TRUE MODE OP. ESTIMATION. 223 



ing the intrinsic value of lands, as stated generally above, let us 

 illustrate the position more particularly. The principle of valua- 

 tion is that the land is worth to its proprietor and cultivator such 

 sum of money as would yield in annual interest the same amount 

 as the net annual product of the land, after paying for all labour, 

 attention, expenses, and risks. Further, to simplify the calculation, 

 and also to suit the course of culture to the more general practice 

 of the country, let us suppose the land in question to be cultivated 

 under the ordinary three-shift rotation, of 1st, corn, 2d, wheat (or 

 oats), 3d, at rest, with no grazing when the land is poor, and with 

 but partial and moderate grazing (or mowing of clover) when im- 

 proved or rich. 



Then suppose a field of the poor and thin soil most common in 

 lower Virginia, under this treatment for some years previously, to 

 produce, on the general average, 10 bushels of corn to the acre, 

 and five bushels of wheat, or its equivalent value of oats ; and the 

 value of the corn, at the barn, to be 50 cents the bushel, and of 

 the wheat $1. And let the joint and total expenses of preparation, 

 tillage, seed, harvesting, thrashing, &c., for market (or for home 

 use), and of superintendence and care of both the corn and wheat 

 or oat crops, be counted as being over and above the value of the 

 offal (stalks, straw, &c.) of the crops, by $10 for the two years. 

 Then the full statement will be as follows : 



First year, product in corn per acre, 10 bushels, at 50 cents . $5 

 Second year, wheat, 5 bushels, at $1 . . . . .5 

 Third year, no crop or money product, and no expense . . 



Total product of the three years' rotation .... $10 

 Cost of cultivation, &c., of the crops ..... 10 



Net profit 00 



However wretched may be the foregoing exhibition of products, 

 it will be admitted to be abundantly liberal by all persons ac- 

 quainted with lower and middle Virginia, for a very large propor- 

 tion of the cultivated lands. Yet such lands might sell at prices 

 varying from $3 to $6 the acre ; and that without a view to their 

 being improved, and even before calcareous manures were thought 

 of as means for improvement. Yet the conclusion is evident, that 

 such land, no matter what may be its then selling price, (or specu- 

 lative appreciation sometimes caused by the effects of paper-money 

 and fraudulent bank issues), is worth not one cent for cultivation, 

 or for the benefit of the proprietor and cultivator. 



Next, suppose the land in question to be properly marled, and 

 at the unusually heavy expense of $7 the acre. This rate is more 

 than double the usual expense for a full and sufficient dressing, 

 when the marl is obtained on the farm where applied. Suppose 



