THE FARMER OF YESTERDAY 15 



Mary could do likewise with the same tools. 

 So they drove back to the farm the next day. 



The willow-bank farmer was inclined to be 

 generous. He accepted a payment of two 

 thousand dollars cash (which had been earn- 

 ing six per cent, in an industrial investment) ; 

 and he accepted a mortgage of thirteen thou- 

 sand dollars at six per cent. 



In other words, Jeremiah and Mary were 

 to pay nine dollars an acre rent. Land is 

 capital! That was reasonable and business- 

 like. Jeremiah and Mary were going into the 

 business of manufacturing food. 



And the farmer, rather than put the sen- 

 timental young couple to the expense of buy- 

 ing machinery, rented them his. He did not 

 know much about such transactions ; but Jere- 

 miah, having been a bookkeeper in his role 

 of consumer, knew all about it. He suggested 

 ten per cent, for depreciation, and six per cent, 

 interest. A farmer, or a manufacturer, re- 

 places his machinery every ten years, on the 

 average; and this seemed equitable. No in- 

 dustrial concern could pay a dividend and 

 keep out of the hands of the postal authorities 

 without debiting a like charge to equipment. 



