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XEW ENGLAM) FARMER. 



Oct 



who come fresh from other occupations", and 

 relied upon their energy, perseverance and 

 biisinoss-like habits, and general knowledge of 

 the subject, rather than any special acquaint- 

 ance with the details 'of management. 



Whenever a person runs in debt for his 

 farm, two conditions are necessary for its easy 

 and rapid payment, — ^judicious purchase, and 

 an adequate working capital. The choice of 

 a majority of purchasers appears to fall upon 

 places that have been run down ; the build- 

 inL;s old and poor, fenees out of repair, and 

 land in a low state of cultivation, and perhaps, 

 widial, an unfavorable lofation; the chief 

 attraction being the low price such places 

 usually command. But these neglected farms 

 are gi-nerally the dearest kind to buy. The 

 ueM from them the first, second, or even the 

 third season, must of necessity be small, while 

 there is a constant call for extra labor and 

 money for repairs and permanent improve- 

 ments. The purchaser has in fact assuraf d a 

 three-fold burden, — the renovation of the land, 

 the reconstruction of the buildings, and the 

 liquidation of the debt ; either of which is 

 quite sufficient for a beginner. If he under- 

 takes to carry on all three at once, he has a 

 " task more fitting for a man of experience and 

 capital. If he leaves a part of the work un- 

 done, he labors under disadvantages which 

 materially affect his profits and comfort, so 

 that at any rate he subjects himself to a trying 

 ordeal. 



There is undoubtedly real satisfaction in 

 bringing up an old place, and in contemplating 

 the progress as the result of one's own work ; 

 but when viewed as a matter of dollars and 

 , cents, these improvements can often be bought 

 cheaper than they can be made. It may be 

 far better, and even cheaper to pay, or prom- 

 ise to pay, five thousand dollars for a place in 

 good order, than twenty-five hundred dollars 

 or less, for the same number of a-res, with 

 equal natural advantages, but where buildings, 

 fences and soil must be renewed. Although 

 these figures are as two to one, it does not fol- 

 low that it will take twice as long to pay the 

 larger sum, nor that the risk in buying the 

 former place is twice that of the latter. In 

 one sense, the risk is less, and the notes of tuc 

 purchaser would rate higher, for he has pro- 

 ductive property. His labor and investments 

 bring him quick and full returns, and he can 

 devote all his energies and profits directly to 

 the extinguishment of his debt; enjoying, 

 meanwhile, the conveniences and comforts 

 which render business and life pleasant, and 

 whi< h might re(juire years of toil and jiatient 

 vraiting, were he obliged to provide them by 

 his own labor. Moreover a farm which has 

 not I een run down is more salable, and should 

 a change be desired, it can be effected more 

 speedily and sati>lactorily. If for these con- 

 siderations the annual responsibility in inter- 

 trt. taxes, &c. is greater, there are greater 

 facilities for meeting it, as the income is im- 



mediate and constant. A farm well bought 

 may be said to be partially paid for. 



Next to a judicious purchase, the speedy 

 payment depends upon an adequate working 

 capital. Unproductive land is worse than use- 

 less. Instead of supporting, it is an incum- 

 brance to its owner. Land may be unproduc- 

 tive, to all practical purposes, from want of 

 the requisite means to work it, and much 

 larger capital is necessary on a sterile than on 

 a productive soil. In all cases the purchaser 

 should determine before hand just how many 

 acres he can afford to let remain idle. Now 

 an adequate working capital implies the power 

 and ability to cause the whole farm to be pro- 

 ductive, — to make evejy acre help pay for 

 itself. It implies sufficient means to carry 

 through an unpropitious season, without re- 

 sorting to extra loans ; as well as the ready 

 money to take every advantage of the markets 

 at which he buys and sells. Character may 

 secure all the credit he desires, but the cash 

 enables him to drive a better bargain. Of all 

 others, the man in debt needs this capital from 

 the outset ; and until he can command it, it 

 will be for his peace of mind and pecuniary 

 interest to work for others, or begin as a ten- 

 ant, or at least buy a verj^ small place. 



Some have such a dread of interest money 

 that they pay all or nearly all their slender 

 means towards the purchase money, and de- 

 vote all the income as far as it may accrue to 

 diminishing the principal, and allow only a 

 meagre sum for their working capital, and 

 thus they are hindered and circumscribed in 

 all their operations. The farms are only par- 

 tially worked, consequently scanty crops and 

 small sales follow. The payment of the debt 

 progresses slowly and tediously, and the very 

 interest they sought to avoid becomes doubly 

 oppressive, and they naturally conclude clear- 

 ing a farm of debt is up hill work. 



Debt is burdensome and dangerous, just in 

 proportion to the means to meet its liabilities. 

 Its terrors vanish before bountiful crops. But 

 how shall the^bountiful crops be obtained with- 

 out the ability to work the land ? A hundred 

 dollars used as working capital will give larger 

 returns than the simple interest it saves, 

 when paid towards diminishing the mortgage. 

 Working capital is the lever for throwing off 

 the debt ; and its amount and the manner of 

 using it determine the rapidity and ease with 

 which it can be accomplished. 



Failures that occur through ignorance, im- 

 prudence or extravagance, constitute no argu- 

 ment against buying a farm on credit. Such 

 causes would produce a similar effect in any 

 legitimate business, and it is hardly fair to 

 contrast a failure, thus occasioned, with suc- 

 cess achieved under the opposite conditions. 

 But when honest, hard-working and self-de- 

 nying men fail in the attempt, or attain the 

 desired end through such a long and difTicult 

 struggle that they cannot conscientiously ad- 

 vise others to embark in the same undertaking, 



