value had been
doubled, it would not have exceeded
the true value. For instance, the as
sessed valuation of real estate in Michi-
gan is given at $l23,605, ,0S4, or about
SO per acre. When we consider that
there is hardly an acre of wild land in
the State which can be bought of the
spectators who entered it, for twice
that sum, and that very considerable
portion of the wild lands in the North.
ern portion of the State are covered
with pine or other valuable timber
while in many counties improved farms
even at distance from railroad are
worth from fifty to eighty dollars pei
acre, it is very clear that three times as
heavy valuation even on the princi
Piles which govern assessors would bt
, none too large. The assessed value o
, the real estate in the State of New
York is given at 81 ,069, 1850, and
, that of the personal property in tha
| State, at 1920, ,e06,559, and the "tru'
5 yrlue'' of the two is set down at 81,
| S43,333,5l7, sum for which the rea
: and personal property in the city o
D New York alone could not have beer
t purchased at that time.
r We are not here calling in question
: the fairness of assessors, nor Of tn
y marshals who made the census returns
/ 1t will probably be found that the sev
e eral States aud their subdivisions hav
: been treated pretty much alike. w
4 simply claim that neither the assesse
: value of property, nor its "true value,
: as estimated by the census takers, give
It anything like a correct idea of the az
a tual value of our real and personal e.
y tate. Property of both kinds is assess
n ed throughout the country at figur
j. much beiow a fair estimate of the caa
g which it would bring at auction, Br
1t property, as n portion ofthe nation
p wealth, is worth not what It woul
e bring under the hammer, but VIII;
y property of the same kind is bougl
'e and sold for in the ordinary course I
d business. For mere purposes OF r.
IF venue, it may answer to assess at 81
II an acre farm for which its ownt
fe would refuse five times that sum, but
is is a great mistake to estimate its walt
IN at five dollars an acre, in attempting
ascertain either the wealth ofits own'
10 or Of the nation.
Sc We believe, therefore, that the actu
il. wealth of the people of the Unite
Y, States in 1860 was not less than 81
e. OOo, ,OOO, 900, and that it is not now le
ne than $40, 200, 100000 in gold. Ifthel
IL is any one of our readers who considc
iii this estimate extravagant, he can easl
is, acquire q good deal oflight upon {
IN subject, by ascertaining how many
in his neighbors are willing to dispose
ne their real and personal estate for twi
It, the sum at which it is valued by the
be sessor.-[Detrait Tribune.