X PREFACE TO THE EDITION OP 1842. 



very erroneous mode of estimating the values of the increase of permanent 

 net income from land, (as will be made manifest in a part of this Essay ) 

 and but few even of those persons who have obtained such values by marl- 

 ing their lands, would estimate them at one-fourth of their true amount. 

 The source of any permanent net increase of only $6 of annual income from 

 land, adds $100 to the intrinsic value of the land. And this proposition 

 is not the less true, and to the full extent asserted, even though the esti- 

 mate of private purchasers and sellers, and of public assessors of lands, 

 may all count for the market price but a small proportion of the increased 

 real value. 



Next even whatever of new appreciation the foregoing influences might 

 have permitted to be exhibited in the increased market price of lands, and 

 still more their new real value, have been disguised, or altogether concealed, 

 by the great and frequent fluctuations of all market prices of property, 

 and by the general misdirections of capital and industry, all caused by the 

 universal individual and national gambling (whether voluntary or compul- 

 sory), at the maddening and ruinous game of paper-money banking to 

 which system of delusion and fraud this otherwise most blessed country 

 and fortunate people are indebted for so much of disaster, loss, and, still 

 worse, of wide- spread corruption of habits and morals. The enormous 

 apparent and illusory profits promised by this system, and by the stock- 

 jobbers who alone have fattened upon the facilities it oifered for fraud and 

 plunder, served powerfully to depress the market price of lands, and to 

 discourage agricultural investments and pursuits. For, whatever actual 

 profits the improvement and cultivation of the soil might offer to reward 

 the care and labour of the proprietor, the stocks of various corporations, 

 falsely appreciated by means of a bloated paper currency, and by the arts 

 of stockjobbers, promised much higher profits, without requiring either 

 care, labour, or risk. Thus, the higher that fictitious dividends of profits 

 or the false values of stocks rose, and the stronger became the induce- 

 ments to make stock investments, the more the prices of lands sank (com- 

 paratively) below their true value, because of the general disposition to 

 convert landed capital to stock capital. But the real and solid increase of 

 income and of wealth to individuals and to the commonwealth, caused by 

 the permanent improvement of the soil, is not the less certain, or the less 

 profitable, because fictitious appreciations of values, caused by the fraudu- 

 lent banking system, and the consequent speculations and madness of its 

 votaries and victims, have been both so much higher and lower, at differ- 

 ent times, as to make the amount of actual improved values appear small 

 in comparison, even if they were not thereby entirely concealed. But 

 these delusive and ruinous causes of fluctuating prices and values are now 

 fast showing their emptiness, and vanishing from view ; and whenever the 

 fraudulent paper system shall be completely exposed and entirely exploded, 

 then both lands and the paper-money system will be estimated at their true 

 value. May the consummation be speedy, complete, and final ! 



But even though, if properly and accurately estimated, the true value 

 of the lands already marled and limed in Virginia has been increased to 

 the amount of millions of dollars, the gain is very small compared to that 

 which yet remains ready to be obtained. Marling has not yet been 

 extended over the hundredth part of the surface to which it may be pro- 

 fitably applied ; and liming, not to the ten-thousandth part of the lands 

 of the state to which lime may be brought. And elsewhere, with the 

 exception of a small part of Maryland, the beginnings of marling only 

 have as yet been made. Nevertheless, these beginnings are the widely- 

 gcattered seeds which will spring up and spread, and hereafter yield 

 abundant harvests. 



December, 1842. 



