HOW TO RECKON PROFITS. 135 



sheep, and so on around the circle. Thej always went in at 

 high water and came out at low. 



QuESTioisr. You were speaking of draining land. Might 

 not the difference between you and Dr. Sturtevant be ac- 

 counted for by the less porous nature of his soil, the water 

 flowing quicker through your land than through his ? 



Mr. Paul. I don't know but it might. That was rather 

 loose soil, and it is possible that was the case. I am sure 

 I don't understand it ; but the fact is there still. 



JMr. Williams (of Waltham). I would like to ask the 

 gentleman how much capital he had invested the first year 

 that he made fifteen hundred dollars besides his living. 



Mr. Paul. I have made a rough estimate of the average 

 amount of capital since I have been making that amount 

 yearly, and it was about ten thousand dollars. 



Mr. Williams. The first year it was less than that ? 



Mr. Paul. It was less than that the first year. You will 

 understand that prices a few years ago were higher than at 

 present, and a given amount of capital paid a larger per 

 cent. 



Mr. Williams. Now I would like to know in what pro- 

 fession or what business, interest on invested capital is reck- 

 oned in the way this gentleman does. If you invest ten 

 thousand dollars in any business, and want to ascertain what 

 per cent it pays you, you do not take your living, your 

 house-rent, and the clothing for your family, from your in- 

 come, and then get the interest on your investment ; so that 

 it seems to me, that, instead of fifteen per cent, he could 

 double that as the interest on his investment. I merely 

 bring that up that we may understand this matter. When 

 we compare the money invested in agriculture with the 

 money invested in other pursuits, or the men engaged in 

 agriculture with the men engaged in other pursuits, we com- 

 pare an unsuccessful farmer, as a rule, with a successful busi- 

 ness-man or a successful professional man, which is unfair. 

 If we are to make a comparison, let us put each profession 

 upon the same basis. 



Mr. Fllnt. Mr. Paul expressly stated that he offset his 

 cost of living by his labor. 



Mr. Williams. I say that in no other case where you in- 

 vest money do you do that. If a merchant invests a hun- 



