An estimate of all the real and personal property in the United States. 1 million of habitations and apparel for 6 millions of persons, with shops, barns, implements, tools, furniture, &c. each 360 dollars, 39 millions acres of lands averaged at 6 dollars, $360,000,000 234,000,000 525,000,000 451 million acres, the residue of all the lands in the United States, averaged at 2 dollars, 902,000,000 70,000,000 15,000,000 4,000,000 200,000,000 The carriages, horses, horned cattle, sheep, hogs, 1 million of slaves, averaged value 200 dolls. Stock in trade, viz. 1,000,000 tons shipping. Europe- Total valuation for 1805, 26,000,000 150,000,000 19,500.000 2,505,500,000 Louisiana is omitted at present, because the boundaries are not yet adjusted. The addition is of immense importance in a pecuniary view; and as the union of all North America was contemplated in 1776, and a favourite topic with Franklin, Green, Washington, and all our most respectable patriots, we may embrace the whole in due time; for we have now above 100 thousand spare souls increasing annually for migration to the unsettled parts of our country. The slaves in the above table are rated too high, till they are better managed; but every thing else is below the mark, in at least the same amount. As the whole of this table would be materially affected by more, or by less money than we now have, the difference between foreign loans and continual drains should be carefully weighed by a kind of money meter. (See plans for these in page 186 and 197.) The writer of this gave Mr. Hamilton a plan for regulating his disproportioned cash sinking fund, on his first return from abroad; but at that time parties ran so high, Mr. Hamilton could not attempt to add, for fear of a consequent injury by congress, to his existing plan. The writer also proposed a CONCILIATORY LOAN, on account of the unequal operation of the funding system, by anticipations on the public land offices at 2 dollars the acre: this loan was to be at 10 dollars a head for each state, and FOR STATE PURPOSES, of banks, roads, canals, education and other improvements, and for a further sum to purchase the entire ground for the Federal city; this loan to die in the (lot office of the city. See Federal city, under note page 82. ) The following tables may further evince the truth of all our preceding remarks on the value of money to the United States, to a certain extent; and also the difference that a mere increase of men only would create in the price of real estate with no additional STIMULI. Among the materials for a larger work on ELEMENTAL ECONOMY, the above is sufficiently explained; but from this short table, and from the money meter, page 186, a principle only can be obtained. On the principle, therefore, the economist may reflect, and form the graduations for himself. (See pages 64, 66, 68, and 142.) An underrate for lands generates feudal and allodial monopolies, and depresses population by promoting slavery and tyranny. A fair price for lands brings labour down to a fair price; while a low price for lands creates a high, injurious price for common labour, and thereby promotes idleness. A fair price only, for white labour, would banish slavery from the healthy parts of our country. The reason why too low a rate for lands raises the price of labour, is obvious. What free man will work for another, while he can buy good lands, at 2 to 4 or 5 dollars the acre, on which he need not work above one or two days in the week, to gain a comfortable subsistence? Hence our back country people are sometimes more idle than is either for their health, or for the peace and happiness of their families. More money from Europe, and the natural consequence more workmen, would correct this by migrations with their certifi cates to buy lands, &c. "Men follow money, As flies follow honey." Old proverb. REPORT of the amount of stock possessed by creditors, &c. under the following denominations, on 30th June, 1803. * The items preceding this line are from the treasury reports. Official statement of the United States' debt, June 1803, with the number of stockholders then enumerated, exclusive of the stock in the name of the commissioners for the sinking fund; also an estimate for 1804, of all the other monied associations in the United States. Believing, as we do, from every view taken of the subject in all its connections, that small incorporations of the respublica, or things held in common for mutual and equitable benefit, by affording frequent profitable dividends, are of primary importance firmly to attach a free people to the form of a commonwealth in the plan of their general government; we continue to do all in our power to extend in our own country, those institutions that are most likely to operate as an equipoise to the allodial and feudal tendency of the land monopolizing systems of the Mr. Barings and Pultneys, and many of our wealthy citizens. Dr. Price, and many others believed, that these little monied republics, by embracing the interests of so great a portion of the middling and poorer classes of the people, that composed the retainers and villains of feudal times, by affording something periodically from the savings of the industrious, in addition to the daily product of their labour, stimulated to further industry. Hence a new character was given to the common people of Holland, and of England. From being in the most servile state of dependance, they soon began to con tend for rights, that the allodial and feudal lords at first denied them; but in time, their opponents so far succeeded as to be perhaps the only means of preserving the remaining traits of republicanism that survived the accession of Charles the IId, and continues to exist till this day. With such impressions in favour of numerous incorporated commonwealth plans, for republican security, we regret that they are not more numerous; but as they daily increase, we hope in time, by the manner in which our states, as well as the United States, and all our associations shall become linked in these golden, social chains, that even if we extended over all North America, we should still find it strongly to our interest, as well as agreeable to our inclinations, to continue in peaceable and in cordial connection. If it be true, that a great commonwealth cannot long be preserved without these interesting ties, we hope that all true friends to our republican union will do all they can to extend the system of banks, insurance companies, canals, turnpikes, bridge companies, and all other such useful commonwealth associations, with small shares, to embrace the poorer classes, and thus to stimulate them to further industry, which they have never failed to do, where frequent free elections have given a correct direction to the employment of the funds, for the encouragement of all useful labour. The immense resources combined within these systems, to stimulate to further industry, while they contribute to increase the capital of a community, form a complete contrast to the tendency of riches in a monarchy, where a ribbon, a ring, a garter, or a feather, too often forms the most substantial fetters against the powers of industry, and render man as idle, and in reality as worthless, as the four footed gentleman of Dr. Franklin. We do not mean to assert, that there are no industrious, even among the privileged orders, that operate as stimulants to animate those who might otherwise remain in idleness; but this class are often too numerous and too disproportioned, where it is a thing of governmental creation, while the stimulating classes are perhaps no more than may be proper in a commonwealth. The immense sums that the general government might have gained by borrowing in Holland, at 4 per cent. in 1790, and by subscribing something to each state bank, as well as the bank of the United States; and the immense sums that our active citizens would have gained by the use of this money, is very candidly conceded by Mr. Gallatin, when he tells us, in his report, Oct. 23, 1803, it is now evident that our wealth increases faster than our population; that is, after paying the interest on all public and private debts, which will require at least 12 per cent. profit on our money, borrowed by our merchants and the public from abroad. Why are we now paying off 51⁄2 per cents, while 6 per cents are under par? Why I repeat it, are we thus wastefully returning our money to Europe? When will our venerable political fathers attend to their financial, their primary duties, and make OUR COUNTRY THE FIRST OF THE UNIVERSE? |