New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-22
rtTT1TTOV or WEALTH.

TiIEJTTON or UEdLIH
rho Ccnsus Bureau has Just given out re-
a,.,.,I,o statement regarding the true valla-
.;|', 81 N, nronortv IN the country, which should
/ not be allowed to pass into current acco
v.thout Immediate discussion. III puts inc ,luc
,,,,ion M sfj OBJ O91 197-an increase since
1850 Of nearly 30 per cent, ana ABOUT . per
,, for o,ch year This Is cheerful state
r, and vot II is demonstraby not in accord
~ with facts provided the reckoning ana
,,o ;,oms included be the same as those upon
which the valuation Of S43,G42'""'ooo Ill ioo'
was based 70 appreciate the reasohhS IT -
necessary first TO notice that the aSseSS''
,,,,o,ion of nroperty increased during the dec
o1o about IN pcr ccnt-from $1G,9O3,0OO'0OO To
Soj 4jG 600 OOO-but it IS notorious tii;it 'here
* . steadily progressive divergence between aS-
scsscd and actual valuation OF property ST.
ond il is important to note that the hVc ci'Ss''
of propcrtv of which the census actuaily EN'S
direct information. have Increased Ill value "
is admitted over 50 per cent. while the reilialh-
ing classes of property regarding "h'oh 'i'
ccns,ls gives only indirect Information are eS'-
mated nj only 1882 0O00O whereas the saiiie
classes were estimated in the census OF lSoo 1T
$143G2 100000
Among the items OF which the census gives
definite information may be r"ckoheu rei" 20
tate and improvements, live stock 1arh iiipi'~
mcnts and machinery. railroads, telegraphS' tcie'
phones and shipping mines ana quarries' Inv
aggregate value of all such property Is repor'eu
in 1890 rs So 1913, 100000, against S29,--o'o"'-
600 in 1SS0-an increase OF 500 per cent NJ"
there are other items OF which the census uoe'
not give direct information, but OF whlch .llc'c
&C. oficioI record entitled to much credit. Thus
Treasury reports show that the STOCK Oh Soiu
and silver In the country Increased from apou'
$500. 600 July !, 1850. to Sl,lo-'ooo'oVo 'u''
I tsao-on increase of over $50 per cent. The
census Of manufactures for lS?o gives me cap
,,oI omnIovcd more accurately than IL was
stated by any previous census, Dut Hiahes 4"
clear bcyond dispute that the aggregate valua-
tion increased over 100 per cent-apparehty
100 ~ per cent or this capital only about
81 654 600 appears 10 be In the lorih VI
land and buildings. doubtless included in real
estate. SO that the remainder about Sfo'"o"
ooo oppcars to be the value of other manlfact-
uriug property. The estimate of wealth. now
over includes only 5000, 100000 for the value
- machinery and all products on hand in all
mills whereas the corresponding estimate Tor
1850 embraced "thrcequartcrs of the ahhual
nroduct Of agriculture and manufactures ana
/ ~
10 be the average supply in the haius vi Pio'
duccrs and dealers, So lGo0OoOoo
II is thus obvious that the estimate of wealth
for 1870 is made upon very different basis
from that given in the census for 1850, SO that
whether il il more correct or not IL must GER
,oinly fail short by many thousand millions OF
rcnrcscnting the valuation for the two periods
computcd on the same basis But the estimate
llN.
grounds The estimated valuation of all rail
road property shows an increase OF only % per
cont for the decade But the increase i'll stocks
and bonds of steam railroads only was over
100 per cent The increase in gross earnings
If such railroads was nearly 81 per cent, ana
the increase in actual payments of Interest ana
dividends was over 40 per cent. But again. the
estimate for 1850 included S5.0O0,0OO,OW for
household furniture paintings books, clothing,
iewclry and household supplies, which was evil
1cntlv not 4 statement of high statistical value.
But the increase in this class of property. as
everybody is aware has been extraordinarily
large during the last decade. and whatever al
lowancc may he made for such property III 1871
il should nj cas' be about double the valuation
allowed on the same basis for similar property
ten wears earlier. In churches. schools, public
huiIdiugs and other real estate exempt from tax
alton for which S2.000.OO0.OoO was allowed III
1850 the increase has also been greater than
in most other property, and it Is stated that
in 1870 the property exempt from taxation Is
about So SO 600 900. but this is included in the
estimate Of real estate.
Until there has been opportunity for analysis
of the latest estimate, in the light of all ex-
plantations which the Census Bureau may
offer it would be premature to say that It's
estimate of true valuation Of all property is
not approximately correct. But one thing Is
certain. that the increase in valuation between
1850 and 1890 WAS much greater than would
he inferred from the estimates of aggregate
wealth, according to the census reports for the
two dates. Instead of % per cent. the increase
was probably not far from 50 per cent