Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1867-03-07

SCI fttlU dllu uOt 2tllC lluooCl vi idOOls lloo
the obligations for the payment of
the one dollar been made to bear
three per cent per annum, the amount
would be two thousand one hundred
and eighty dollars. But it may be objected
that the resources of the country were not
developed as rapidly during her colonial
condition as since the establishment OF her
independence and, that the per cent. IS
above the average rate of interest. l Will
therefore compare the increase in the ma
taional wealth by natural production, with
the accumulative power OF money at seven
per cent. interest since the Declaration OF
independence There are in the t. lrteen
original colonies or States three hundred
and forty-seven thousand square miles, or
two billion ninty-fi million seven hun
dred and sixty thousand acres, which VIII
suppose our ancestor to have purchased In
1916 at fifty cents per acre, including I'M;
provements and personal property, the
amount would have been ten hundred and
forty-seveni million eight hundred and
eighty thousand dollars This would have.
been but little over two hundred and fifty
dollars per capita, which think will not
be considered an over estimate OF the then
value of the property of the, nation, Tor.
allowing it to have increased at the rate OF
increase during; the decade from lo5Oito
1860, which was three and one-third per-
cent. per annum, the amount on the 4th OF
July, 1867, would in round numbers pe
twenty billion seven hundred and twenty
three million, three hundred and twenty
Thousand dollars, $3.50, 725, 1870, 00O0 which !.
is little in excess of the present value OF
the, national wealth, which is, in round
numbers, twenty billion three hundred and
thirty million dollars. Now, had the then
estimated wealth of the nation, ten hun
dred and forty seven million, eight hun.
dred and eighty thousand dollars ($1, 0f7,2
S90,000) increased at the rate of seyenper1
cent. per annum for the same time, the
amount would, in round numbers, be Ave
hundred and six billion one hundred mil
lion dollars, or nearly twenty five timesth
value of the national wealth on the 18th
of July, 1867, including the territories since
acquired. Again to- present this subject
in a stilbstronger light, / will estimate the
Revolutionary, war to have cost the nation
three hundred and sixty two million, one
hundred and twenty, thousand dollars,
($362, $780, 00) which | think all will admit
avery moderate estimate suppose OUR an
ecestors, at the time of the Declaration of
Independence, to have purchased the coun-
try of England for this sum, and given
their obligations,o bearing Sevengper cent
interest, payable ninety one. years after
date, with the interest compounded annu
ally; this, I doubt not would be considered
to have been good financial operation /;
and so it would, if money were, worth;
seven per cent. per annum or the increase
in the national wealth had equalled seven
per cent per annurn. Such a negotiation
would have saved the cost of the Reyolu1
tionary war; l will, therefore, add it 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 go per cent per annuIn, the
amount would be twenty would be twenty
seven billions six hundred and eighty three
million dollars, 1927 $3.50, 100000 while the
increase ON the three hundred and sixty
two million one hundred and twenty thou
sand dollars ($361, 100000 for the same
time, at seven per cent, would be- one hum
dred and seventy -four billion nine hundred
and thirty million dollars, ($174,930,0 00,-
00O,) or over six times the amount of what
the entire national wealth would have
been, and over eight times the amount of
the present value of the national wealth
There are class of financiers, claiming
to be honest and intelligent, who argue
that money is worth more in new and I'M
developed than in old and improved coun-
tries. / have heard hundreds of them con-
tend 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 con-
tains $4,000 square miles, or 35,200,000
acres, and which, considering fertility of
soil, mineral wealth, commercial advan-
tages, and variety and salubrity of climate,
/ think is not surpassed by any other coT-
tiguous territory Of equal extent on this
continent or elsewhere. | 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 will assume was on the
4th of July, 1916, or fifty-one years ago.
Now, had the present settlers or their an
cestors 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 obligations therefor,
bearing ten per cent. interest per annum,
these obligations would fall due the pres
emit year, and would amount to the enor-.
NOUS sum of five billion seven hundred
and eighteen million forty -four dollars
($5, 71S, 044, Az, or one hundred and sixty
two dollars and forty -four cents ($16244)
per acre, for each and every acre, of land
within the limits of the State The inter-
est on the total sum for one year would be
five hundred and seventy one million, eight
hundred and four thousand four hundred
and forty-four. ,($571 ,s04 ,444,) to pay the
interest of which would require an annual
rental of sixteen dollars and twenty four
cents ($16.24) per acre on all lands in the.
State, or probably as much as thirty dob
lars per acre ON that portion under culti-,
walton, while the value of the State as per
census of 1860 was but eight hundred and
seventy million eight hundred and
sixty thousand two hundred and eighty
($S71 ,960,280) If you double this amount
1t will not amount to- one-thlrd OF the ac-
cunlulations of the interest on the purchase
at one dollar and twenty five cents ($1.25)
per acre, there is not one of my colleagues
that does not know that the lands, with all
the cities, towns, railroads and other im
provements. would not sell for half the
amount of the accumulations by interest on
the first purchases. This, too, notwith-
standing that population and wealth has
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;mueh atten-
ton, and treated it Emore ably than any
man of the age, says, that before the war
as much as one half of wealth of the ma
ton 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