University of Virginia Library

CHAPTER VII.

VALUE OF REAL AND PERSONAL ESTATE.

Tables XXIX. and XXX. give the value of the real and
personal estate of the several States in 1850, according to the
published census returns; the true value of the same as
estimated by the superintendent of the census; the value of
the slaves in the Slave States at $400 per head; and the value
of the real and personal estate in 1856, as given by the Secretary
of the Treasury in a communication to Congress at its late
session. The estimate of $400 per head for slaves is, perhaps,
too low. With a single apparent exception, the value of slaves
is included by the compiler of the census returns in the value
of personal estate. The exception is the State of Louisiana,
in which State the value of the slaves is included in the value
of real estate. With reference to the estimates of Mr. Secretary
Guthrie, for Texas, it is hardly probable that its taxable
property has gone up, in five years, from $55,362,340 to
$240,000,000, an increase of about $200,000,000; while Iowa,
which has increased in population since 1850 faster than
any other State, is allowed an increase in taxable property
of only $86,285,362, and Wisconsin of only $45,443,405.
The valuation of Georgia is given by the secretary, not
from the State valuation, but from an estimate of the governor
of that State. The estimate for California is evidently
too low, and is not according to any State valuation. In the
case of Indiana, whose auditor, as quoted by Mr. Guthrie, says
that a valuation at that time (November 24, 1855) would
make the total taxables $380,000,000, the secretary, in 1856,
gives the sum of $301,858,474, instead of the auditor's estimate,

TABLE XXIX.
A Statement of the Value of the Real and Personal Estate of the several Free States, and the True Value of the same in 1850;
with the Value of the Real and Personal Estate of said States in 1856.

                                   

FREE STATES.	Value of Real Estate. 1850.	Value of Personal Estate. 1850.	Total Value of Real and Personal Estate. 1850.	True Value of Real and Personal Estate, as given in Census Compendium. 1850.	Value of Real and Personal Estate, as given by Secretary of Treasury. 1856.
California	$16,347,442	$5,575,731	$21,923,173	$22,161,872	$165,000,000
Connecticut	96,412,947	22,675,725	119,088,672	155,707,980	203,756,831
Illinois	81,524,835	33,257,810	114,782,645	156,265,006	333,237,474
Indiana	112,947,740	39,922,659	152,870,399	202,650,264	301,858,474
Iowa	15,672,332	6,018,310	21,690,642	23,714,638	110,000,000
Maine	64,336,119	32,463,434	96,799,553	122,777,571	131,128,186
Massachusetts	349,129,932	201,976,892	551,108,824	573,342,286	597,936,995
Michigan	25,580,371	5,296,852	30,877,223	59,787,255	116,593,580
New Hampshire	67,839,108	27,412,488	95,251,596	103,652,835	103,804,327
New Jersey	153,151,619	not returned.	153,151,619	153,151,619	179,750,000
New York	564,649,649	150,719,379	715,369,028	1,080,309,216	1,364,154,625
Ohio	337,521,075	96,351,557	433,872,632	504,726,120	860,877,354
Pennsylvania	427,865,660	72,410,191	500,275,851	729,144,998	1,031,731,304
Rhode Island	54,358,231	23,400,743	77,758,974	80,508,794	91,699,850
Vermont	57,320,369	15,660,114	72,980,483	92,205,049	91,165,680
Wisconsin	22,458,442	4,257,083	26,715,525	42,056,595	87,500,000
Total	$2,447,115,871	$737,398,768	$3,184,514,639	$4,102,162,198	$5,770,194,680

TABLE XXX.
A Statement of the Value of the Real and Personal Estate in 1850, of the True Value of the same, of the Value of the Slaves,
of the True Value of the Real and Personal Estate, deducting the Value of the Slaves, with the Value of the Real and Personal
Estate (including Slaves) for 1856, of the several Slave States.

                                 

SLAVE STATES.	Value of Real Estate. 1850.	Value of Personal Estate, including Slaves. 1850.	Total Value of Real and Personal Estate. 1850.	True Value of Real and Personal Estate, as given in Census Compendium. 1850.	Value of Slaves at $400 per head. 1850.	True Value of Real and Personal Estate, deducting the Value of Slaves, at $400 per head. 1850.	Value of Real and Personal Estate, as given by Secretary of Treasury. 1856.
Alabama	$78,870,718	$162,463,705	$241,334,423	$228,204,332	$137,137,600	$81,066,732	$279,233,027
Arkansas	17,372,524	19,056,151	36,428,675	39,841,025	18,840,000	21,001,025	64,240,726
Delaware	14,486,595	1,410,275	15,896,870	18,855,863	916,000	17,939,863	30,466,924
Florida	7,924,588	15,274,146	23,198,734	23,198,734	15,724,000	7,474,734	49,461,461
Georgia	121,619,739	213,490,486	335,110,225	335,425,714	152,672,800	182,752,914	500,000,000
Kentucky	177,013,407	114,374,147	291,387,554	301,628,456	84,392,400	217,236,056	411,000,098
Louisiana	176,623,654	49,832,464	226,456,118	233,998,764	97,923,600	136,075,164	270,425,000
Maryland	139,026,610	69,536,956	208,563,566	219,217,364	36,147,200	183,070,164	261,243,660
Mississippi	65,171,438	143,250,729	208,422,167	228,951,130	123,951,200	105,000,000	251,525,000
Missouri	66,802,223	31,793,240	98,595,463	137,247,707	34,968,800	102,278,907	223,948,731
North Carolina	71,702,740	140,368,673	212,071,413	226,800,472	115,419,200	111,381,272	239,603,372
South Carolina	105,737,492	178,130,217	283,867,709	288,257,694	153,993,600	134,264,094	303,434,240
Tennessee	107,981,793	87,299,565	195,281,358	207,454,704	95,783,600	111,671,104	321,776,810
Texas	28,149,671	25,414,000	53,563,671	55,362,340	23,264,400	32,097,940	240,000,000
Virginia	252,105,824	130,198,429	382,304,253	391,646,438	189,011,200	202,634,638	530,994,897
Total	$1,430,589,016	$1,381,894,183	$2,812,473,199	$2,936,090,737	$1,280,145,600	$1,655,945,137	$3,977,353,946

and this after having added to the valuation of Georgia
$165,000,000, on the bare conjecture of her governor.

The following recent State valuations will further illustrate
the estimates of the Secretary of the Treasury:

                               

Valuation of New Hampshire, 1856,	$121,417,428
" " New York, 1855, as follows, viz:
New York city and county real estate,	337,038,526
" " " personal estate,	150,022,312
" " " aggregate,	487,060,838
Remainder of State real estate,	770,234,189
" " personal estate,	143,990,252
Total valuation of the State of New York,	1,401,285,279
Valuation of New York city, 1856,	517,889,201
" " Connecticut, 1854,	202,739,431
" " Michigan, 1853,	120,362,474
" " Indiana, 1854,	290,408,148
" " Maryland, including slaves, 1851,	191,888,088
" " South Carolina, including slaves, 1854,	82,613,530
" " Tennessee, including slaves, 1855,	219,011,048
" " Kentucky, including slaves, 1854,	405,830,168

It will be seen by tables XXX. and XXXI. that the value
of real and personal estate in 1850, was as follows, viz:

       

Free States,	$4,107,162,198
Slave States,	2,936,090,737
Deduct value of slaves,	1,280,145,600
True value in Slave States,	1,655,945,137

The total value of real and personal estate in 1856 is as follows,
viz:

       

Free States,	$5,770,194,680
Slave States,	3,977,353,946
Deduct value of slaves in 1856,	1,472,167,600
True value in Slave States in 1856,	2,505,186,346

The whole area of the Free States (Table IX.) is 392,062,080
acres; the valuation of real and personal property in 1850,
$4,107,162,198, or $10.47 per acre. The whole area (Table

X.) of the Slave States is five hundred and forty-four million,
nine hundred and twenty-six thousand, seven hundred and
twenty (544,926,720) acres; the valuation of real and personal
estate in 1850 one billion, six hundred and fifty-five million,
nine hundred and forty-five thousand, one hundred and thirty-seven
($1,655,945,137), or three dollars and four cents ($3.04)
per acre. The valuation of the Free States in 1856 was five
billion, seven hundred and seventy million, one hundred and
ninety-four thousand, six hundred and eighty ($5,770,194,680),
or fourteen dollars and seventy-two cents ($14.72) per acre;
the valuation of the Slave States in 1856 was two billion, five
hundred and five million, one hundred and eighty-six thousand,
three hundred and forty-six ($2,505,186,346), or four dollars
and fifty-nine cents ($4.59) per acre. Thus, in five years the
value of property in the Free States advanced from ten dollars
and forty-seven cents ($10.47) per acre to fourteen dollars
and seventy-two cents ($14.72), or four dollars and twenty-five
cents ($4.25), being more than the whole valuation of the
Slave States in 1850. The value of property in the South
advanced in the same time from three dollars and four cents
($3.04) to four dollars and fifty-nine cents ($4.59) per acre.

The value of the slaves in the Slave States, in 1850, at four
hundred dollars ($400) each, was one billion two hundred and
eighty million, one hundred and forty-five thousand, six hundred
dollars ($1,280,145,600). The value of the farms in the
Slave States in the same year (Table X.) was one billion, one
hundred and seventeen million, six hundred and forty-nine
thousand, six hundred and forty-nine dollars ($1,117,649,649).
Excess of value of slaves, one hundred and sixty-two million,
four hundred and ninety-five thousand, nine hundred and fifty-one
dollars ($162,495,951). Thus, the value of the slaves in
1850 was one hundred and sixty-two million, four hundred and
ninetyfive thousand, nine hundred and fifty-one dollars ($162,495,951)
more than the value of all the improved and unimproved
lands in the South. The number of slaveholders in

the Slave States is three hundred and forty-six thousand and
forty-eight (346,048). If we estimate their value at four
hundred dollars ($400) per head, and add it to the value of
the farms, it will make the value of the slaveholders and farms
nearly equal to that of the slaves. The figures are: Value of
farms, one billion, one hundred and seventeen million, six
hundred and forty-nine thousand, six hundred and forty-nine
($1,117,649,649); value of three hundred and forty-six thousand
and forty-eight (346,048) slaveholders, at four hundred dollars
($400) each, one hundred and thirty-eight million, one hundred
and ninety-two thousand, two hundred dollars ($138,192,200),
being a total of one billion, two hundred and fifty-six million,
sixty-eight thousand, eight hundred and forty-nine dollars ($1,256,068,849);
value of slaves as above, one billion, two hundred
and eighty million, one hundred and forty-five thousand,
six hundred dollars ($1,280,145,600). Thus has the industry
and political and domestic economy of the slaveholders, in two
hundred and thirty years, been able to bring the value of their
lands and themselves nearly up to the market value of their
slaves; and all three together, lands, slaves, and slaveholders,
to nearly half the value of the property of the Free States.

The valuation of the State of New York in 1855 was
one billion, four hundred and one million, two hundred and
eighty-five thousand, two hundred and seventy-nine dollars ($1,401,285,279),
being more than the whole value of the real estate
of the Slave States in 1850, which, after deducting from the
aggregate the value of the slaves in Louisiana, was one billion,
three hundred and thirty-two million, six hundred and sixty-five
thousand, four hundred and sixteen dollars ($1,332,665,416).
The value of the real and personal estate of Massachusetts
in 1850 was more (slaves excepted) than that of the
States of Virginia, North and South Carolina, Georgia, Florida,
and Texas; the valuation of Massachusetts being five hundred
and seventy-three million, three hundred and forty-two thousand,
two hundred and eighty-six dollars ($573,342,286); that

of the six States mentioned being five hundred and seventy-three
million, three hundred and thirty-two thousand, eight
hundred and sixty dollars ($573,332,860.) In this calculation,
South Carolina is reckoned at its State valuation of 1854.
The whole area of Massachusetts is (Table IX.) four million,
nine hundred and ninety-two thousand (4,992,000) acres;
value of its whole property per acre, one hundred and fourteen
dollars and eighty-five cents ($114.85.) The whole area of
the six States above mentioned is (Table X.) three hundred
and seventeen million, five hundred and seventy-six thousand,
three hundred and twenty (317,576,320) acres; value of their
whole property, except slaves, five hundred and seventy-three
million, three hundred and thirty-two thousand, eight hundred
and sixty dollars ($573,332,860), or one dollar and eighty-one
cents ($1.81) per acre. Thus, Massachusetts is able to buy
and pay for considerably more than half the great empire of
slavery, and have more money left than the Pilgrims landed
with at Plymouth; while Pennsylvania could easily buy out
the other half.

Table XXXI. shows the number of miles of canals and
railroads in operation in 1854, (with the cost of construction
of such railroads), the number of miles of railroads in operation
in January, 1855, and the amount of bank capital near
January, 1855, in the several Free and Slave States. The
first three columns of the tables are from the Census Compendium,
the last two from the American Almanac for 1856.

Table XXXII. gives the total debt, amount of productive
property, and the annual expenditure of the several Free and
Slave States. The figures are from the American Almanac for
1856.

TABLE XXXI.
A Statement of the Number of Miles of Canals and Railroads in operation in 1854 (with the cost of construction), and the
Miles of completed Railroads, and the Amount of Bank Capital, near January, 1855, in the several Free and Slave States.

                                 

FREE STATES.	Canals, miles. 1854.	Railroads, miles in operation. 1854.	Cost of Railroads. 1854.	Railroads, miles in operation. Jan'y, 1855.	Bank Capital 1854–5.	SLAVE STATES.	Canals, miles. 1854.	Railroads, miles in operation. 1854.	Cost of Railroads. 1854.	Railroads, Miles in operation. Jan'y, 1855.	Bank Capital. 1854–5.
Connecticut	61	669	$20,857,357	625	$15,597,891	Alabama	51	221	$3,636,208	363	$2,296,400
Illinois	100	1,262	25,420,000	1,964	2,513,790	Delaware	14	16	600,000	22	1,393,175
Indiana	367	1,127	22,400,000	1,632	7,281,934	Florida		54	250,000	26
Iowa				54	Georgia	28	884	16,084,872	1,146	13,413,100
Maine	50	417	12,662,645	470	7,301,252	Kentucky	486	233	4,909,990	187	10,369,717
Massachusetts	100	1,283	55,602,687	1,437	54,492,660	Louisiana	101	117	1,131,000	251	20,179,107
Michigan		601	13,842,279	699	980,416	Maryland	184	597	26,024,620	545	10,411,874
New Hampshire	11	512	16,185,254	502	3,626,000	Mississippi		155	3,070,000	67	240,165
New Jersey	147	408	11,536,505	444	5,314,885	Missouri		50	1,000,000	140	1,215,398
New York	989	2,345	94,523,785	2,287	83,773,288	North Carolina	13	249	4,106,000	568	5,205,073
Ohio	921	2,367	44,927,058	2,423	7,166,581	South Carolina	50	575	11,287,093	608	16,603,258
Pennsylvania	936	1,464	58,494,675	1,690	19,864,825	Tennessee		388	7,800,000	274	6,717,848
Rhode Island		50	2,614,484	66	17,511,162	Texas				30
Vermont		422	14,116,195	556	3,275,656	Virginia	189	673	12,720,421	1,023	14,033,838
Wisconsin		178	3,800,000	231	1,400,000
Total	3,682	13,105	$396,982,924	15,080	$230,100,340	Total	1,116	4,212	$92,520,204	5,250	$102,078,948

TABLE XXXII.
Debt, Productive Property, and Annual Expenditure of the several Free and Slave States, compiled from State Returns, near
January 1,1855.

                                   

FREE STATES.	Total Debt of State. 1855.	Productive Property, exclusive of School Fund. 1855.	Ordinary Annual Expenditure, exclusive of Debts and Schools.	SLAVE STATES.	Total Debt of State. 1855.	Productive Property, exclusive of School Fund. 1855.	Ordinary Annual Expenditure, exclusive of Debts and Schools.
Maine	$685,500	$648,289	$150,000	Delaware	none.	$350,638	$11,000
New Hampshire	none	none	80,000	Maryland	$15,132,909	12,555,842	170,000
Vermont	"	"	100,000	Virginia	28,603,979	5,395,582	600,000
Massachusetts	6,739,555	8,967,509	600,000	North Carolina	3,409,633	600,000	75,000
Rhode Island	382,335		55,000	South Carolina	2,917,696	5,460,291	115,000
Connecticut	none.	406,000	120,000	Georgia	2,644,222	5,000,000	131,000
New York	26,047,898	38,800,000	750,000	Florida	none.		45,000
New Jersey	65,000	252,174	90,000	Alabama	6,168,887	700,000	100,000
Pennsylvania	40,613,160	35,060,667	425,000	Mississippi	7,271,707		130,000
Ohio	16,662,959	18,000,000	200,000	Louisiana	12,459,350		515,000
Michigan	3,213,245		125,000	Texas	12,436,991		100,000
Indiana	7,338,473		80,000	Arkansas	3,319,596		35,000
Illinois	13,994,615		125,000	Tennessee	8,744,857	2,244,827	165,000
Iowa	79,796	58,571	25,000	Kentucky	6,147,284		250,000
Wisconsin	100,000		40,000	Missouri	9,802,000	378,538	110,000
California	1,812,502		700,000
Total	$117,735,038	$102,193,210	$3,665,000	Total	$119,059,111	$32,685,718	$2,552,000