Ethical 233 



subdivisions to the first settlers. They made a 

 small cash payment, and gave their promissory 

 note, secured by mortgage for the balance of the 

 purchase money. In less than five years all these 

 bean -raisers were rich. They built large houses, 

 furnished them with Brussels carpets and oak 

 furniture, bought their daughters pianos, clothed 

 their women in silk and satin, and, in fine, spent 

 lightly what they had lightly made. During the 

 hard times of 1897 and 1898, I rode through this 

 valley, and learned that nearly every farmer in it 

 was bankrupt. 



However, next time, when the wind of adversity 

 blows keen and cold, their sails will be closely 

 reefed. 



English people, stay-at-home folks, condemn this 

 extravagance and recklessness. But to me it is 

 plain that nothing else could have reasonably been 

 expected. Here is a country out of which, within 

 the last forty years, have been taken tons and tons 

 of gold, not to mention other precious metals. Its 

 lands held at a few cents an acre have enhanced 

 fabulously in value. Its products are found in 

 every market in the world. And this enormous 

 wealth fell, for the most part, into the hands of 

 poor and obscure men. 



I can remember a small experience of my own. 

 There was a tract of land adjoining my ranch for 

 which the owner asked some eight dollars an acre. 

 It was similar in soil and so forth to my land ; so 

 I decided to buy it, and went to England for the 

 money. In the frosty English atmosphere, my 

 speculative instincts were nipped. Six months 



