The Continental Monthly, Vol. 5, No. 3, March, 1864: Devoted to Literature and National PolicyVarious
History
The Continental Monthly, Vol. 5, No. 3, March, 1864: Devoted to Literature and National Policy
Various
Literature, Modern -- 19th century -- Periodicals; United States -- Politics and government -- 19th century -- Periodicals
PROGRESS OF WEALTH.--We have seen how great was the advance in
population of New York over Virginia, from 1790 to 1860, being in the
ratio of more than 9 to 1. Now let us compare the relative progress of
wealth. It is contended by the advocates of slavery, that it accumulates
wealth more rapidly, and thus enriches the nation, although it may
depress its moral and intellectual development, its increase of numbers
and of power, and tarnish its reputation throughout the world. As
population and its labor create wealth, it must be retarded by a system
which, as we have seen in this case, diminishes the relative advance of
numbers in the ratio of more than 9 to 1. But the Census proves that
slavery greatly retards the increase of wealth. By Tables 33 and 36 of
the Census of 1860, it appears, omitting commerce, that the products of
industry, as given, viz., of agriculture, manufactures, mines, and
fisheries, were that year in New York $606,000,000, or $156 _per
capita_; and in Virginia $120,000,000, or $75 _per capita_. This shows a
total value of product in New York more than five times greater than in
Virginia, and _per capita_ more than 2 to 1. If we include the earnings
of commerce, and all business not given in the Census, I think it will
be shown hereafter, that the value of the products and earnings of New
York, in 1860, exceeded those of Virginia at least 7 to 1. As to the
rate of increase, the value of the products of agriculture,
manufactures, mines, and fisheries, of Virginia, in 1850, was
$84,180,428 (Table 9), and in New York $358,736,603, showing an increase
in Virginia from 1850 to 1860 of $35,519,572, being 41 per cent., and in
New York $249,263,397, being 70 per cent., exhibiting a difference of 29
per cent. Now the increase of population in Virginia from 1850 to 1860
was 12.29 per cent., and in New York 25.29 per cent., the difference
being only 13 per cent. (Table 1, p. 131.) Thus, it appears, the
increase of wealth in New York, exclusive of the gains of commerce, as
compared with Virginia, was more than double the ratio of the
augmentation of population. By the Census Table of 1860, No. 35, p. 195,
'The true value of the real and personal property, according to the
eighth Census was, New York, $1,843,338,517, and of Virginia,
$793,249,681.' Now we have seen the value of the products of New York in
1860 by the Census was $606,000,000, and in Virginia $120,000,000. Thus,
as a question of the annual yield of capital, that of New York was 34
per cent., and Virginia 15 per cent.; the annual product of capital
being more than double in New York what it was in Virginia. The problem
then is solved in Virginia, as it was in Maryland and South Carolina,
and all the South compared with all the North, that slavery retards the
progress of wealth and accumulation of capital in the ratio of 2 to 1.
Our war taxes may be very great, but the tax of slavery is far greater,
and the relief from it, in a few years, will add much more to the
Public-domain text, read in full here on John Shaqi.
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