A probable valuation of the whole United States in 1800 was eighteen hundred million dollars, equal to $328 for each human being, including slaves; or $418 to each free white. This property was distributed with an approach to equality, except in a few of the Southern States. In New York and Philadelphia a private fortune of one hundred thousand dollars was considered handsome, and three hundred thousand was great wealth. Inequalities were frequent; but they were chiefly those of a landed aristocracy. Equality was so far the rule that every white family of five persons might be supposed to own land, stock, or utensils, a house and furniture, worth about two thousand dollars; and as the only considerable industry was agriculture, their scale of life was easy to calculate,—taxes amounting to little or nothing, and wages averaging about a dollar a day.
Not only were these slender resources, but they were also of a kind not easily converted to the ready uses required for rapid development. Among the numerous difficulties with which the Union was to struggle, and which were to form the interest of American history, the disproportion between the physical obstacles and the material means for overcoming them was one of the most striking.
