The Wealth Of The World

The reported valnatioii of all property in the United States by tho uensus of 1890 was 65, 087, 091, 197, or $1,036 per capita fo tlio entiro population. Thi enniacraííon, however, dealt witn property looated in the United States and did not go into the question where is is owiifd. If the estímate of Mr. Robert Giffen is correct, that $5,000,000,000 in foreigñ capital was iuvested in this country in 1880, prohably an even larger amonnt id so invested at the present time. Dedaction should also be made for tho high value pnt upon waste public lands in the census, with the net result that tho per capita valuation of the United States would be rednced to about $950 or $4,750 for a family of flve. Estimates made by carefnl economists, who come pretty near agreement among themselves, put the vaiu ation of Great Britain about nine years ago at 50,000,000,000 and that of Franco at $40,000,000,000. Tbis wouló afford a por capita valuation of $i,3öS for Great Britain and $1, OH 1 for Franco, maJiing the valuation for :i family of flve $ü, 690 in Great Britain $5,405 ia France. The fignres of Francplaced faigber by some anthors, and th total in both cotintrios inolndes Garofui estimates of the largo holdings of foi eign securities, some of tliem ooverin propertv located ia the United States. The great holdings of foueign securities, estimated toamouut in Great Britain to about $8,000,000.000, explaiu to ■1 largo extent the adver.se balance of foreign trade oonstantly shown by the Britiili statistics. Great Britain wonld long ago hai' beun denndnd of hor gold ;tml beoome Imnkrupt if the excess of imports over exports shown by her trade statistica were a true measure of ber flnancial condition. The fact that about $400,000,000 is duo her annually in interest obarges upon British capital placcrd abroad explains how she can afford to import several hundred million pounds sterling of foreign merohaudiso in excess of the domestio merchandise which she exports. Frauce is estimated to hold f !■.))(), 000, 000 of foreign securities, largcJy Italian and Spanish, and sbo also has been able to show a large balance of importa of merchandise over exports during the last two decades, I while pilingup iu the vaultsof the Bank of Frauce and distributing tbrough her monetary ciroulation a larger maas of coin than anv other commercial