Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1856-05-08
farmer's department,
49,
esa-Axsa,
GOOD LAND...AND ITS VALUE.

There is perhaps nothing in which farmers
show their discernment more than in prop
erly estimating the value of land. We will
here call attention to..a few general principles
which may be useful in coming to correct
conclusions on this subject.
We will take it for granted that land
which produces only enough to pay the cost
of cultivation is worth nothing-merely
worth having and nothing more-like la
borer that is hired for his board and cloth
ing. Land then has money value when
it will, under proper care, produce a crop
worth more than the cost of cultivation
Thus, for example, ifit cost as much as the
price of eight bushels ofwheat to grow crop
of wheat on one acre, then land which will
yield only eight bushels to the acre has no
value. But ifland which yields eight BUSH
els to the acre is just worth cultivating, and
no more, how much is land worth that yields
nine bushels to the acre? Perhaps some
one may answer that it is worth as much as
bushel of wheat, and that when wheat sells
for one dollar a bushel, an acre which will
produce one bushel of wheat more than the
cost of cultivation, is worth one dollar. A
little reflection will, however, show that
such valuation would be entirely wrong.
The money paid for land like any other in
vestment, should be required only to return
fair interest on its cost. Therefore if one
bushel of wheat worth one dollar is the re-
turn made by an acre of land for one year,
the value of this acre is the sum which would
draw one dollar of Interest. Supposing that
ten per cent. is considered to be an adequate
return for landed property, then an acre
which yields one dollars worth of produce
above the cost of tillage is worth ten dollars.
If six per cent. is considered to be fair re-
turn, then it is worth sixteen dollars and
sixty-six cents. At first sight it may ap-
pear unreasonable to maintain that land
capable of producing eight bushels to the
acre is worth nothing, whilst that which will
produce nine may be worth from ten to six
teen dollars per acre. But every prudent
man knows that it is the same thing as CIV
ing money away to pay for that which will
bring nothing in return. If he pays out
money he will expect to receive something
for interest on the amount expended.
Reasoning in the same manner as above,
it will be easily seen that land which will
produce eight or ten bushels to the acre
above the cost of cultivation will be worth
from one hundred to one hundred and fifty
dollars per acre. OF course, a great deal will
depend upon the rate of interest, and there
fore upon the abundance or scarcity of capl-
tal
We have used the expression "cost of
cultivation" and we mean thereby the
whole cost of growing a crop, which beside
the cost of labor and seed includes the ex-
pense of keeping up fences and taxes, and
also another item which is frequently omit
ted, namely, the wear of the land, or rather
the amount which, spent in manuring, will
make the land as good as it was before the
crop was grown. For it is to be taken
for granted that no wise farmer will let his
land become poorer from cultivation. And
therefore larger price should be paid for
land that will "wear WE'LL" than for that
which requires a great deal of manuring to
keep itup.
The principles which we have endeavored
to explain is perfectly accurate, and still
there is danger of its being misunderstood
in practice. Wewill therefore state it again
in somewhat different manner TO find
the value of land we must know the worth
of the crop which it is capable of produ-
cling one year with another; and we must
know also the cost of producing crop. If
the. cost of production is less than the value
of the crop, then the land is worth a price,
1t is worth the same which, invested at in
terest, would bring as large a net income
as that yielded by the land, after paying all
expenses.
From what we have stated above it will
be seen that there may be difference of
only few bushels in the yield of two pieces
ofland, and yet the one may be not worth
having, whilst the other is worth twenty,
fifty, Or even hundred dollars per acre
And since it does not cost much more to cul-
tivate the same piece of land whether it be
rich or poor, it follows that wherever man.
ure can be had for Il reasonable price, it will
prove the cheaper plan for the farmer to
make his land rich For the same reason it
will generally be found to be more prof.
table investment for him who has spare cap
ital to spend in improving the land he has,
rather than buy more. But still there is
land which it would be unwise to spend any
thing upon, in the way of improvement, un-
less manure were cheaper than it is likely to
be soon. For our own part, we are quite
believe in the rule of an old farmer, who
practiced on this precept-"Good land"
said he, "is cheap at any price, provided
you can pay for it; poor land is dear at any
price"