The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1867-05-16

value Of the national wealth on the 4th
of July, 1867, including the territories !
since acquired. Again to present this
subject In still stronger light, will es-
innate the Revolutionary war tn have
cost the nation three hundred and sixty /.
two million, one hundred and twenty
thousand dollars, (S362, 12O, ,OO0,) which 1
think all will admit a very moderate
estimate; suppose our ancestors, at the
time Of the Declaration of1ndependence, Of
to have purchased the country Of Eng
land for this sum, and given their obli-
cations, bearing seven per cent. interest,
payable ninety-one years after date, with
the interest compounded annually; this, |
/ doubt not would he considered to have
been good financial operation; and so
it would, II money were worth seven
per cent. per annum, or the increase in
the national wealth had equalled seven
per cent. per annum. Such a negotia-
ton would have saved the cost of the
Revolutionary war; I will, therefore,
add 1t to the then estimated value Of the
national wealth; which would make the
value Of the national wealth at that time
one billion, four hundred million dollars.
had this sum increased at the rate of
three and one-third (sN per cent. per
annum, the amount would be twenty
seven billions six hundred and eighty
three million dollars, $27 ,6ss, 200, ,OOO,)
while the increase on the three hundred
and sixty-two million one hundred and
twenty thousand dollars ($362, l2O, ,OOO)
for the same time at seven per cent,
would be one hundred and seventy four
billion nine hundred and thirty million
dollars, ($l74, ,93O, ,OOO, ,OOO,) or over six
times the amount of what the entire ma
tional wealth would have been, and over
eight times the amount of the present
value of the national wealth.
There arc class Of financiers, claim
ing to be honest and intelligent, who ar
que that money is worth more in new
and undeveloped than in old and i'm
proved countries. l have heard hun
dreds of them contend that it was worth
ten per cent. in the State of Illinois. For
the benefit Of this class ! will exhibit
the following facts. will take the State
of Illinois, which contains sc, 600 square
miles, or 81, 100000 acres, and which,
considering fertility Of soil, mineral
wealth, commercial advantages, and va
riety and salubrity of climate, think is
not surpassed by any other contiguous
territory of equal extent OH this conti-
nent or elsewhere. l think it quite safe
to assume that the rate of interest on
money there has averaged ten per cent.
per annum since the first settlement of
the territory, which l will assume was
on tn" Ath Of July, 1915, or fifty -one
years ago. Now, had the prisent settlers
or their ancestors purchased the entire
territory of the State at the Government
price of one dollar and twenty five cents
per acre, and given their notes or obi
cations therefor, bearing ten per cent.
interest per annum, these obligations
would fall due the present year, and
would amount to the enormous sum OF
five billion seven hundred and eighteen
million forty-four dollars (S5, ,7ls, 900 ,0a4, }
or one hundred and sixtytwo dollars
and forty-four cents sl62, Az per acre, for
each and every acre of land within the
limits of the State. The interest on the
total sum for one year would be five
hundred and seventy-one million eight
hundred and four thousand four hun.
dred and forty-four, ($571 ,sO4, ,444,) to
pay the interest of which would require
an annual rental of sixteen dollars and
twenty four cents ($16, ,24) per acre on all
lands IN the State, or probably as much
as thirty dollars per acre on that portion
under cultivation, while the value OF
the State as per the census of 1860 was
but eight hundred and seventy -one mil.
lion eight hundred and sixty thousand
two hundred and eighty ($s71 $50, 2sO. }
If you double this amount it will not
amount to one-third of the accumula-
tions of the interest on the purchase at
one dollar and twenty-five cents l,25)
per acre, there is not one of my col
leagues that does not know that the
lands, with all the cities, towns, rail-
roads and other Improvements, would
not sell for half the amount of the accu-
mutations by interest on the first pur-
chases. This, too, notwithstanding that
population ana wealth. mas poured into
the State beyond any parallel.
Kellogg, who has given this subject of
the accumulative power of money, and
the distribution Of wealth as much at
tention, and treated it more ably than
any man of the age, says, that before
the war as much as one half of wealth
of the nation was owned by five per
cent of the population, and these for the
most part, non-producers, who loaned
their money, or rented their property to
the wealth producing classes. The effect
of the war has been to diminish produc-
ton, increase the rate of interest on
money, and to centralize the wealth
more rapidly. therefore think it quite
safe to estimate that as much as sixty
per cent of the wealth is now owned by