i 4 o FORESTS AND MANKIND 



yearly growth of wood becomes the annual interest. So long 

 as the mill cuts no more than this annual interest, the forest 

 capital remains the same and the mill can continue forever. 

 Men call this a perpetual yield and its attainment is ideal both 

 for the lumber industry and for the forest itself. The mill so 

 assured of future yields can provide for permanent homes and 

 schools for its employees, as well as permanent markets for its 

 products. Into this era of stability the lumber industry must 

 inevitably come. 



The large mill of today is a temporary passing type and will 

 vanish with the last of the big timber. The mills of the future 

 will be smaller, equipped for closer use of timber and guilty 

 of less waste. 



But before the majority of lumbermen can afford to look 

 favorably on any plan of perpetual timber cutting and perpet- 

 ual forest ownership equitable taxes must be assured them. 

 Unless the system of taxing timber is just and reasonable, no 

 lumberman cares to think in terms of perpetual yield. Instead 

 he is often faced with the necessity of cutting out his timber 

 more quickly than he actually wants in order to prevent taxes 

 from eating up the profits. The hazard of unjust taxes is like 

 fire it is a menace and an obstacle to forestry. Many States tax 

 their growing timber each year compelling the owner of a half- 

 grown stand of timber to pay taxes on that one crop of trees 

 twenty to forty times before he can sell it. During all these 

 years it is bringing him in no revenue. Such a method is com- 

 parable to taxing a crop of wheat or oats every week. Some 

 States seeing the inequality of this method are already provid- 

 ing less burdensome and juster methods. The Federal Govern- 

 ment is conducting an investigation that may lead to the 



