966 JOURNAL OF FORESTRY 



particular need of a definite program. Spasmodic appropriations, or 

 appropriations not based upon a definite program, may prove ultimately 

 to be money thrown away. The obligation of the State to safeguard 

 its resources for the future is not overweighed by its obligation not to 

 waste its energies by misdirection of effort at any time. 



In the prosecution of a purchase policy clear-headed valuation of 

 properties considered is particularly necessary. For instance, in re- 

 gions where cut-over lands are abandoned for taxes, the soil, oddly 

 enough, bears timber of commercial value ; but for the business of 

 growing timber it is itself without value, at least to private owners. 

 This is generally because the growth is so slow and the cost of repro- 

 ducing and protecting stands so great that no surplus is anticipated 

 above the mere operating expenses of growing the stand. This is the 

 "no-rent" land of economics. In many regions the land with the trees 

 on it does not become salable until the latter have reached considerable 

 size. Projects of purchasing land of this character should have the 

 most careful scrutiny. 



It must be kept in mind that it is not alone the long period of time 

 involved which teaches caution in undertaking more intensive methods 

 of timber production, but the indeterminable losses which may occur 

 during this long period. The possibilities of loss by fire, insects, or 

 fungi, the unknown quantity of taxation, the possibilities of adverse 

 legislation, changes in market demands, and what not are obstacles 

 which the State as well as the sound business man is bound to consider, 

 and it should not undertake investments in forest production until the 

 returns promise to overbalance the possible losses by a safe margin of 

 profit. Failure to weigh thoroughly the hazards in the business of 

 timber production has been responsible at the same time for mistaken 

 impatience with the conservative attitude of private forest owners 

 toward intensive methods of forestry and for wildcat visions of large 

 public revenue from investments in forest lands. 



It is suggested that if purchases of land intended primarily for tim- 

 ber production were made not from appropriations, but from the pro- 

 ceeds of the sales of bonds which were required to derive their interest 

 ultimately, at least, from the operation of the lands acquired, the pro- 

 cedure would have one virtue certainly, namely, financial clarity. Clear- 

 ness of observation and frankness of statement are the safest guides in 

 determination of a policy of land purchase. There should be accurate 

 understanding by the body politic of the purposes for which the pur- 

 chase is urged and of the extent of the net revenue or net deficit antici- 

 pated. 



