The Continental Monthly , Vol. 2 No. 5, November 1862: Devoted to Literature and National PolicyVarious
History
The Continental Monthly , Vol. 2 No. 5, November 1862: Devoted to Literature and National Policy
Various
Literature, Modern -- 19th century -- Periodicals; United States -- Politics and government -- 19th century -- Periodicals
Thus the value of the labor of the immigrants from 1850 to 1860, was
fourteen hundred and thirty millions of dollars, making no allowance for
the accumulation of capital by annual reinvestment, nor for the natural
increase of population, amounting by the census in ten years to about
twenty-four per cent. This addition to our wealth by the labor of the
children, in the first ten years, would be small; but in the second, and
each succeeding decennium, when we count children and their descendants,
it would be large and constantly augmenting. But the census shows, that
our wealth increases each ten years at the rate of 126.45 per cent. Now
then, take our increase of wealth in consequence of immigration as
before stated, and compound it at the rate of 126.45 per cent, every ten
years, and the result is largely over three billions of dollars in 1870,
and over seven billions of dollars in 1880, independent of the effect of
any immigration succeeding 1860. If these results are astonishing, we
must remember that immigration here is augmented population, and that it
is population and labor that create wealth. Capital, indeed, is but the
accumulation of labor. Immigration, then, from 1850 to 1860, added to
our national wealth a sum more than double our whole debt on the first
of July last, and augmenting in a ratio much more rapid than its
increase, and thus enabling us to bear the war expenses.
As the homestead privilege must largely increase immigration, and add
especially to the cultivation of our soil, it will contribute more than
any other measure to increase our population, wealth, and power, augment
our revenue from duties and taxes, and soon enable us to repeal the tax
bill, or, at least, confine it to a few articles of luxury.
Nor has this immigration merely increased our wealth; but it has filled
our army with brave _volunteer_ soldiers, Irish, Germans, and of other
nationalities, who, side by side with our native sons, are now pouring
out their blood on every battle field in defence of our flag and Union.
Thousands of them have suffered in rebel dungeons, where many are still
languishing--thousands are wounded, disabled for life, or filling a
soldier's grave.
Thus has the immigrant proved himself worthy to participate with our
native sons in the homestead privilege. He fights our battle, and dies,
that the Union may live.
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