The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1865-07-22
From the Western, independent
fhe True American Fina anciaI
nnd Monetary System.
ARTICLE ).

interest, ma 'e legal tender in the payment
of all public dues and private debts, and con-
vertble into interest bearing bonds of the
government at the option of the holder on
presentation at the United States Treasury
Department, or such other place or places as
may be designated by law. Congress to FIX
such rates of interest on the government in
debtedness as may in their judgment be Just
and proper, reserving the right to alter the
same, when in their judgment the public in.
terest would be promoted thereby,the Interest
10 be payable in lawful money annually, or at
such times as the bond may be presented for
redemption, Then in the dis charge of tbe
pubic Indebtedness, give the, government
creditor the right to take the lawful money or
the Interest bearing bond with the pri yilege
of recovering the money into bonds, Or the.
bonds into money at his pleasure.
1t was my intention in this number to have
offered some additional reasons tor the ad.
option, and pointed out the way and manner
OF reducing to practice the financial and
monetary system presented in the first article.
But my attention has been called to q pam.
phet entitled "Uow Our National Debt car,
be Paid" DC, prepared by DR.. VIM. Elder of
the Treasury Department, and issued By Jay
Cooke, General Subscription agent of the
government loans, which is being very gene.
rally distributed, and cnpious extracts from it
are published in many of our leading Jour
mails with quasi Endorsement As the rea-
sonings and conclusions arrived at by the au-
thor are so diameirically opposed to those
contained in the articles have furnished the
Independent, and as these reasonings and ar
gumenis have not in the slightest degree
changed my views, it IS due to ,nyss'f rs ell
as the readers OF the Independent ,ha: |
should notice some of tie most i'm bortant
points Of difference. In doing so shall con-
tent myself with he statement OF facts rath-
er than to seek to support my views by subtle
arguments, and leave the decision of The
whole matter to the intelligent readers Of the
LadepeHde,a. The all important point of
difference between the author of the pan, phlet
and myself consists in this He asserts that
the icrease in the national wealth is II per
cent. per annum, or that it doubles in each
decade, while | have estimated the increase
of the national wealth 81 per cent. per an
mum, or 40 per cent each decade, 1.-THE eIact
per centagc increase being 39.79.l The au-
thor of the pamphlet bases his reasoning.
and arguments on the ce.sus reports {; and
go to the same source for my information.
Now 10 the law and est:mony:
The value of the property of the nation, rs
per census OF 1850, was s., 7,l3j.7s0.2 .22S. At
which time there was returned lIJ.G32, GA
acres # improved and lS0, 0,523. 900 acres OF
unimprOved lands The mOney value Of these
lands Was 3,27l.5.5,426. In l85e there
was returned l63.- ,3S6 acres improved and
24J. .j2S 244 acres of unimproved lands. the
money value of which was $3.50. .S27 .507.
The increase Il the quantity Of the improved
lands for The ten years ii.i4 per cent
and IN the guinproyed lands 3j.55 per cent.
while fer the same time the increase OF the
money value of the whole was log per cei.i
nding there was DO increase in the
productive capac.iy of the lands. There was
some increase in the value OF the products in
Some localities resulting from the cousiruc-
tion of railroads. bnt it must be recollec;ed
that We are pairing interest cn the cost Of
these roads to foreign capitalists.
will here remark that uniIr proved lands
produce no more revenue when owned by in
diyi luals than il they were still The ptopcrtr
of the government. Ii the owners pay taxes
on them ihcy must ee. the products o. labor
% DO it with from some other source. There
fore, for the purpose OF estimating the sour
c.s Of tevenue theY might as well be left out
OF the account altogether.
By reference to the census report il will be
seen that much the larger portion of the
improved lands returned in 1850 were In the
new States and Territories; and thar part o!
them in the older States are in nICIst cases
even less valuable l therefore think an
average valuation Of two dollars and fifty
certs per acre suffici- -ntly high At this rate
the lS0.j23.n0 retnrned in 1850 would
amount to So 800 900, which deducted from
81. .21l j75. .426. the total value of land NJ that
time, WI, leave, as the value Of the ll3,035-
Ga Sores of improved lands, $3.50, ,2t3 ,326,
or s24,97 fer acre.
There was returned in 1860 4G,5Os, pa
acres Of unimproved lands, the value of which
was S5l6,270,6l0: Of improved ands l63-
$50 acres. The total valuation OF lands
at that time was $3.50, ,s72.507, deduct the
value of tt. unimpro led lands. and you have
as the value of the unimpro3ed lands, 81, 6,034..
sol ,S79, or $37,s7 per acre.
If the same rate OF increase in The quant-
ty of improved and unimproved lands be con-
tinued, and the total value be doubled each
ten years, with the value Of the hnimproved
lands retained at two dollars and fifiy cents
per acre, the result at the several periods
hereafter named will be as follows: In 1870
the number Of acres of unimproved will be
$50, ,6U7 600; and of improved 245,sl4,3J0
acres Total valuation 81 3, ,30l, ,745, IA. Val
ne of improved lands $52.93 per acre. The
quantity Of unimploved lands in 1880 will be
459, GAG, $50 acres. and improved 340,6l0,247
ares. Total valuation. $26, Cos, ,490.U2S.
Value Of improved lands per acre, $74.73.
Quartity in 1920, uninrroved 27,647, $50
acres aud improved 49l.977,44 acres.-
Total valuation S53,206, ,97O,05O. Value of
improved land per acre Sl05. Quantity in
1909, unimproved s56,953,l5O, improved,
7lO.60l los acres. Total valuation Sl06,.
4l3.s60,Il2. Value CT improved lands per
acre, Sl43.73. In 1880 the result will lie 2,
lSl.SS4,5l6 acres unimproved, and 2,lil,-
35325l acres improved. Total valuation
s95l, l,3ll ,6S0,S96. Value 81 improved lands
per acre, SAP. But it may be objected that
the valuation have placed up1n TIE unim
proved land is 100 low. We l. The total guam
tity of land in 1890. improved andIunimpros-
ed will be 4.323, 23S, 7G7 acres, AMI the total
value at the rate of increase estimated by
DIR. Elder will be S95! 81 .6Ss. .s96 being IN
average valuation cf 1920 so per acre. The
total quantity would equal 123 States as
large as Illinois
If the same ratio of increase in the popu-
lation that we have had for the past seventy
years 81 ould continue for the seventy years to
come, the popllation will BE- 256,D0O,cO0 in
1880, era population of 80 10 the square
mile. With this population to the square
mile certainly no one will claim that land
will be worth s22O,5O PEI acre.
The total quantity Of lands in, proved and
unimproved: i'll in 1870 be 2,42l $50 acres.
equal to Se4. 400 square miles, and the popu-
lation 42,0C 5,al2-popu pu'ation to puare n lie,
4e. The average price per acre. taking the
improved and unimproved lands ioge,her,
will be s23,32 AS the ratio Of nopuIa;in IS
the square mile for the balance Of the time
have taken will cont,nus 10 decrease it
would be folly to ASSUME that the value of
la nds would incfease;- Then to get the results
claimed by DR.. Elder IN his pamphlet, the
quantity Of the lands must he doubled sach
ten years after 1870. beginning then with