Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-09-05
Capital in Agriculture.

Interest," WHICH WOulu ne very INSTRUCTIVE
As things are, nothing more than a rough
guess can be made, and the value of the guess
would depend upon the opportunities for ac-
quiring information and the good judgment
of the guesser. One thing is certain, how
ever--a great number of farms are unpaid
for, and many farmers are heavily in debt.
But few have a free money capital, and of
this few not many are using it for improve
ment. The moneyed farmer usually lends
his money ON mortgage, because he can get
a greater increase from it, or thinks he
eau, that way, than by putting it out in
improvements.
In the financial condition in which the
country has now for many years been, there
has been little or na encouragement for the
investment of money in land improvement
and the development of farms. The specu
lative rage that has possessed the people has
kept the lending price of money above the
possibility of profit in agriculture This,
and the lack of real, reliable knowl ledge of
how to use money for the profitable improve
ment of farm, has prevented the application
OF money for that purpose, exceptin rare in
dividual cases. There are instances, here
and there, of a farmer with money using it
as successfully and in the long run quite as
protitably, as it could be used in trade, spec
uation or perhaps in usury. But these
eases are so rare as to be phenomenal, and
of little value as examples.
Two obstacles have stood stifly in the way
of agricultural mprovement-the high rates
for money, and the want of practical knowl-
edge how proftably, by the use of money to
make farming pay good and certain re-
turn for the use of capital.
The greater number of our farmers are
men who make use of land as other men use
trade, to get a living out of it. Their
land and stock take the place of the me.
chanic's tools, and have only this superior
value, that they furnish steady work, though
at a low price. Farming as business,
pushed with the idea of acquiring wealth,
and in which capital can be safely invested,
is but little believed in. As a rule, we find
that when little surplus is gained, by hard
work, out of the land, it is laid blythe farm
and buildings being often deprecated in
value quite as much as the amount so APP
parent!y gained. The result of this kind OF
farming is that, taken together, the farms of
New England are constantly decreasing in
value, and falling out of cultivation, Farm
ing is ceasing to pay even one per cent, on
the capital invested, and consequently it is
out of the question to expect that more
money will be put into it, if such is the
necessary condition of affairs.
But it is not So long as the whole coun-
try was wild with the idea of getting rich
without work, so long as so many "smar,
business men" were willing to pay ten pei
cent and upw ards for the use of capital tc
trade and speculate upon, few who were able
were willing to invest capital in agriculture
Those who were already in it could not af
ford to enter the money market at such higf
rates for the means necessary for improve
ment. If they already had it, they wer,
more likely to use it off rather than Oh tn,
farm.
A different time is coming now. Th'
era of speculative business has passed. anc
as soon as our moneyed men have go
through with skinning their victims, ant
begin looking around for opportunities t.
reinvest their gains, it will at first, at least
be necessary for them to put so low pric
upon capital that skillful farmer may at
ford to hire it to use in developing the full
productive power of his soil.
Yet there is serious difficulty, in the wan
of that knowledge of their own bushes
among our farmers which is essential to sue
cess. Indeed this is so general that capita
lists do not like to loan money to farmers
for fear that the interest will not be regr
larly paid, and that in the end they will b
troubled TO get the principal. There are bu
avery small proportion OF our young farmer
to-day, who have come by heirship into tn
possession of farms needing the use of cal
ital to develop their productive capact,
who could be safely trusted with the one [
ten thousand dollars required. The chance
are that they would not make it pay, fc
lack of agricultural knowledge and skill
Yet we think we are at the dawning of
new day in agriculture. The number
educated farmers is increasing, and although
as yet, the education is not of the best kin
for the work, and there is not that union
learning with practical skill which is essel
tal to success, still there is break mad
i'll the old ways, and an opening is formin
through which both capital and knowledl
will be brought to bear upon the producto
of food, and other farm products, in a su
cessful way.
The greatest hndrance to an improvir
agriculture is the spirit of speculatio
This is opposed to all steady industry, b.
especially opposed to that form of it
which results are slowly developed as ii
consequence of a well-planned system, l
quiring years for its full realization. The
is wealth in agriculture, but no possible W,
of making haste to be rich. Men must
contented with slow and moderate but su
returns for the money and labor invested
agricultural Improvement
Our legislation, in state and nation for b
last fifteen years, has all been in favor
the speculator, rather than the Industrial
1t has borne with especial weight upon t
farmer, and naturally the farmers were t
first to rise and rebel against it. If t
farmers are wise, they will see to the INN
diate repeal of all laws favoring speculatio
aud also that hereafter, since equal rigi
have been nominally secured for all, rigl
so secured shall no more be nullifed by /
granting of special privileges TO any T
practical carrying out of this is the work
the statesmen of this time. They must
pushed to the work by the insistence of pit
lie opinion.