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Estimate of the value of the products of labor and capital in the United
States for the year 1847.
Bushels. 114,245,500 539,350,000
5,649,950 29,222,500 167,867,000
11,673,000 100,950,000 25,000,000 25,000,000 Tons. 13,319,900
116 207 Pounds. 220,164,000 1,041,500,000
766,530 22,995,900 Gallons. 13,000,000
Value of pasturage after the crops are
Products of Orchards.
Products of Gardens.
Products of the forest, including lumber, furs and skins,
Products of the fisheries, including whale, cod, and all others,
$390,972,423 Profits at six per cent,
lead, gold, silver, marble, granite,
Banking & Insurance. Bank capital,
$208,216,000 Capital of insurance companies, *
20,000,000 25,000,000 50,000,000 50,090,000
* Capital of insurance companies in Massachusetts in 1847–
Marine and fire (with specific capitals) aggregate,
Do. do (mutual) assets,
In New York in 18454
Marine and fire (with specific capitals) aggregate,
Do. do. (mutual) assets,
General ObservATION.-In estimating the value for 1847 of several of the articles in this table, the amount as given by the census for 1840 is assumed as the basis, and 22 per cent. added to that sum, which is the ratio of the increase of population during the last seven years, it being reasonable to suppose that the value of the industry and capital of the Union has increased in proportion to the increase of population. Political economists assume that the population of a state, without regard to age, sex, or condition, serves to indicate, more truly than any other basis of calculation, its productive power.- See the Madison Papers, pages 28 to 30.
There being no satisfactory data for some of the estimates contained in this table, they are very probably above or below the real truth. But imperfect as they are, they may enable others to make nearer approximations to the true quantities or values.
The estimates of the quantities and value of hemp, flax, hops, beeswax, molasses, wine, products of orchards and nurseries, are all based upon the census of 1840, allowing 22 per cent. for increase. A little over 45 gallons of molasses are allowed for every 1,000 lbs. of cane sugar. The census of 1840 contains no return of honey. Bevan, in his work on the Honey Bee, estimates 30 lbs. of honey for each pound of wax produced. On that basis we have made our estimate.
The estimate for straw, &c. is made upon the following basis, viz:$4 worth of straw is allowed for every 30 bushels of English grain, and $1 of fodder for every 20 bush. of Indian corn. An intelligent farmer of Delaware (John Jones, Esq.) estimates $8 worth of straw for every
30 bush. of English grain, and $1 of fodder for every ten bushels of Indian
In the French tables the straw and residuum are put down at about 114 per cent. on the whole value of agricultural products and products of the forest. A less proportion is allowed for pasturage after harvest than in the French tables.
GARDENS.-In the United States, particularly in the country, every , family has a garden. It is believed that three gardens to every four families will not be an unreasonable allowance for the number, and $15 per garden for the value of the products.
The business of wool-growing being considerably increased in Ohio, Michigan, and other western states, a larger increase than 22 per cent. is allowed to the number of sheep. Number of neat cattle in 1840,
14,971,586 Increase 22 per cent.,
3,293,748—18,265,334 The value of the increase and number of cattle sold for beef, in the absence of satisfactory data, must necessarily be a rough estimate.
Pork Trade.--In consequence of the great increase of the pork trade in the United States, a larger increase than 22 per cent. is allowed for the number of swine. As swine are usually slaughtered at the age of eighteen months, we have assumed that two-thirds of the whole number are slaughtered each year. Horses, &c.-Whole number in 1840,
4,335,669 Increase 22 per cent.,
An increase of three per cent. per annum, gives 158,685 animals, worth $50 per head.
In the “ Journal d'Agriculture Pratique et de Jardinage” it is estimated that each of the inhabitants of the city of Paris consumes 138 eggs per annum. It is probably very much above the actual number consumed. We have, in our estimate, allowed 50 eggs for the consumption of each individual of the population of the United States, each year, and estimated their value at half a cent each egg. Of the quantity of feathers produced in the United States, we have no information. We put the item in because it exists, hoping hereafter to obtain satisfactory information in relation to it.
There are more than 4,000,000 families in the United States, allowing 5 persons to a family. Allowing six cords of fire wood to a family would give about 25,000,000 cords. It is probably very much below the actual consumption
Capital, &c.—Based upon the census of 1840.
The estimated amount of capital for 1847, is the amount for 1840, as appears by the census tables, with 22 per cent. added.
Manufactures.-A little more than 22 per cent. added to capital of 1840, in consequence of the expansion of the manufacturing interest in the southern and western states.
Mines.-Census of 1840 the basis, with such corrections as the latest returns authorize.
The last four items are crude estimates, there being no satisfactory data on which to found them. In Great Britain the rentals amount to about £65,000,000 or $315,000,000.
There are in the U. States probably 10,000 lawyers, 15,000 physicians and surgeons, 20,000 clergymen of all sects and religions, besides editors, professors of science, belles letters, arts, music, school teachers, &c. &c. But there are no satisfactory data from which their aggregate incomes can be calculated. Thus it
appears that the aggregate amount of the products of labor and capital in the United States, in 1847, was $2,013,779,975, if the estimates in the preceding table are correct. It is proper, however, to remark that, in the census of 1840, among the statistics of manufactures, the following items appear; viz: Mills and the articles produced, $76,545,453; houses, $41,917,401; ships, $7,016,094; manufactures of cotton, $46,350,453; manufactures of wool, $20,696,999; house-hold goods, $29,025,380. From the items enumerated it is apparent that a large portion of the aggregate value of manufactures produced in the United States, consists of raw material, which has been included in the census statistics, as well as in our estimates, in other forms, and should therefore be deducted from the aggregate amount. It is believed that the cost of the raw material is equal to one-half, at least, of the whole value of the products of manufactures; the other half representing the wages of labor and the profits of capital. Having been estimated in other forms, it is proper that it should be delucted from the general amount. One half would be $275,000,000; thus showing the grand aggregate of the products of the labor and capital of the United States, in 1847, to be $1,738,779,975.
Table exhibiting an estimate of the population and property (real and
personal) of each state and territory of the United States, in 1847.
States and Territories.
Amount of propincluding free and erty real and perslave.
sonal per head.
Maine, New Hampshire, Massachusetts, Rhode Island, Connecticut, Vermont, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia, Alabama, Mississippi, Louisiana, Tennessee, Kentucky, Ohio, Indiana, Illinois, Missouri, Arkansas, Michigan, Florida, Wisconsin, lowa, Texas, District of Columbia, Oregon,
416,000 2 125,000
80,000 495,000 1,270,000
765,000 605,000 800,000 690,000 640,000 470,000 950,000
960,000 735,000 600,000 152,400 370,000
75,000 215,000 130,000 140,000 46,000 20,000
Total amount of property,real and personal, of each state and of the United States.
240,000,000 120,000,000 340,000,000
52,000,000 132,000,000 120,800,000 1,112,000,000
32,000,000 198,000,000 508,000,000 306,000,000 242,000,000 320,000,000 276,000,000 256,000,000 188,000,000 380,000,000 342,000,000 740,000,000 384,000,000 294,000,000 240,000,000
60,960,000 148,000,000 30,000,000 86,000,000 52,000,000 56,000,000 18,400,000 8,000,000
The following is the principle npon which the table above is constructed. We have obtained the valuations of real and personal property (apon which the taxes are assessed) in the states of Pennsylvania and Ohio, for 1847, and that of New York for 1816. To the latter we have added three per cent. being the ratio of the increase of population. Making this addition to the valuation of New York, the following are the amounts for the three non-slaveholding states above named, viz: