In 1860, just as today, the price of land was based on three important factors: 1) location, 2) location and 3) location...
But, according to this site, farmland then was selling for circa $3 to $5 per acre, meaning $500 would purchase around 100 to 150 acres.
Today, a 100 acre farm in, oh say, central PA, costs circa $500,000 and in garden-spots like Lancaster County, over $1 million.
Again, the big point here is: you cannot possibly overestimate the economic value of slavery to their owners in 1860.
Slaves then represented over 20% of the US total assets' value, but in the Deep South, well over 50%.
That's why the political dividing lines, between those who demanded immediate secession, versus southern Unionists, was strictly based on the percentage of slave-owners in any particular region.
The exact dollar amounts are much less important and your argument stands. The most important thing you’ve established is something that most Americans and I’d say FReepers no longer understand: economics and politics are joined at the hip.
Pocketbook issues matter and people vote their wallet. At the same time we’re deeply emotional, but when both align look out. I think we’re there as a nation. If Obama’s policies worked economically his politics wouldn’t matter as much to people. Instead they’ve learned not to trust Obama because his economics stink.
That’s a lesson today’s conservative politicians need to learn. The voter may view your socially conservative views with some skepticism, but recognize you as sincere and honest because of them. Tie that in with a strong economic growth message - jobs and wealth creation - and you have a winning ticket. Trust once lost is hard to redeem. Good discussion.
Have you ever been wrong BroJoeK? Don’t answer that, put your wife on and let’s hear the truth.
Price of farmland, or any other commodity, is based on supply vs. demand.
In the 19th century there was literally most of a continent of unoccupied land just sitting out there. (If you discount the Indians, which just about everybody did at the time.)
Because there was so much land, it was very nearly free.