* In 1880, Petroleum, refining," formed part of a separate report, and was not included in the general statistics of manufactures. + Included largely in other classifications in 1880. For information on this class of products reference is made to another part of this volume under the head of "Mineral Industries." Fisheries. FISHERIES BY STATES AND TERRITORIES, 1880 AND 1889, SHOWING PERSONS EMPLOYED, APPARATUS AND CAPITAL INVESTED, VALUE OF PRODUCTS, ETC. See Commercial Year Book, Volume II, Pages 164 to 168. National Wealth. It is not possible to give a trustworthy estimate of the present wealth of the United States, for the reason that the true data for such a computation does not exist in any available form. The only way in which a general approximation to a valuation could be made would be to add to the last census estimate an amount proportioned to the increase in population. The growth in population since 1890 may perhaps be safely estimated at 12% per cent. The valuation of the national wealth in the last census was $65,037,091,197, 12% per cent. of which would amount to $8,129,636,398. Adding this amount. to the figures for 1890, we should have a total of $73,167,727,595 for 1896. This, however, could only be regarded as a probable approximation to the truth. The census of 1890 gives the following explanation of the method in which the national valuation was reached: "The total true valuation of all tangible property* in the United States, exclusive of Alaska, at the census of 1890 amounted to $65,037,091,197, of which amount $39,544,544,333 represents the value of real estate and improvements thereon and $25,492,546,864 that of personal property, including railroads, mines, and quarries. At the same time the total assessed value of real and personal property taxed was $25,473,173,418, of which amount $18,956,556,675 represents real estate and improvements thereon, and $6,516,616,743 personal property. "The true valuation is what would be deemed a fair selling price for the property at the date of the census, and is thus termed in distinction from the assessed valuation, which is a value placed upon certain taxable property for taxation purposes only. "The true valuation of real estate includes all improvements thereon, and is based on reports of local officers or of private individuals believed to be familiar with real estate values in their respective localities, but does not include the value of railroads or mines and quarries. In every case a statement showing such true valuation of the State by counties has been submitted to the Governor of the State for his approval or correction, and all changes suggested by him have been made. "The true value of personal property in most cases is that placed upon it by its owners and given to the enumerators and other census officials, as required by law. "The value given to railroads and equipments, however, represents the cost of construction and equipment of the roads in question, and is distributed among the several States, according to mileage. "The gold and silver coin and bullion is the amount reported by the Director of the Mint as in the country at the close of the fiscal year 1890. "The value of merchandise in stock and of cattle not on farms is based upon the value of such property assessed for taxation; that of furniture and personal belongings upon their insured values, as shown by an examination of 8,000 policies upon contents of houses not in large cities; that of libraries and other exempt property upon returns received from nearly every municipality in the country; that of foreign goods in bond upon the report of the Treasury Department, and that of agricultural products on hand upon the report of the Secretary of Agriculture for 1890. These values are included as miscellaneous, and represent, it is believed, substantially all the wealth of the country not elsewhere classified. "The true and assessed valuations for 1890, compared with like valuations of the previous decade, are as follows: "The assessed valuation of 1880 has been somewhat increased above the amount reported by the Tenth Census by the inclusion of railroad values omitted, but on which ad valorem taxes were levied. "The total true value in 1890 includes $941,031,378, the value of vacant national lands and Indian reservations not embraced in the figures for 1880. Omitting this amount, the percentage of increase of true valuation was substantially the same for the decade as that of the assessed valuation. "The valuation given to real estate and personal property throughout the country for purposes of taxation is termed 'assessed valuation.' It covers but a portion of the property in existence, a considerable amount of both real and personal being specially exempt from taxation by law, and of the latter class it is known that an additional portion escapes taxation by fraudulent evasion." **Bonds, notes, mortgages, and various forms of securities are not included, nor are corporation stocks reckoned as part of the wealth, nor are stocks, bonds, and corporate property computed. Paper representations are not treated at all; only actual, tangible property entered into the estimate and that was credited to the place where located. It was found wholly impracticable to attempt to locate property by ownership." True Valuation of Real and Personal Property, Total and Per Capita, by States and Territories:* 1880 and 1890. The following statement exhibits the distribution of the national wealth as among the several States and Territories: Exclusive of Alaska. + In computing these per capitas the true valuation of Indian Territory is excluded. Dakota Territory. |
