This is slavery, and it is an indication of poverty, and yet we hear much of the wealth of England. Where, however, is it? The whole rental of the land, houses, mills, furnaces, and mines of the United Kingdom but little exceeds one hundred millions of pounds sterling, of which about one-half is derived from buildings--and if we take the whole, perishable and imperishable, at twenty years' purchase, it is but two-thousand millions.[155] If next we add for machinery of all kinds, ships, farming stock and implements, 600 millions,[156] we obtain a total of only 2600 millions, or 12,500 millions of dollars, as the whole accumulation of more than two thousand years' given to the improvement of the land, the building of houses, towns, and cities--and this gives but little over 400 dollars per head. Sixty years since, New York had a population of only 340,000, and it was a poor State, and to this hour it has no mines of any importance that are worked. Throughout the whole period, her people have been exhausting her soil, and the product of wheat, on lands that formerly gave twenty-five and thirty bushels to the acre, has fallen to six or eight,[157] and yet her houses and lands are valued at almost twelve hundred millions of dollars, and the total value of the real and personal estate is not less than fifteen hundred millions, or about $500 per head--and these are the accumulations almost of the present century. The _apparent_ wealth of England is, however, great, and it is so for the same reason that Rome appeared so rich in the days of Crassus and Lucullus, surrounded by people owning nothing, when compared with the days when Cincinnatus was surrounded by a vast body of small proprietors. Consolidation of the land and enormous manufacturing establishments have almost annihilated the power profitably to use small capitals, and the consequence is that their owners are forced to place them in saving funds, life-insurance companies, and in banks at small interest, and by all of these they are lent out to the large holders of land and large operators in mills, furnaces, railroads, &c. As the land has become consolidated, it has been covered with mortgages, and the effect of this is to double the apparent quantity of property. While the small proprietors held it, it was assessed to the revenue as land only. Now, it is assessed, first, as land, upon which its owner pays a tax, and next as mortgage, upon which the mortgagee pays the income-tax. The land-owner is thus holding his property with other people's means, and the extent to which this is the case throughout England is wonderfully great. Banks trade little on their own capital, but almost entirely on that of others.[158] The capital of the Bank of England haying been expended by the government, it has always traded exclusively on its deposites and circulation. The East India Company has no capital, but a very large debt, and nothing