Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1874-08-07
Correspondence.
For the VERMONT Farmer.
REAL ESTATE.

The valuation OF real estate is now under
consideration all through our state. The
appraisers have finished their labors Of ex.
animation and appraisal. County COnven-
tions Of listers have been held, and the
appraisals in the different towns have been
equalized, and now a convention is TO be
held to revise the labor in the several coun.
ties, and SO adjust the valuation that when
the state tax is levied each county as we'll
as each town and each individual shall pay
proportionately the expenses Of the state
during the ensuing four years.
In considering the value Of real estate we
must admit it has fictitious as we'll as a
real value. Fictitious, If the price is high
or is advanced because a railroad is to be
built, or mills erected, or the village is ex.
tending, or If upon the hillside marble, gran.
ite, slate, copper, or any other deposit ap-
pears. Then occasionally, thank God
man is found who loves his home, and will
set no price upon house, garden, or farm,
regarding them as permanent possessions,
like the affection he bears his wife aud chill.
dren. Others love their homes in a degree,
and for the home they love ask above its
real value. All these 6ctitious values
should be unknown to the appraiser. No
love Of home should be taxed. No visiona-
ry wealth in mine or water power should be
taxed until it is plainly shown that it is
leading to profit aud not TO ruin.
Real value depends upon the income that
can be realized. Is six per cent. the proper
gain on money? Then consider upon what
sum does your farm pay six per cent, and
value the farm at that price. Does your
house rent for enough to keep it in repair
and pay the interest on $1,000, aud will it
continue to do sol Then the house may be
priced at $1,000 1t is very universal
opinion that the capital invested in farming
does not pay lawful interest. By capital
mean the owners estimated value Of the
farm and its equipments. With the general
depression in farming, and the small returns
for the labor of the ordinary farmer, it is
more than probable that real estate should
be valued less than it was ten years ago.
The money lender may start with terror
at the idea Of real estate depreciating His
pile of mortgages he considers US indestruc-
tible as bullion aud their value as stable,
and ten per cent, twelve per cent, or bonus
is demanded of the Iarmer who tils the soil
and fails to make his payments on these
mortgage notes. Yet real estate does de-
preciate so that il is the most useless and
contemplate property, worse than an old
watch or spawned horse. In proof Of this
consider the iron works at Troy, the academy
buildings at Bloomington, saw mills by
many streams, house cellars scattered all
about the state, mines in Orange County,
marble quarries in Addison, Rutland, Ben
niugton and Franklin Counties and what
is more TO the point, sec woodland that was
OuSS I"StuiVt PosNuiO buHe "1o Ouco uSiu5'
and farms deserted in all the New Eu-
gland states.
Some perhaps know Of Western lands aud
Colorado or Calilornia mines and diamond
fields where both the increase and deprecia-
ton of price is in the history of dozen
years.
Real estate retains its value or increases
only when the owners and occupants are
comparatively prosperous and have hopes
to realize and realize those hopes. A conn
try must have an industrious population to
be valuable, and that population must be
prosperous .H., ..
1t is for the interest Of every money lend
er who holds mortgages that the occupant
should prosper and return the money ad-
vanced to him or his security. 1t is an
evil if in addition to the lOaning of money
the capitalist seeks to cripple the borrower
and drive our industrious men from real es-
tate. So the burden of taxes should be SO
slight that the men who pay them may not
feel the burden to be oppressive. Do not
geek to advance the appraised value Of real
estate when business is depressed as at the
present time. ". Il. JAMESON.
IrasJurgh, Aug. l.