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
As to the rate of increase: the value of the products of Virginia in
1850 was $84,480,428 (Table 9), and in Pennsylvania, $229,567,131,
showing an increase in Virginia, from 1850 to 1860, of $35,519,572,
being 41 per cent.; and in Pennsylvania, $170,032,869, being 51 per
cent.; exhibiting a difference of 10 per cent. in favor of Pennsylvania.
By the Census Table of 1860, No. 35, p. 195, the true value then of the
real and personal property was, in Pennsylvania, $1,416,501,818, and of
Virginia, $793,249,681. Now, we have seen, the value of the products in
Pennsylvania in 1860 was $399,600,000, and in Virginia, $120,000,000.
Thus, as a question of the annual yield of capital, that of Pennsylvania
was 29 per cent., and of Virginia, 15 per cent. By Census Table 35, the
total value of the real and personal property of Pennsylvania was
$722,486,120 in 1850, and $1,416,501,818 in 1860, showing an increase,
in that decade, of $694,015,698, being 96.05 per cent.; and in Virginia,
$430,701,082 in 1850, and $793,249,681 in 1860, showing an increase of
$362,548,599, or 84.17 per cent.
By Table 36, p. 196, Census of 1860, the _cash_ value of the farms of
Virginia was $371,092,211, being $11.91 per acre; and of Pennsylvania,
$662,050,707, being $38.91 per acre. Now, by this table, the number of
acres embraced in these farms of Pennsylvania was 17,012,153 acres, and
in Virginia, 31,014,950; the difference of value per acre being $27, or
largely more than three to one in favor of Pennsylvania. Now, if we
multiply the farm lands of Virginia by the Pennsylvania value per acre,
it would make the total value of the farm lands of Virginia
$1,204,791,804; and the _additional_ value, caused by emancipation,
$835,699,593. But the whole area of Virginia is 39,265,280 acres,
deducting from which the farm lands, there remain unoccupied 8,250,330
acres. Now, if (as would be in the absence of slavery) the population
per square mile of Virginia equalled that of Pennsylvania, three fifths
of these lands would have been occupied as farms, viz. 4,950,198, which,
at the Pennsylvania value per acre, would have been worth $188,207,524.
Deduct from this their present average value of $2 per acre, $9,800,396,
and the remainder, $178,407,128, is the sum by which the unoccupied
lands of Virginia, converted into farms, would have been increased in
value by emancipation. Add this to the enhanced value of their present
farms, and the result is $1,014,106,721 as the gain, on this basis, of
Virginia in the value of her lands, by emancipation. To these we should
add the increased value of town and city lots and improvements, and of
personal property, and, with emancipation, Virginia would now have an
augmented wealth of at least one billion and a half of dollars.
Public-domain text, read in full here on John Shaqi.
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