The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1856-03-19
lgrnultural.
From the Carolina Caiiiuator.
GOOD LAND-AND ITS VALUE.

oOOD AhND-ANO LID VALUE.
There is perhaps nothing in which far
mers show their disernment more than in
property estimating the value Of lanl.-n
We will here call attention to n few'gcn.
eral principles which may be useful in
coming to correc. conclusions On this sub
ject.
F" We will take il for granted that land
which produces only enough TO pay the
cost Of cultivation is ~orth nothing-mere.
iy worth having and nothing more-lke
| laborer that is hired for his board and
clothing. Land then has money vauc
when it will under proper care produce A
| crop worth more than the cos, Of cultiva.
ton. Thus, for example, il it cost rs
much as the price Of. eight bushels of
wheat to growla crop Of wheat on one
acre, then land which will yield only eight
bushels to the acre has no value. But if
land which yields eight bushels to the
acre is just worth cLitivating, AMI no more
how more is land worth that will yield
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 dolara bushel, an acre which
will produce one" "'bushel Of wheat moro
than the cost Of cultivation, is worth one
dollar. A little reflection will however
show that such valuation would be en-
tire!y wrong. The money paid for land
like any other investment should be re.
qnircd only to return fair interest OH
its cost. Therefore if one bushel of wheat
worth one dollar is the return 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 IN ade-
quate return for landed property, than an
acre which yields one dollars worth Of
produce above the cost Of tillage is worth
ten dollars. fisk per cent, is considered
to be fair return, then it is worth sixteen
dollars and sixty six cents. At first sight
It may appear unreasonable to maintain
that land capable producing eight bush
els 10 the acre is worth nothing, whilst
that which will produce nine may be
worth from ten to sixteen dollars per acre
But every prudent man knows that it is
the same thing as giving money away to
pay for that which will bring nothing in
return. If he pays out money he will ex-
peet 10 receive something for interest on
the amount expended.
| Reasoning in the same manner as above
it will be easily seen tha, land which will
produce eight or ton 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 therefore upon the abundance or scar.
city of capital. ."". .....
| We have used the expression "cost Of
cultivalion," and we mean thereby the
whole cost of growing crop, which be.
sides the cost Of labor and seed includes
the expense Of keeping up fences and tax.
es, and also another item which is fre-
quently omitted, namely the wear of the
land, or rather the amount which spent
in manuring will make the land rs good
~ it was before the crop was grown
For it is 10 be taken for granted that no
wise farmer will let his land become poor.
cr frcm cultivation. And therefore n lar
ger price should be paid for land that will
wear well" than for that which requires
a great deal Of manuring TO keep il up.
The principle which we have endeayor.
ed to explain is perfectly accurate, and
still there is danger Of its being misunder.
stood in practice. We will therefore state
it again in a somewhat different manner.
To find the value Of land we must know
the worth Of the crop which it is capable
of producing one year with an other; and
we must know also the cost Of producing
= crop. II The cost Of production is less
than the value Of the crop, then the land
is worth price. It is worth the same
which invested at interest would bring as
large nett income as that yielded by the
land, after paying all expenses.
From what we have stated above it
will lie seen that there may he diiler-
ence Of only few bushels in the yield of
two pieces Of land. and yet the one may
be not wcrth'faving, whilst the other is
worth twenty, fifty or even q hundred dol
lars per acre. And since it does not cost
much more to cultivate the same piece OF
land whether it be rich or poor, it follows
that whever manure can be had for a yea-
sonable price it will prove the cheaper
plan for the farmer to make his land rich.
For the same resson'it will generally be
found to be more profitable investment
for him who has spare capital to spend
IL improving the land he has rather than
buy more. But still there is land which
1t would be nnwise to spend anything up
on In the way Of improvement, unless ma.
nure were cheaper that it is likely to be
soon. For our own part, we are quite a
believer in the rule OF an old farmer, who
practieed on this precept-"Good land"
said he, It's cheap at any price, provided
you can pay for it, poor land is dear ut
any price,"
| A farmer whose son had for n lonn