Someone with knowledge of real estate values in West Texas can add a great deal here with authority. That said, it is worthwhile to remember that those who went to the California Gold Rush, beginning in 1849, often hoped to win "his pile" - by which was meant, enough to return home and purchase a respectable farm or business. This was unlike later, underground intensive gold and silver mining, which featured thousands of wage owners and a few mine owners who could imagine becoming millionaires. This earlier, "extensive" period of placer mining left the door open for anyone to win "his (or her) pile" - just enough money to live a comfortable life. And many did just that.

A good pile at the time was considered to be about $10,000 - and many Midwestern farms found their origins in the California Gold Rush and the pile that allowed for the purchase of land, equipment, and livestock (Nevada, county seat of Story County, Iowa, takes its name from such a gold miner who returned and founded the community, naming it after the Sierra Nevada range).

I imagine that a "pile" of $60k+ would go a long way toward purchasing a great deal in west Texas in 1880 (again, enlightenment from someone who knows the property values of the time would be helpful). It's like what one of my employees once told me: "I don't need a million dollars. But it sure would take the edge off." Well, $67k would take the edge off in the nineteenth century.

edited - because I meant "West Texas" not "West Taxes." And no, as far as I know, a bounty would not be taxed.

Hello!

I specialize in Texas History and to be honest, I had to dig some to find a reasonable answer for your question. Most of the newspaper records for the timeframe you asked about (1880-1890) provided very limited information on your inquiry, as most of the articles simply stated auction rates and real estate advisors.

I turned my attention then to the Texas General Land Office, and I was finally able to find an answer for you...at least somewhat.

In 1876, there was an estimated 60 million acres of land available that had not been appropriated and 20 million acres of undeveloped public school lands. In an attempt to try and rebuild its inner finances, which were still recovering from the Civil War, in 1879 the Texas Legislator passed the “Fifty-Cent” Act which allowed public lands in 54 West Texas counties to be sold for fifty cents an acre.

A limit of 640 acres per buyer was set, but was loosely enforced and easily circumvented. Half of the proceeds of the land sales were to go to settling the state debts, and the other half into the permanent public school funds.

If Clint Eastwood’s character headed to Texas to buy land with an estimated $70,000, he most certainly could have established a good sized cattle ranch in either West Texas or the Panhandle (where land was going for fifty cents an acre as well from what I read). If he did, could be possible that his descendants are now living off oil or wind power profits today.

Here is the source I am referencing if you’d like to take a look. Hope this helps!

http://www.glo.texas.gov/history/archives/forms/files/history-of-texas-public-lands.pdf

You see, in this subreddit there's two kinds of users, my friend: Those who write answers that meet the expectations and rules of the community, and those who are removed.

There have been a number of attempts to answer this question. None have done so, hence the removals. Almost everyone has decided to tackle it using historical currency converters to convert $67,000 bucks. These have their limits, as there are many different methods giving wildly different results. But while, if used cautiously, these can provide an illustration to put numbers from 1880 into a modern value for readers to appreciate, but keep in mind that this does not answer the question as it doesn't contextualize the numbers in the time which they are being applied. If you are interested in giving it a try, here is how to do it; a guide, if you will, of what we, as moderators, are looking for in evaluating a response:

• Find reliable sources which provide the cost of land in Texas c. 1880.
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• Consider other factors that impact the value of land. How close is the nearest railroad? Size of the nearest town or city? Available water and irrigation?
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