The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-03


the curse which has hitherto afflicted their
predecessors.
URNATIONAL WEALTH AS REVEALED
BY THE CENSUS.
From the N. Y. Nation.
The Census Bureau has so far progressed
with its labors as to be able to present us
with concrete statement of the total wealth
Of the nation, as assessed for purposes of
taxation. The figures do not give the true
value of the property, as estimated by the
census-takers, but they give the sum total of
the valuation, as obtained from the local tax
assessors of every State, upon which all State
taxes are assessed. 1t may seem at first
sight that figures coming from such source
are not of q highly trustworthy character
Indeed, we know that the assessments are
very defective from the ignorance of the Off
cials, or from their carelessness. But they
are, nevertheless, of the greatest Importance.
Based as they are upon actual assessments
upon which the payment of money depends,
open as they are to correction from all in
jured parties, including, as they do, the whole
tax-payiDg portion of the people, compared
with whose vast numbers the intentional cases
of false valuation must come to be very insig-
nihcant, these tax returns are fully srelabe as,
il not far more reliable than, the loose and
inconclusive returns from volunteer state
ments, or valuations obtained by host of
ignorant and, perhaps, incompetent census
subordinates Making allowance for the in
variable practice of assessing property for tax
purposes at much less than its market value,
an differentiation which is recognized and
established by universal custom, if not by
law, these tax returns are considered by
competent statisticians far more valuable for
ascertaining the wealth of the people than
those of the census. But lest exception be
taken to this position, which is also denied
by many, we propose, in examining the
figures just published, to confne ourselves,
in all comparisons, to figures obtained from
the same source, SO that all may be alike
affected by the same objection, and the value
of the comparison not invalidated
According to these returns, the total value
of property of every description in the United
States in 1870, with certain exceptions to be
referred to hereafter, was, in round numbers,
$13, 1000, ,o00,0 900, against $40, 800, 900, 900 in
1860, showing an increase in value of S., 500,-
100000, or less than twenty-five per cent,
during the ten years. If we compare this in
crease with that of the previous decade, we
find that, from 1850 to 1860, the increase was
from Sc, 100000 to $40, 500, OOO 900, an
increase of $4,000, 100000, or precisely
seventy-fve per cent. In other words, the
increase in the previous decade was precisely
three times rs great as during the last. Prior
to 1860 we were getting rich three times as
fast as since 1860.
Prior to 1860 we had no debt of any conse-
quence. We now owe, in round numbers
So, 500, 000,0 900. II we deduct what we owe
from what we possess, we find that our net
possessions are about the same in 1870 as
they were in 1860, in other words, that all the
people in the country together have no moro
wealth in 1870 than they had in 1860. But
as the number of people in the country has
increased during that period from $4,000, 900
to 40, 900, 900, there are now 40 600, 900 of
people who own no more property to-day than
10000, 600 of people owned ten years ago; in
other words, the average wealth of each inha-
bitant of the United States is to-day twenty
five per cent. less than it was ten years ago.
However much we might be tempted to let
these results stand as confirmation of all the
arguments for years urged by the Nation in
refutation of the absurd belief that we were
rapidly growing rich on waste, and extrava-
gance, and destruction, we are, nevertheless,
obliged to point out that they are not neces-
sarily conclusive as to the condition of the
whole country. Although it is impossible for
any part of it to be impoverished without all
other parts being more or less affected in a
similar manner, yet there is a nominal i'm
poverishment which directly affects the
owner without diminishing the real wealth of
the country. In 1860, slaves were counted
as property. Valuing five millions of slaves
at an average price of $780, we could at once
account for an apparent loss of 1900
millions of dollars by the act of
emancipation. Besides, the loss of the slaves
rendered temporarily valueless, or at least
much less valuable, great plantations and
other tracts of land, which had heretofore
constituted great part of the wealth of some
of the Southern States. And in addition, a
large part of the loss aud destruction of the
war of Rebellion fell most directly upon the
seeding States themselves If we, there
fore, examine separately all the so-called
slave States, excluding Missouri which was
slave State only in name, and excluding Ala
bama and Texas, the figures for which two
latter are omitted throughout the returns,
but including Virginia and West Virginia, we
find that the wealth of the nine leading
Southern States has actually decreased
more than 1900 millions of dollars
during the decade. The South
has lost in wealth; the North, East, and West
have made not only the entire apparent gain,
but bave gained enough besides to make up
the Southern loss. Separating the two sec
tions, we say that the South has largely de-
creased in wealth, nearly fifty per cent, while
the rest of the country has increased from
$500 millions in 1860 to 10, 500 millions in
1870, an increase Of nearly 6S per cent 1t
will be observed that even this rate of in
crease falls materially behind that of the pre-
vious decade, even when leaving the debt ont
of consideration. Taking the debt into
account we arrive at the conclusion that the