, 1869-01-06
THE NATIONAL WEALTH.
Report of Hon. David A.
Wells,
Special Commissioner of the
Revenue.
Present Industrial Condition of
the Country.
Causes Promoting and Retard-
ing National Wealth,
Effects Of an Irredeemable Currency.
Taxation nud Revenue.
The National Balance Sheet.
Th, QUESTION Of Specie Payments.
Contracts On q G,ld Basis.


npw 10 Eestote tie Public Cfedii.
TRKAsCRy DErARTXtHr, i
OFf1eL OF SPECIAL Cos'R Or TIE RETEsuE,
NAsAlsa1os, y: T., December. 1sss.
sIR: proiksc In this my third aInual report, |
which tAyc the hoIor herewith to present, 10
ask through you the attention OF Congress to the |
:tfti,a,ea with rcE moi % Of Establishing 81 con.
ar.otnc any Yartiep1st theory, but raIaer of de-
nlott eer:sin 10 estanu.h the credit ard industry
ot the wno.e eou1uJ upon sound and snostan'
Is all reasoning II respect to the future must |
be = hs 1sp
step starting point oG this Inquiry l. involved
/. lie dc.rrri natiou Of the question as to what is
7nk rRLskS7 CONDITION or TIE cAPrrAL AND
INDUSTRY OF TEE COUNTRY.
Tic facts yoich constitute En- answer to this
Question arc. 10 considerable degree, contradict
uzs and pArado1ical. On me one hand there ,s
uuch tha, indicates that The country ie rapidly: |
recovering from the cdrcts Of tho w6r. and &c.
tnnttg 1es. wonserini safses q psos1ess and
years from 1917 to isS0. On the other hand, there
irdies,e The exietsnce W Of aesneiss which lend 10
arTrtt or ohetruct Rational development, and
.heh tend 70 foster spsealahon, sdisnsss e1'Eays,
trading Is cIstine from the spirit Of ptoduc
Ii is proposed, il the arss instance. 70 briefly
sta1e the evidence IN surport OF tho Arst propust
ti6n; SID, slttongn this eridcnce has been pre-.
III bis TWO I.revtcus reports, set 4 recapirolsuon
nf the lesding elements Of nat!a-ai weal:h, on
neves be considered ~ unt:uely. 20 long as dis
tEutt OF the resources Of tie uhon is TO- any pnf
pose fo=re1ed and eneoutat et-particulavl5 By
Inla evidence may nc grouped a. iollowa:
F1as7; ixs'cSA5Ios5Fro@, q e. The & ist q ~ 5u1y, IA
rat:1ee @ r. q ii foreign esun1res hsvs' sonsat psrns
uenl h mes in the Unltcd Sta:ea. 1nsesti:asians
nude SUMO years sgo tstnce when the character
shat thrsc immigrants bring With them cpecle. or
it, equivalent, 10 th: average a1ourt OF eighty
collars per head: whfc u cir average value TO
the country - troauevss cannot DC estimated al
!ese thsn hssf the evcrs.e valac Of an ordinary
lshorer IN the south pv,or 10 the VA. viz $f.o0
.acn. lmnEra'Ior, than, sln-e tne termination
zSo,GG0 COO directly. and 35DO0lo.oOo indirectly,
TO the wealth In1 resources or the Country.
kEcoyDLr: A GENERAL CREASE IN TIE P 1o'
Drc1s or DoxEsr1o 1kDrsIMr.-The Conm1= =
s!oIes Is fully awsre Of the difficulties stteldaa!
p.s,meat; @ chi pr'ees Wiz INC present dfrsdceaahlo,
fsciuaung eureEey nerns wholly va.aelcs: % q
measure, while etsteu>tn: OF quantities.. TO be
strictly accurate. must 5e considered Lot only
with reference 10 quality. but also 70 The nosms
increase III prnuHCI1QQ, WEIEus uuItE du tl1-Au
.tarces, ACCOMPANIES an Increase Of population
ecyer1heIcss, the we4ltn OF tae country Is it, ca
p.rlty lor a1Lual production; and an analysis O.
ft1s procucIiun Is the EEr-et, and III prckcot the
Only available method Of testing that wealth.
speaking generally, however. III the 1rst IN,
avsi:able d1ta tend TO establish the foltorng con
cir-1ous, VIZ: That within the last nTe yesrl
Dore cotton spindles have oeen put in operation i
mote iron furnaces erected, 1nors IRON smelted
:aotc bazr ruled, norc steel made. more Goa! AIT
hr+v mi phn rpn frGr m
troleu:n co.lec,cd, refined and eIported, thar
etul,Ty: u ihat tdls iEeesse has been esea,ei
both hs rseardr quality ard quantity aud Grea el
the normA iactcnse Of wssh "a " eopn, s,ion. '@'
To eapyort this general sta1enens, the folaw
i. Cotton Aanufatturf.-rhc na1ahct Of cotto,
sp,noies n sxa IT, rI,tea ss;ss aeserd,ng 70 r.
;l.rc was lltsie or no increase Of cotlon ms
ehiLvty. hut possibly dtnlnutio1-nany mills
urus1 The great aenaud for army clotning, na,
iLg betL Converted Ito ertahl:t lnents for III
manniaesute OF wooll Is. Tho lumner OF spts
elcs. however, At present IN operation. Is snow
MaauIactureT.' aEd l1alte.s' A-soc1ation la) 10
soou, 'v0oAu0, EAin Of 3l.1s per cent IN fto
Ton oi ,hc xsr II lS;s Al catlsu ate, based {
le:e pe1tect data given IN The la.' annual repa
Of the Gomm..t.ones r1rd this iuerea.e At On
:; Noouez. Sig. ufacturt.-1upts1ect sta.tatis
collected by Ate North sestctn ,*ooI!en Manufi
wneii, Tonnnfsnpre ~ asrx, y, t3
viz, Oc,o, Mica,gTp, luotars' ilif1oi.. Wisef
ain Iov, snn N1nrtxotn ~ hsr. n.a. 10. s = :,
q. fylIuNc; ~A s'-1>e =
No. Of estah. CapIsal Sets Of I
,.eo hshnsn,s. invested. chlner
iiss'.... isss...,,..... ..: e & *5s,sSsS 5s,suS
= I1o Iron l1oduenoA,-ln The dcps1tm
Of ircn tndustEy the Com missioner would Ag
Tort. that ttc recent ayeraae snnpal 1ncreasc
1hv production OF pic lrcn Is remarkably unto
@ hi.,aey - IL " .nE ialo u loS1ease
pupulauen tae LATTER, NJ the ptesent time, oct
10 1860. VIZ 81; per etut While The ahnual
u 'Ps S pIoanes q ps iron during the
Tons. a1nual iocrea es,
1Sa.........-.. ..,.. ai7GH
le5i le5i-..-..-..-...-..... 1,1a5.|97 1882 per ce
1NH-.+.--. .-...-.,,.. 1.31l.1E3 $50 yer Cd
!s,;s. ett,1py;.d 1ss1,sn st;. * per per C., cs
Fur the seven yc4r- from 1919 f,yscn H.: n,
i.Lreasr ha- hen 4 =, M - y. sp' a'efaSe aalt
h,. l1c-, sc .ir cIcc.s nj ,he n,,aon,
rrsce r1nel 1nr.csee nf 1be ~ irun ur, dnc+ m
!uw-: oa4 'een as
rors 1,cr,s.,
1873 4 slnuio '-''e"se
l~.a .- i 1f1 III 5-I,,rr,
!-,1 1.....,,.,....I I.S;ysl i a per -
1850 ~, se :
t-.ai. i,a,s,. A ~ .nr -
il, Ftupre the ANNA, nra,1nc, n, ~ ,r,,r Fr C.
llti, l:J, IN tons and IN 1sN7 IA "a, -,
.honI1 !, +, r.rt,r1 nf m ~, trrs SNA~'o'o Az
il hu.trIs ,hc nnIr,.i rr.n-n. ~ ~. ,.., -,
e:ow r,m.fu,inn ~ Is nc1 ccrT ~ 1str w. -. y - =
nTrc Win IN ern ~ N: ner snt ~ asos a. g. su
p1th ISL " ~ 80 ~ - e'i0pa'
i tn,r,r-rhc ,,od,,+ or.ba r,,,,- .,,,,,
Lake sn1mr:o, from tSG T., 1st: ~ .;1,r 'as ~
liked a. t.lo5s: IL, ''' A"s'AsNet'
W ~.
]ssy, --..---. q g
1SI .'' ''<@'''
r.: 3s.:; 3s.:;. ..::-. !:
1.e.. .,.,.-........-.--........... 5
l1G',-.-... .,.....-...-.......-..-.- 10
lI5 ...-.-..-.-................ ..... 10
1867 -....-....-.---..- .... ...... II
burn" The -ame period the copper produt
GRIN, Bs thin largely declined viz. from Is
1eIt il 1861. TO II, s3 toss 1sGl, ind II, 500
" 1871. .,.
g. Htrottu,n. 1sGa the export Of petrol.
wat rl1rn.d q NJ 10,s37,e Enllors. Durtr.
yssrs 1864 Ed 1sfs5, With the advantage 0. a
premium on xo!d. the rxpot- 1uctcased /
aytIst,, o! about 9n.lOlt 90 sa.tons- In lsS'
export wse 67.c5a GEO caiiote. and for 15G; III,
port 70 December is Is Telntutt 1t 9l,7.
gallons.
4. Cu1f.-The recent ictrcass IN the p-ndu :.
cf an Alsc:te coal, which may hr taken a. n n
nrr uf re- nYthtErf II Aucr}exn cnat- ray