CHAPTER XV.

FINANCIAL CONDITION OF THE UNITED STATES.

1. The United States government belongs to its people. Those people own property estimated at upwards of thirty billions of dollars. The public lands belonging to the government are between one and one and a half billions of acres. Besides, the public domains contain gold, silver, iron, coal, and a large number of other mineral deposits, chiefly in regions worthless for agricultural purposes, of unknown, but ascertained to be, at least, a very great quantity—enough to make all its present inhabitants millionaires if (besides paying the debt) their value could be divided among them. The capacity of the country for production is very far beyond what is drawn from it now. The future will probably increase it a thousand fold, for we are yet a new people, and in the act of settling ourselves to the work of development.

We are very rich, if all our resources are taken into account, yet we are in debt. In five years from the commencement of the civil war the public debt had run up from less than one hundred million dollars to over two billion seven hundred millions. This we began to reduce at once, for as a nation we do not like to be in debt; and it was, December 1st, 1873, a little over two billion one hundred and fifty millions. The debt is, indeed, a trifle compared with our vast national property; but we do not wish to sell our property at a loss, nor disturb the regular course of business; so it stands to be gradually paid in the regular course of things, as we find it to be convenient.

It is a vast sum, but gives more trouble by reason of the desire and determination of the people to pay it soon, and sacrifice no property, than from any inability to meet it.

We add a table of the Public Debt for every year since 1791, a Statement of the debt in detail Dec. 1st, 1873, and various Statistics relating to the finances, resources, and business of the country.

THE PUBLIC DEBT OF THE UNITED STATES, IN EACH YEAR, FROM 1791 TO 1874.

1791 75,463,476.52 1792 77,227,924.66 1793 80,352,634.04 1794 78,427,404.77 1795 80,747,587.38 1796 83,762,172.07 1797 82,064,479.33 1798 79,228,529.12 1799 78,408,669.77 1800 82,976,294.35 1801 83,038,050.80 1802 80,712,632.25 1803 77,054,686.30 1804 86,427,120.88 1805 82,312,150.50 1806 75,723,270.66 1807 69,218,398.64 1808 65,196,317.97 1809 57,023,192.09 1810 53,173,217.52 1811 48,005,587.76 1812 45,209,737.90 1813 55,962,827.57 1814 81,487,846.24 1815 99,833,660.15 1816 127,334,933.74 1817 123,491,965.16 1818 103,466,633.83 1819 95,529,648.28 1820 91,015,566.15 1821 89,987,427.66 1822 93,546,676.98 1823 90,875,877.28 1824 90,269,777.77 1825 83,788,432.71 1826 81,054,059.99 1827 73,987,357.20 1828 67,475,043.87 1829 58,421,413.67 1830 48,565,406.50 1831 39,123,191.68 1832 24,322,235.18 1833 7,001,032.88 1834 4,760,081.08 1835 351,289.05 1836 291,089.05 1837 1,878,223.55 1838 4,857,660.46 1839 11,983,737.53 1840 5,125,077.63 1841 6,737,398.00 1842 15,028,486.37 1843 27,203,450.69 1844 24,748,188.23 1845 17,093,794.80 1846 16,750,926.33 1847 38,956,623.38 1848 48,526,379.37 1849 64,704,693.71 1850 64,228,238.37 1851 62,560,395.26 1852 65,131,692.13 1853 67,340,628.78 1854 47,242,206.05 1855 39,969,731.05 1856 30,963,909.64 1857 29,060,386.90 1858 44,910,777.66 1859 58,754,699.33 1860 64,769,703.08 1861 90,867,828.68 1862 514,211,371.92 1863 1,098,793,181.37 1864 1,740,690,489.49 1865 2,682,593,026.53 1866 2,783,425,879.21 1867 2,692,199,215.12 1868 2,643,753,566.38 1869 2,652,533,662.28 1870 2,509,270,608.00 1871 2,303,573,543.00 1872 2,197,743,440.72 1873 2,153,489,155.96 Apr. 1874 2,152,690,728.62 Oct. 1875 2,122,466,227.

UNITED STATES BONDS.

SIXES OF 1861.—Dated 1861, and redeemable in twenty years from January 1st and July 1st of that year. Interest six per cent. in gold, payable semi-annually—January 1st and July 1st. These Bonds were issued in three series: Under Act February 8th, 1861, $18,415,000; dated variously in 1861. Under Acts July 17th and August 5th, 1861. $50,000,000; dated November 16th, 1861. Under Acts July 17th and August 5th, 1861, in exchange for 7-30’s, $139,317,150; dated November 16th, 1861. Under Act March 3d, 1863, and principal made especially payable in gold coin, $75,000,000; dated June 15th, 1864. Total issue, $282,732,150.

FIVE-TWENTIES OF 1862.—Commonly termed _Old_ Five-Twenties, dated May 1st, 1862. Redeemable after five years, and payable in twenty years from date. Interest six per cent. in gold, payable the first of May and November. Issued under Act February 25th, 1862, $514,771,600.

FIVE-TWENTIES OF 1864.—Dated November 1st, 1864. Redeemable after five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of May and November. Issued under Act March 3d, 1864 (principal specified as payable in gold), $3,882,500. Issued under Act June 30th, 1864, $125,561,300. Total issue, $129,443,800.

FIVE-TWENTIES OF 1865.—Dated July 1st, 1865. Interest, six per cent. in gold, payable January and July. They are redeemable in five years, and payable in twenty years. Issued under Act March 3d, 1865, in exchange for 7-30 notes converted, and amount, August 1st, 1868, to $372,346,350.

FIVE-TWENTIES OF 1865.—Dated November 1st, 1865. Redeemable after five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of May and November. Issued under Act March 3d, 1865, $197,777,250.

FIVE-TWENTIES OF 1867. Dated July 1st, 1867. Redeemable in five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of January and July. Issued under Act March 3, 1865, in exchange for 7-30 notes, and amount, August 1st, 1868, to $371,346,350.

FIVE-TWENTIES OF 1868.—Dated July 1st, 1868. Redeemable in five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of January and July. Issued under Act March 3d, 1865, in exchange for 7-30 notes, and amount, August 1st, 1868, to $39,000,000.

TEN-FORTIES.—Dated March 1st, 1864. Redeemable in ten and payable in forty years. Interest, five per cent. in gold, payable on the 1st of March and September on all Registered Bonds, and on all Coupon Bonds of the denomination of $500 and $1,000. On the $50 and $100 Bonds, interest is paid annually, March 1st. Issued under Act March 3d, 1863, and Supplement, March 3d, 1864; principal, payable in gold, $194,291,500.

FIVES OF 1870.—Redeemable at the pleasure of the United States, after May 1, 1881, in gold. Interest, five per cent. in gold, payable quarterly—February, May, August, and November 1st. Exempt from all taxation. Issued under Acts of July 14th, 1870, and January 20th, 1871. Amount, $200,000,000.

U. S. PACIFIC RAILROAD CURRENCY SIXES.—Dated January 16th, 1865, and variously thereafter. These Bonds are issued by the Government, under Acts July 1st, 1862, and July 2d, 1864, to companies receiving their charter from Congress, which gives them the right to construct railroads to and from the Pacific Coast, and on the completion of each twenty miles of track, to receive at the rate of $16,000, $22,000, or $48,000 per mile, according to the difficulty of constructing the same. They are payable thirty years from date of issue, and are registered in Bonds of $1,000, $5,000, and $10,000. Amount issued to September 1st, 1870, $64,618,832. All of the Bonds are issued “Coupon” or “Registered.” Coupon Bonds can be changed into Registered Bonds, but Registered Bonds cannot be changed into Coupons. Coupon Bonds are in denominations of $50, $100, $500, and $1,000: the Registered Bonds the same, with addition of $5,000 and $10,000.

--------------------+-----------------+-----------------+--------------- | Real and | Real and | Real and STATES | Personal | Personal | Personal AND | Estate. | Estate. | Estate. TERRITORIES. +-----------------+-----------------+--------------- | 1870. | 1860. | 1850. --------------------+-----------------+-----------------+--------------- United States | $30,068,518,507 | $16,159,616,068 | $7,135,780,228 +-----------------+-----------------+--------------- States | 29,822,535,140 | 16,086,519,771 | 7,115,600,800 +-----------------+-----------------+--------------- Alabama | 201,855,841 | 495,237,078 | 228,204,332 Arkansas | 156,394,691 | 219,256,473 | 39,841,025 California | 638,767,017 | 207,874,613 | 22,161,872 Connecticut | 774,631,524 | 444,274,114 | 155,707,980 Delaware | 97,180,833 | 46,242,181 | 21,062,556 Florida | 44,163,655 | 73,101,500 | 22,862,270 Georgia | 268,169,207 | 645,895,237 | 335,425,714 Illinois | 2,121,680,579 | 871,860,282 | 156,265,006 Indiana | 1,268,180,543 | 528,835,371 | 202,650,264 Iowa | 717,644,750 | 247,338,265 | 23,714,638 Kansas | 188,892,014 | 31,327,895 | ---- Kentucky | 604,318,552 | 666,043,112 | 301,628,456 Louisiana | 323,125,666 | 602,118,568 | 233,998,764 Maine | 348,155,671 | 190,211,600 | 122,777,571 Maryland | 643,748,976 | 376,919,944 | 219,217,364 Massachusetts | 2,132,148,741 | 815,237,433 | 573,342,286 Michigan | 719,208,118 | 257,163,983 | 59,787,255 Minnesota | 228,909,590 | 52,294,413 | ---- Mississippi | 209,197,345 | 607,324,911 | 228,951,130 Missouri | 1,284,922,897 | 501,214,398 | 137,247,707 Nebraska | 69,277,483 | 9,131,056 | ---- Nevada | 31,134,012 | ---- | ---- New Hampshire | 252,624,112 | 156,310,860 | 103,652,835 New Jersey | 940,976,064 | 467,918,324 | 200,000,000 New York | 6,500,841,264 | 1,843,338,517 | 1,080,309,216 North Carolina | 260,757,244 | 358,739,399 | 226,800,472 Ohio | 2,235,430,300 | 1,193,898,422 | 504,726,120 Oregon | 51,558,932 | 28,930,637 | 5,063,474 Pennsylvania | 3,808,340,111 | 1,416,501,818 | 722,486,120 Rhode Island | 296,965,646 | 135,337,588 | 80,508,794 South Carolina | 208,146,989 | 548,138,754 | 288,257,694 Tennessee | 498,237,724 | 493,903,892 | 201,246,686 Texas | 159,052,542 | 365,200,614 | 52,740,473 Vermont | 235,349,553 | 122,477,170 | 92,205,049 Virginia | 409,588,133 | 793,249,681 | 430,701,082 West Virginia | 190,651,491 | ---- | ---- Wisconsin | 702,307,329 | 273,671,668 | 42,056,595 +-----------------+-----------------+--------------- Territories | 245,983,367 | 73,096,297 | 20,179,428 +-----------------+-----------------+--------------- Arizona | $3,440,791 | ---- | ---- Colorado | 20,243,303 | ---- | ---- Dakota | 5,599,752 | ---- | ---- District of Columbia| 126,873,616 | 41,084,945 | 14,018,814 Idaho | 6,552,681 | ---- | ---- Montana | 15,184,522 | ---- | ---- New Mexico | 31,349,793 | 20,813,768 | 5,174,471 Utah | 16,159,995 | 5,596,118 | 986,083 Washington | 13,562,164 | 5,601,466 | ---- Wyoming | 7,016,748 | ---- | ---- --------------------+-----------------+-----------------+---------------

THE AVERAGE WEALTH TO EACH INDIVIDUAL.

1. New York $1,483.27 2. Massachusetts 1,463.03 3. Connecticut 1,441.30 4. Rhode Island 1,366.28 5. California 1,140.15 6. Pennsylvania 1,081.31 7. New Jersey 1,038.49 8. Ohio 838.73 9. Illinois 835.34 10. Maryland 824.37 11. New Hampshire 793.66 12. Delaware 777.35 13. Indiana 754.58 14. Missouri 746.48 15. Nevada 732.72 16. Vermont 711.99 17. Wisconsin 665.90 18. Michigan 607.41 19. Iowa 601.03 20. Oregon 567.06 21. Nebraska 563.26 22. Maine 555.35 23. Minnesota 520.60 24. Kansas 518.36 25. Kentucky 457.46 26. Louisiana 444.51 27. West Virginia 431.32 28. Tennessee 395.89 29. Virginia 334.31 30. Arkansas 322.81 31. South Carolina 294.99 32. Mississippi 252.67 33. North Carolina 243.39 34. Florida 235.23 35. Georgia 226.47 36. Alabama 202.46 37. Texas 194.30

FINANCIAL CONDITION OF THE STATES OF THE UNION.

---------------+-----------+----------------+-------------+------------+ | | | | | | Populat’n | Assessed | | Floating | STATES. | 1870. | Valuation. | Funded Debt.| Debt. | | | | | | ---------------+-----------+----------------+-------------+------------+ Alabama | 996,992 | $143,139,262 | $5,661,800 | $600,108 | Arkansas | 484,471 | 90,196,763 | 10,771,000 | 800,000 | California | 560,247 | 527,203,982 | 1,982,500 | 266,669 | Connecticut | 537,454 | 348,855,457 | 4,970,000 | none | Delaware | 125,015 | 64,787,223 | ---- | ---- | Florida | 187,748 | 30,000,000 | 4,664,000 | 848,269 | Georgia | 1,184,109 | 243,620,466 | 8,186,500 | ---- | Illinois | 2,539,891 | 884,731,999 | 2,060,151 | none | Indiana | 1,680,637 | 654,519,016 | 176,890 | none | Iowa | 1,194,020 | 366,076,206 | 300,000 | none | Kansas | 364,399 | 127,690,937 | 1,342,275 | 201,109 | Kentucky | 1,321,011 | 403,296,567 | none | ---- | Louisiana | 726,915 | 228,666,654 | 21,801,800 | 2,291,608 | Maine | 626,915 | 224,552,406 | 6,186,100 | none | Maryland | 780,894 | 419,323,067 | 10,911,679 | none | Massachusetts | 1,457,351 | 1,696,599,969 | 25,876,104 | none | Michigan | 1,184,059 | 630,000,000 | 2,209,000 | none | Minnesota | 439,76 | 84,135,332 | none | none | Mississippi | 827,922 | 148,159,873 | 347,150 | 683,207 | Missouri | 1,721,295 | 572,293,377 | 18,748,000 | none | Nebraska | 122,993 | 69,873,819 | none | none | Nevada | 42,491 | 12,129,110 | 556,000 | none | New Hampshire | 318,300 | 149,065,290 | 3,914,195 | 226,050 | New Jersey | 906,696 | 603,665,497 | 2,796,300 | none | New York | 4,382,759 | 2,129,626,386 | 32,392,101 | none | North Carolina | 1,071,361 | 123,507,628 | 29,900,045 | 7,813,898 | Ohio | 2,665,260 | 1,524,323,118 | 8,583,546 | ---- | Oregon | 90,923 | 34,744,460 | 290,477 | 76,884 | Pennsylvania | 3,521,951 | 1,313,236,042 | 27,303,495 | none | Rhode Island | 217,353 | 244,278,854 | 2,638,500 | none | South Carolina | 705,606 | 183,913,337 | 15,851,627 | 5,306,398 | Tennessee | 1,258,520 | 272,674,352 | 20,966,382 | 5,200,000 | Texas | 818,579 | 222,504,073 | 1,166,832 | 644,745 | Vermont | 330,551 | 102,366,300 | 380,000 | none | Virginia | 1,225,163 | 365,437,708 | 30,478,741 | 1,289,405 | West Virginia | 442,014 | 132,356,703 | 15,239,371 | 644,703 | Wisconsin | 1,054,670 | 390,454,875 | 18,157 | ---- | +-----------+----------------+-------------+------------+ Total |38,115,641 |$15,762,006,108 |$318,670,718 |$26,893,053 |

--------------+--------------+-------------+-------------+-------------- | | Receipts | | |Town, County, | from Taxes | | Year STATES. |and City Debt.| and |Expenditures.| ended. | | Investments.| | --------------+--------------+-------------+-------------+-------------- Alabama | *$4,799,136 | $1,064,960 | $1,461,055 |Sept. 30, 1873 Arkansas | 1,285,693 | 944,611 | 974,728 |Sept. 30, 1872 California | *14,660,065 | 3,104,242 | 2,771,382 |June 30, 1873 Connecticut | *9,813,006 | 2,654,465 | 1,528,693 |March 31, 1873 Delaware | *526,125 | ---- | ---- |---- Florida | *897,141 | 257,234 | 304,215 |Dec. 31, 1872 Georgia | *15,209,212 | 1,678,412 | 1,345,687 |Dec. 31, 1872 Illinois | *37,300,932 | 4,049,543 | 3,762,328 |Nov. 30, 1872 Indiana | *3,651,203 | 2,191,529 | 2,399,276 |Oct. 31, 1872 Iowa | *7,508,635 | 1,154,993 | 1,182,340 |Oct. 31, 1873 Kansas | *4,848,976 | 958,538 | 963,728 |Nov. 30, 1872 Kentucky | *15,061,004 | 2,016,494 | 2,029,718 |Oct. 10, 1873 Louisiana | *28,065,707 | 4,312,034 | 4,371,429 |Dec. 31, 1872 Maine | *8,556,724 | 1,334,860 | 1,147,544 |Dec. 31, 1872 Maryland | *15,715,102 | 1,876,369 | 2,350,654 |Sept. 30, 1872 Massachusetts | *40,940,657 | 5,661,295 | 5,465,882 |Dec. 31, 1872 Michigan | *4,340,203 | 1,915,122 | 1,632,171 |Sept. 30, 1872 Minnesota | *2,438,797 | 799,272 | 876,181 |Nov. 30, 1872 Mississippi | *798,185 | 1,249,276 | 1,596,829 |Dec. 31, 1872 Missouri | 32,537,776 | 3,467,742 | 3,526,113 |Dec. 31, 1872 Nebraska | *1,841,964 | 529,352 | 369,808 |Dec. 31, 1872 Nevada | *1,343,199 | 538,492 | 392,361 |Dec. 31, 1872 New Hampshire | 7,210,527 | 928,606 | 779,803 |May 31, 1873 New Jersey | *19,858,104 | 2,491,195 | 2,515,556 |Oct. 31, 1872 New York | 188,373,280 | 18,569,403 | 13,926,875 |Sept. 30, 1873 North Carolina| *2,573,991 | 700,477 | 801,809 |Sept. 30, 1872 Ohio | 17,559,498 | 4,607,798 | 4,411,952 |Nov. 15, 1872 Oregon | *111,903 | 337,316 | 384,987 |Sept. 9, 1872 Pennsylvania | *57,915,469 | 7,048,637 | 4,666,702 |Nov. 30, 1872 Rhode Island | *3,025,142 | 700,133 | 634,501 |April 30, 1873 South Carolina| *5,409,320 | 1,658,083 | 1,655,601 |July 30, 1873 Tennessee | *10,285,389 | 1,938,330 | 1,074,064 |Dec. 31, 1872 Texas | *1,105,266 | 1,105,710 | 1,105,641 |Aug. 31, 1872 Vermont | *2,592,200 | 627,490 | 348,075 |July 31, 1872 Virginia | *8,530,416 | 2,421,945 | 2,761,310 |Sept. 30, 1873 West Virginia | *561,767 | 679,690 | 719,545 |Sept. 30, 1873 Wisconsin | 8,880,029 | 1,624,559 | 1,648,023 |Sept. 30, 1873 +--------------+-------------+-------------+--------------- Total | $586,131,743 | $86,598,187 | $77,786,566 |