The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-02-27

oloaed easy st 25@25A, against 251Sep259s
IN the preveais day. The sales ut the stock
exchange footed up $4,000 OF Consols, and
eq7 600 of Premiums. On the street the sales
were: $751; 600 Of Consols ut 1890, and $4,000
Of Premiums at 247s6251s.
There are at present seventy-eight banks
IN the city of New York, forty-eight OF which
are national, with capital of S6s, 900 ,009; but
only flfty-nine Of these are members a the
clearing house. their aggregate capital being
about $sO,OO0,00O. The remainder clear, or
rather make their exchanges, through some
Of the others, by special arrangement.
A bill has been ordered to the third reading
In the New York Legislature reducing the
minimum legal interest from to per cent.
A bill with good promise Of success is also
before the Missouri Legislature establishing
reduction to 6 per cent. The large demand
for4 per cent consols Ia quoted earnestly In
the arguments for reduction in both States.
The business Of stove making has grown to
immense proportions. In 1880 the estimated
number Of stoves made in this country was
$4,000; in 1910, 100000; in 1850. 875,000; in
1860, 100000; In 1870, 100000, valued ut
$37,O0O000 The value of heating furnaces
annually made In this country will amount
to S20,000,00O. There are In the United States
about $50 founderies engaged In the manu-
facture OF stoves and furnaces. using annu-
ally 900 tons Of coal
It would seem that there Is concerted &C
ton on the part OF the European govern
ments to put check Gpon the rapidly in
creasing export trade of America, and set
the balance OF trade against us again II pos
sible. England threatens to bar our cattle
from entrance to its ports; Germany pro-
poses to increase Its duty on our tobacco
very nearly one hundred per cent, and Italy,
not to be behind In the game, eontempates
legislating against the American hog. Other
nations propose to follow suit.
The South is daily In receipt Of the strong
est abuse from New England Republican
statesmen, but in the matter of internal rev.
enue taxation the South helps the Federal
government along a good deal better than do
the New England States. Seven Southern
States, including Kentucky with an aggre-
gate property valuation Of about $2,50o,0OO,-
OOO paid into the Federal treasury last year
over $22,O0OOO0 In taxes, while the six New
England States, with a property valuation Of
over $4,O00,OO000O, paid but $3,50o,000. That
Is not equitable, yet these Southern people,
who pay six times as much as the New Eng
landers, are denounced as idle" "lawless,"
and seeking to destroy the Union"
According to the Washington correspond
emit of the Cincinnati Commercial, 1t Is be-
Iieved In Washington by those who have given
close attention to the subject that the Fed
eral census next year will reveal a condition OF
things far from fattering to our national
pride and not condueiveto boastfulness. For
the first time in our history the census will
show that In ten years Of toll and accumula-
ton we have apparently not gained cent, and
will be poorer In 1850 than we were In 1870.
That 10, the returns Of national wealth In 1880
will be less than In 1870, a condition Of things
unparalleled In our history. The census Of
1870 was taken In the midst Of the initiation and
expansion period, when every man who owned
property put upon it q fictitious valuation, al
though at the time business matters were 50
fourishing as to deceive the very elect and
ninety-nine out OF hundred thought it was
permanent prosperity. The shrinkage since
then has been enormous, more than set-off
that their property is mot worth as many dol
lars as they thought 1t was in tsF0.
Notwithstanding the waste and losses of
the war, and the wiptng out OF three and one
half billions OF wealth In slaves, which counted
In the census of 1860 the national wealth was
made to increase from 1850 to1870 the en0r-
nous aggregate of fourteen billions Of dollars
1t is estimated that the waste OF war equale6
the loss Of property in slaves, making to-
gether a lossof seven billions Of dollars, yet
during the time that this seven billions Of
dollars were wiped out rs with asronge our
national wealth is made to increase fourteen
billions Of dollars. Add to this increase the
loss In slaves and waste OF war, and we have
q gain in ten years Of twenty-one billions, or
a sum equal to three times what the whole
country was worth In 1850. This and cur eX
perience since 1870 shows very clearly that
the wealth returns OF the last census were !
largely overstated. rot from any disposi ton |
among property owners to deceive, but be-
cause they placed higher valuation upon
their property than the hard school Of hard
pan has since shown II to be worth
In very nearly all of the States, and most
OF the Territories, the assessed valuation of
property Is MUCH HISS tEhn III 1870. lhere lG
of couse a vast difference between the "true
valuation OF property as returned in the
census and the assessed We luation by States,
difference amounting to one-half In 1870,
but still the assessed valuation affords an ap-
proximate criterion of what the true" or
census valuation will be.
With these figures fer a guide, the Com
mercial's correspondent gives the following,
which is believed to be an approximate esti-
mate Of the wealth Of the country BY States
In 1889:
Alabama. s2l5, 900 COOL Nebraska $3.50 ooo,000
Arkansas 1s5. 900 o00l Nevada 4'00,oO0 |
California u coo 600 cool ". HampS'e 225.G00 900
Connecticut. rs 900 t00I New Jersey S5OoooOO0
Delaware 49,. 105100 G00lNew York. $500 100000
Florida so 600 000IN. Carolina NoVoOoO
georgia ~. 275.D50 900 Ohio 1900. l.lOooU0 we
Illinois -. 300 GEO 00Ol DregoN io,UOO.UOo
Indiana. 80. 1870 Oea OOO Pen 'syf MIA 3.9e0 1000
Iowa. 49,. - 500 oOe OO0 r island 2s0600, 900