DOES FAE:MING pay ? 33 



buildings. We must kuow the amouut of capital invested in 

 all farm-implements, vehicles and machinery. We must know 

 the actual value of products ou the farm before a new value is 

 added by transportation. And we must know the entire cost 

 of producing the crops. The cost taken from the income, and 

 the remainder divided by the capital, will give us the per 

 cent, of interest ou the capital invested. I make the state- 

 ment so that the process by which I obtain my somewhat re- 

 markable result may be perfectly understood. Now the entire 

 capital invested in farm-lauds and farm-buildings, of every 

 description, in farm-stock of all kinds, in farm-implements, 

 vehicles and machinery, is $10,615,289,946. The gross an- 

 nual income from this capital is $5,515,593,077. The total 

 cost of all labor and board is $413,711,713. Labor and board 

 is actually more than half the cost of growing of crops, but 

 we will call it half, which would make the total cost of pro- 

 ducing this income, $827,423,446. The cost, taken from the 

 gross income, leaves us $1,688,169,620 as the net profit of 

 our agriculture, and this, divided by the sum of the capital, 

 gives us fifteen and three-fourths per cent, on our whole in- 

 vestment. But some one who has not seen this fifteen per 

 cent, may object ; if so, I reply it must be because capital is 

 but the surplus earnings of labor. Eventually farm-capital is 

 the surplus of farm-labor, and if it did not more than support 

 itself it could uot have accumulated the inconceivable sum of 

 nearly eleven billions of dollars. But the objector will an- 

 swer, "Many of our farms are mortgaged." But most of 

 them are not, and here is my strong argument. We all know 

 that these are the kind of mortgages that are rarely fore- 

 closed. Thoy have been bought by young men with little 

 capital, and the farm held for security. But these men will, 

 out of the profits of the farms, pay their interest-money, pay 

 their taxes, defray their heavy expenses of rearing and edu- 

 cating their families and the demands of society, and liquidate 

 their debt and own their land in full, as thousands of such 

 have already done, and present indisputable proof that farm- 

 ing pays. Back again, however, comes the objector, and 

 says, "How about that fifteen per cent.; I don't fiud it?" 

 Well, very likely you don't, but you ought to, and to be able to 

 put your hand upon and show it. You may depend upon it, 



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