94 THE AMERICAN JOURNAL OF SOCIOLOGY
obtained something like a correct idea of the true value of all property in 1860.
The correction of the figures of the earlier censuses so that they may be fairly comparable with the later valuations is a task that could be successfully accomplished only by one having access to official records, and then with the application of almost infinite patience and perseverance. This task has, however, been accomplished by a statistician, Mr. Frederick C. Waite, whose ability, displayed in this very investigation, caused Mr. Porter, a few months before retiring, to place him in charge of investiga- tions of true value of the present census.
Mr. Waite's conclusion, after most thorough and painstaking investigation, was that the true value of all property in 1860 could not have been less than 25 billion dollars exclusive of slave values. Considering that the valuation of 1870 was $30,068,- 578,507 and that the assessed valuation of 1870 indicated an actual decrease in value per capita expressed in the inflated currency of the period, this estimate does not seem above the mark. While it must be considered that the valuation of 30 billions is expressed in a depreciated currency, and that accord- ing to the statement of Superintendent Walker prices were enhanced from 30 to 40 per cent, in the census year, it must also be considered that the valuation of 1870 is claimed by Mr. Por- ter and is admitted by General Walker to have been inadequate.
Assessed values show an increase from 1870 to 1880 of 20 per cent., and were there no change in methods of assessment, the valuation of 1880 being 43.6 billion dollars they would indicate the true value of all property in 1870 to have been 536,333.000,000.
Mr. Waite, however, in the paper to which we have referred, points out that there was during the seventies a very material change in the methods of assessment, saying :
During the seventies a tidal wave of opposition to the law-defying, low- assessment plan swept the continent from the Atlantic to the Pacific. In 1874, although values had declined under the pressure of the panic of 1873, Pennsylvania increased her assessment of real estate 536 million dollars over
