Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-08-22
POVERTY OF THE SOUTH.

cOmradc-ln-armS.
POVERTY DE- THE SOUTH.
The New York Tribune has an OK
haustive account of the value OF pro-
perty in the South. compiled from the
census OF 1870. There is also COM
parison made between the figures OF
1860 and 1870, which has startled even
the North. Many Northern and Yves
tern papers have published a summary
of these facts and all, without eyccp-
ton, are astonished at the magnitude
Of orr disaster. We are glad to see,
too. that the true cause of Southern
decline i'll wealth is fastened upon the
right responsibility. lie is now seen
that Reconsideration has ruined us and
that a great national crime has been
committed which years Of PREPARATION
will hardly wipe away. The thinking
men Of the country beyond us are be
ginning to understand that contin-
nance Of the policy now sapping
the foundation of our industry
will eventually rebound upon the
East and West They are finding
ont why they have not got cheap
government why public and private
faith has gone to the dogs and why
liberty is being extingrushed every
where. A condensation of the T,'i-
E,,,,f's article, which we herewith pub
Iish, will prove interesting TO every
reader. The problem still remains us
to how long we can stand this deplc-
ton and it seems that orr nnreI"ilt-
ing foe is beginning to calculate how
long he can stand it, also.
The COMPARISON with the value, of
1860. as shown by the census Of ;!la.
wear, makes startling showing of the
inpoycrishmcnt of the South W.thln
the last decade. Reducing the vall":5
for both periods to Il gold basis,
and dcducting s., 1000, 900, 900 for thc
slaves of 1860, (Which is ut the valua-
ton of 500 cach,) the value of prop
crtv in thirteen Southern States, cX"IIl-
ding Delaware, Maryland and Mis-
souri. was So 693 ,9O9, G29 III 1850,
and in 1870, g, 1862, 2G3, 400, or an
actual loss in ten years of 80 pei
cent. of the value of all property. IL
the three States, the valIai ION for 1SIt
was It per cent greater for Delaware,
IS per cent greater for Maryland, and
13t Der cent. greater fer Missouri Than
hat of 1860 Counting the gam IN
these States, the actual loss for all the
Southern States during ten years was
&! per cent of the valuation of 1860
Estimating the value of grecnbacks
for 1870 at 81 cents, the depreciation
of the property in the former slave"
holding States, excluding the loss ot
the slaves, was $413, 900, 900, or about
$50 in gold for every man, woman and
child, white and black, now living IL
those States. Excluding the three
States which show large gains, the loss
Of the other thirteen States IN ten
wears was S1.231 100000 i'll gold, OF
S1O3 in gold for every man, woman and
child. If we add to this the estimated
value OF the slave property, which was
the largest and most profitable the
people possessed, the depreciation
amounts to 81, 230. 900, goo, or S2ST IN
gold for each person. In other words,
the value of property III the Southern
States is not to-day more than one
half what it was thirteen years ago.
Examining the property in detail has
led to the same result. The value OF
the farms in the Southern States. rs
shown by the census reports, was less
III currency in 1870 than it was in gold
IN 1850 by more than $3.50, 900. TIE
loss on farm lands in thirteen Of the
States, on Il gold basis. was 81 or. 49,
1Gl, or greater than the entire value
that remains. During 1.-The ten Years
intervening, 2,S3O miles OF railroad
were constructed at cost OfSlOO, OGN,
900, which should have added proper
tionately to the value of farm lands.
But in spite OF this Investment, the
farm lands OF the South are not worth
to-day One-haf of what they were
worth in 1860. though the building OF
railroads III the country at large dilr-
ing the same time has increased the
value of farms three-fold. The shrink
age in the value of farms per acre con-
firms this estimate. In West Virginia
and Virginia it was 81 80. OF 20 per
cent, i'll Tennessee. 81 10. or 30 per
cent in Florida s. 23, or 40 per cent. :;
III North Carolina, 81 81. or Il per
cent; III Arkansas, 81 -, or 5i per
cent; III Louisia Sl3 90, or 50 percent;
in South Carolina. 81 GH. OF GG per
cent; and so on. The depreciation i'll
the valuation of farm implements in
the same time was from $50. $40, 0O9 in
gold in 1860 to SO, go $50 i'll currency
III 1870. or Il loss of more than one
half. The decrease in the vallS--of
stocks and crops that were raised in
1S';O and 1870 was i'll the same proper
ton.
''Th" figures, Though sufficiently
startling in themselves, do not repre-
sent the loss by prevention OF natural
increase, which it is proper to con
slider. The gain i'll wealth III New
York was lS5 per cent in gold vaiues
III iowa, l35; in Missouri, 49, in
Pennsylvania, III in Michigan, I26 !;
in California, lis. The average gain
IN all the States. except the thirteen
Southern States under consideration.
was II per cent. III the ten wears At
t., ratio, the wealth of these South
~ w..:I'l have been increased
~ / .'"' 40 instead of being I-
mluisi 10y -. 200, 900, 100. The. diff
fcrcnr, the country. therefore, by
the Imp,'VerisiImsnt of the Southern
States, Is represented by more than
: ,OW, 0W. 600, or considerably more
than our National debt.
Aahantee, with which the English 1T