New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-05
THE RATIONAL WEALTH.


Though in many respects the reports
of the census takers, in relation to the
valuation of property, may not be entirely
accurate, yet it may be relied upon, and
though, in some cases, differing slightly
from the local assessments. it will not
affect the general result
| According to this report, the total value
of PROPERTY in the United States, in 1870,
was, in round numbers S13, 600, 600, 600,
against SO, 500, 900, COO, showing an in
crease of SO, 800, 900, 900 in value, little
less than twenty-five per cent during the
last ten years. Comparing this increase
with that of the previous decade, it will
Sc, 900, 0OO 900 to $40, 500, 900, 900, diff
ference of 81, 500, 00O, 900, or seventy-fve
per cent increase in the value of property
in this country from 1850 to 1860 The
increase, therefore, between the two
periods was three times more during
1850 go than during 1S60-70, thus estab-
fishing the fact that prior to 1860 we were
getting rich three times faster than for
| the last ten years.
Prior to 1860 we had no debt of any
| consequence. Now the national debt is
about 81, 500, 900, 900, or just the difference
of the increase in the value of the prop
erty of the country between 1860 and 1870,
so that, in fact, the nation is no richer in
wealth than it was in 1860. The number
of the people has increased since 1860
from 80, 000,00 to 10000, 900, so that the
property represented by the value already
stated is in the possession of this 49,
100000, and thus the average wealth of
each inhabitant of the United States is
to-day twenty-five per cent less than it
was ten years ago. 1t must be recollected
that during the period from 1860 to 1870
we have passed through terrible civil
war, which produced the present enor-
nous national debt, and, by its conse-
quences, made an important diminution
in the property list, by striking from it
the amount formerly represented as prop
erty in slaves. If we take the 100000
of slaves and value them at an average
price of $500, it will be seen that an APP
parent loss of 81, 500, 100000 was sus-
tanned by the act of emancipation. In
addition to this positive loss must be
reckoned the diminution of value
in the land formerly worked by
slave labor, produced by the loss
of that labor, and the difficulty of
supplying its place. This loss has fallen
upon the Southern States. From the
census report, the fact appears that in the
nine leading Southern States the wealth
has decreased more than $500, 900, 900
during the years 1S60-70. The South has
lost in wealth, while the Northern, East
ern and Western States have not only
made up the loss of the Southern States,
bat the difference between that loss and
the apparent gain in the wealth of the
country during the last decade. The South
has decreased in wealth nearly fifty per
cent, while the rest of the country is worth |
81, 300, 900, 600 more in 1870 than it was |
in 1860, an increase of nearly sixty-eight |
per cent. Taking the debt into account, |
with the loss of wealth sustained in the |
Southern States, the average increase of
wealth is about thirty per cent for the re-
of the States of the Union, dur
ing the ten years from 1860 to 1870, against
seveniy-f per cent increase from 1850 !
to 1860.
Another interesting fact is shown by
this report, and that is, the increase in the
wealth of the country consists mostly in
real estate or real property. During the
decade from 1850 to 1860 the increase of
wealth was personal property, which in
cludes railroads, bank and insurance
stocks, merchandise, machinery, furni-
ture, cattles crops, agricultural imple-
nents, everything, in short, except the
and and the buildings on it; but during
The past ten years there has been positive
decrease. The decrease in the value of
this class of property between the two
periods is forty-eight per cent or more
than one-half. The increase in value of
the real estate of the country is eleven per
cent greater from 1860 to 1870 than from
1850 to 1860, and this too, in spite of the
terrible adverse circumstances in which
we have been placed on account of the
great war which was ON our hands for
almost half of that time. What seemed
TO US a calamity has indeed proved to be
1 blessing in Disguise and SO it should be
regarded. This is world of compensa-
lions and balances, and in our national
as shown from the figures to
which reference has been made, the CON-
pensation between property in slaves and
the curse which was entailed by the insti-
ton of slavery is more than made up by
The increase of other more valuable pos
sessions, and the grand spectacle Of
republic free and independent, the asylum
of the oppressed of every nation.
With the struggles and contests of the
past ten years no ground has been lost in
the march of progress, but, on the con-
trary, the increase has been steady and
permanent, SO that with this fact before
the people, especially of the Southern
States, let them take courage, and during
the decade which they have just com