204 Progress of Population and Wealth 



decennial increase of their numbers. But the decennial increase in 

 the value of their lands was 68 per cent that is, more than twice 

 as great, or nearly as 221 to 100. It may be presumed that those 

 Stales in which there was no valuation of the lands in 1813 would 

 exhibit the same difference between these ratios. 



It is proper to remark that the lands of those States which were 

 valued in 1813, were again valued in 1815, and that the subsequent 

 valuation showed no increase in the total value, and in some of the 

 States an actual falling off. The war, by interrupting foreign com- 

 merce, prevented any increase in the total value of landed property, 

 and probably arrested the progress of the national wealth. 



Again: The valuation of the lands in Virginia in 1798, under the 

 direct tax law, was $71,225,127, and the same were valued in 

 1839, under a law of the State, at $211,930,538, showing an in- 

 crease of value in 41 years of 197.5 per cent, equal to a decennial 

 increase of 31 percent. The population of the State had, from 

 1800 to 1840, increased 40.8 per cent., which gives a less average 

 decennial increase than 7 per cent ; by which it appears that the 

 value of its lands had increased more than four times as fast as its 

 population, supposing the two valuations made with equal accuracy. 



On the other hand, in the State of New York the valuation of its 

 lands, under the direct tax law of 1815, was $266,067,094 ; and the 

 average valuation of the same lands, for the years 1834, 1835, and 

 1836, under a law of the State, was $430,751,273. This shows an 

 increase of value, in twenty years, of 61.8 per cent, which is equi- 

 valent to a decennial increase of 27.2 per cent. The increase of 

 population of the same State from 1810 to 1830 was 100 per cent, and 

 from 1820 to 1840 was 76.9 per cent. The average between them 

 (88.4 per cent) may be presumed to give the rate of increase from 

 1815 to 1835, the period in question, which is equivalent to a de- 

 cennial increase of 37 per cent ; and thus, supposing the valuation 

 to have been made on the same principles under the Federal and 

 the State Governments, population would seem to have increased 

 faster than capital in that State, or at least, than capital seeking in- 

 vestment in real estate. 



It would seem from the preceding instances that the increase in 

 the value of land has been very different in the different States, 

 even when compared with the increase of population. It has also 

 probably varied at different periods. The great extension of the 

 foreign commerce of the United States during the first decennial 

 term, and the extraordinary demand for their agricultural products 



