By John Majewski
Professor Majewski compares Virginia and Pennsylvania to give an explanation for how slavery undermined the advance of the southern financial system. firstly of the 19th century, citizens in every one kingdom financed transportation advancements to elevate land values and spur advertisement development. in spite of the fact that, via the 1830s, Philadelphia capitalists begun financing Pennsylvania's railroad community, development built-in platforms that reached the Midwest. Virginia's railroads remained a suite of strains with no western connections. the shortcoming of a tremendous urban that can supply capital and site visitors for large-scale railroads was once the weak spot of Virginia's slave financial system.
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Additional resources for A House Dividing: Economic Development in Pennsylvania and Virginia Before the Civil War (Studies in Economic History and Policy)
34 Woods was repeating a familiar argument among Albemarle's agricultural reformers. "35 William G. Rives, one of the most prominent slaveholders in Albemarle county, similarly argued in 1842 that "[T]he best application I could make of money derived from the land, was to return it back to the land in the shape of improvement. There is no investment of capital which 32 33 34 35 Please see Table 4 in the statistical appendix for precise calculations. Frank Carr [Constitution of "The Albemarle Hole and Corner Club, No.
65 Because of these low direct returns, most investment came from those who could best benefit from the increase in land values. 66 More precise linkages of Albemarle investors show that investment was even more localized. The vast majority of the Albemarle stockholders in the Rivanna Navigation Company, for example, owned real estate in or around Charlottesville or along some other point near the river. Only four Albemarle stockholders, with an aggregate investment of a meager $550, owned real estate further than six miles from the river.
205-60; Cashin, Family Venture, pp. 9-31; and Kenzer, Kinship and Neighborhood, pp. 6-51. 1. The First Sign of Relative Decline: Albemarle's Slow Population Growth Census Year 1790 1800 1810 1820 1830 1840 1850 1860 Total Population Percent Increase Percent Slave 12,585 16,439 18,268 19,750 22,618 22,924 25,800 26,625 — 31 11 8 15 1 11 3 44 45 51 54 51 52 52 52 Notes and Sources: Moore, Jefferson's County, p. 115; Androit, Population Abstract, p. 821. 17 Compared to the high returns that the new cotton planters of the Southwest could reap, Albemarle's planters and farmers seemed mired in a stagnating economy.
A House Dividing: Economic Development in Pennsylvania and Virginia Before the Civil War (Studies in Economic History and Policy) by John Majewski
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