88 ECONOMICS OF LAND TENURE IN GEORGIA [88 



In this system the landlord is capitalist directly only to 

 the extent of furnishing the land and appurtenances 

 thereto, while the tenant is for the most part the manag- 

 ing entrepreneur, and capitalist as touching forms of 

 capital other than the land. The important respect in 

 which this differs from the money rental lies in the fact 

 that in the case of the latter the renter assumes all the 

 risk incident to changes in the price of the commodity 

 produced, whereas in the standing rent plan this risk is 

 borne by each in proportion to his respective amount of 

 the product. Another point of difference, but not so 

 important as the one just mentioned, is that the " stand- 

 ing rent " contract calls for the production of a specific 

 commodity, whereas in the case of the money rental the 

 tenant may produce whatsoever he pleases on the land. 



In the census reports the "standing rent" and the 

 money rent farms are grouped together as farms operated 

 by cash tenants. It has been indicated in what was said 

 above that a large majority of tenants so classified is 

 composed of "standing rent" tenants — that is, most of 

 the cash tenants pay landlords a stipulated amount of 

 cotton as rent. This fact should be remembered while 

 considering the following figures x bearing on the pre- 

 valence of cash tenancy : 



1880 1890 1900 



Total number of farms 138,626 171,071 224,266 



Number of farms operated by cash 



tenants i8,557 29,413 58,750 



Percentage of farms operated by cash 



tenants 13.4 17.2 26.2 



The first lesson which this table teaches is that there 

 was a marked increase from 1880 to 1900 in the number 



1 Abstract of Twelfth Census, pp. 284, 295. 



