No. 4.] FRUIT CULTURE. 233 



of land for cultivation, for which there was not adequate de- 

 mand, and in part also to the return from an inflated cur- 

 rency to that of a specie basis of payments. In no section 

 was the effect of this decline in land values felt more than 

 in our eastern States. Many farms in New England were 

 abandoned, banks were left with farms of depreciated value 

 to such extent that they could not recover their loans 

 made upon them, and money began to seek other channels 

 for investment. 



During 1896, when our country was passing through its 

 most depressing period, I made an investigation into the 

 condition of the farming population of New York, and, 

 while I found the conditions discouraging, I found instances 

 where farmers were making six, and in some cases ten 

 per cent on their investment in their farms. Now, these 

 instances occurred where first-class dairy work was being 

 carried on, and also where fruit culture was being intelli- 

 gently followed ; so that in the midst of the most depress- 

 ing period in the history of this country there were still 

 many farmers making as high as ten per cent on their in- 

 vestment in land. Here and there men were found who 

 were making a careful study of their business, to meet the 

 more difficult conditions, and they were making a satisfac- 

 tory degree of success. 



We are now in a new and more encouraging period in the 

 agriculture of our country, and I want to give you just a 

 few figures which arc astonishing. We are entering a new 

 era, as it were, in the history of our agriculture. Not only 

 are our productions on an enormous scale at the present 

 time, greater than ever before in our history, but Ave are 

 receiving much better values for them. The farm products 

 of the United States are worth about $400,000,000 more 

 than a year ago ; the wheat crop is worth $150,000,000 

 more this year than last ; live stock is worth $250,000,000 

 more than a year ago. Taking 1896 as a basis of values, 

 nine staple crops are worth $700,000,000 more than then. 

 During the past live years our exports have been $938,000,- 

 000 more in value than the preceding five years. 



The world is realizing the fact that the United States are 



