, 1873-05-19


land h.s been greatly improved, how comes 1t that
the value Of all farm land has increased during |
the last decade only per cent? Investing In |
railroads nearly $1,000, 100000, had the propor-
tion Of increase in value been as great as it |
was in the preceding decade, We should have
realized IN increase Of $500, ,ooo 900. Then our
Investment WAS returned threefold BY increase OF
value, Now We get back less than one-third Of
the Investment. '~
It is true; the allowance for the cost OF roads
$50 900 per mile-is more than the actual COST o.
many. But it is less, by 50, 1000, than tue aver
age cost, equipment included, OF all roaos oi
which statistics are given in Poor's Manual 1t
is q notorious fact, moreover, that the ac'uaA
cost of construction is much less than tne sun
which must ultimately be paid, because tne
,,onds unon which funds arc obtained, whether
isaned BY corporations, States, counties, or cit
;aa eeu nt considerable discount, greater, in
decd, than the depreciation Of currency, 80 that
the SUM which must ultimately be paid as our
investment in railroads may be fairly stated at
$4,000 pcr mile, both before and since the de-
probation Of currency. II roads recently built
have. been largely in regions where grading
is less costly, they have cost far more for
iron and equipment. Nor can it DO objected
that the enormous loss which the iacts reveal
has been due to the depression OF agriculture at
the South alone. Even in the Northern States,
where no rayages Of war or changes in the sys-
tam Of labor can be held to account for any
check to the progress OF agriculture. it is the
fact that since 1860 to this day the value OF
farming land has increased barely as much as We
hare actually expended in giving it new value
bv building railroads. In the New England
States the value Of farms measured in gold had
decreased not less than $40, 100000 in 1870, yet
we have expended there about $68, ,ooo,ooo IN
| railroad building. In the Central States (NeW
York, New Jersey, Pennsylvania, and Oh1o), the
increase in valuo OF farms in 1870 WAS 9413,oou,-
600, but the expenditure in construction OF rail-
roads was s276 900 by the close OF 1871, with
many roads in progress which arc now finished.
/ In the Border States Delaware Mary
land, Kentucky; and Miasouri), the value
/ Of farm lands was about. 94,ooo' ooo
less in 1870 than in 1860, and yet, by the
close OF 1871, We had expended 914o, ,ooo, 600 in
railroads. In the Pacific States the increase in
yalne OF farms was 800 o0o 00o but 591, ,o0o, 900
.has been expended in railroads. Only in the
Western states where $4,000, 600 Of acres unoo-
cupied in 1860 had bcen, added to the area o1
farm land in 1870, worth. at the average price q
1860, over s500, 900, 900 in gold, has there beer
any great gain to counterbalauce the loss in tht
South, in the New England and tho Border
States. For that increase-about e942, ,0oo. 600
according to the valuation OF 1870 reduced t
eold-we had expended in that section IN ra1l
road building since 1860 1851, 10000 by 1870
and s72s, ,o0o, 900 by 1871. =: T. 80
p. We rejoice that this magnificent system OF i'm
provements has been pushed forward. thus rap
idly. In spita Of all complaints On account 10
!. | freight charges, the farmers the1nselye
will rejoice, for the figures prove that, ii
this section at least, every dollar spent IN Tall
road building has been returned in single de
cade by increase in the value Of farms. In
economist, also, viii rejoice, because it ls clea
that. but for this vast expenditure in d syste7
. of improvements which render our farms MOI
valuable, the aggregate value OF all farms in tt
United States would have been less in 1S70, I
MANY hundred millions, thar it was in 1851
- Thanks in part to subsidies and land-gTants fro
the General Government, in part to the hberalt
of States, counties, and towns, and in part
the foresight and enterprise Of capitalists O
both sides of the~ocean, agriculture in the Uni
: ed States can show trifng margin OF lncreai
:: since 1860. in spite Of the iniquitous System
- taxation which has swellcd tho cost alike Of pr
a S@~N ~
duction and transportation