THE NEW SOIL IRRIGATION. 69 



sweeping loss from their speculation. A single instance in 

 one of the territories represents a loss to the stockholders of 

 $2,000,000. The Bear River Canal of Utah, which cost $1,000,- 

 ooo to construct, was sold for one-tenth that sum. A system 

 in California represents a loss of $800,000, and so on through- 

 out the list of these enterprises one finds almost invariably the 

 same record of depreciation in values. The wreckage is shock- 

 ing, but the catastrophe was inevitable. 



The question has, of course, been asked over and over, 

 "Why the failure of these speculative ventures?" Was it bad 

 judgment in the selection of locations or in the methods of 

 construction? Was it bad management in administration? 

 Was it the actual misappropriation of funds and downright 

 dishonesty? We believe that the percentage of downright 

 dishonesty in connection with these enterprises was not pre- 

 ponderant. On the other hand, we know that in some in- 

 stances at least the management was exceptionally able. Sev- 

 eral explanations have been given; they may be summarized 

 as follows : Inadequate and often reprehensible land laws, as 

 found in some of the states. Settlers of limited means could 

 not during the first year or two live and pay the water rentals. 

 Long delay in securing settlers along the route of the canal. 

 Speculative holders of land along the route men who did not 

 use the water, but held the land for its natural rise in value. 

 Litigation as to titles and rights in water, and the expense and 

 uncertainties of such litigation. 



And thus the dreamers of empire have been unpleasantly 

 awakened. The corporate control of the most vital element 

 in the possible development of a great country has proven 

 impracticable, and we think we know why it has so proven. 

 The West is peopled by as hardy, independent and intelligent 



