ECONOMIC CAUSES OF DEPLETION 87 



character. There is certainly no legitimate justifica- 

 tion to be found for it in the relation between invest- 

 ment and return in farming as an industry at present. 

 The inflation in price would seem to be due to antici- 

 pation of a prospective demand for land in the near 

 future. Its immediate result is a deceptive prosperity, 

 and a change in the character of ownership. The 

 farmer is able to borrow increased amounts against in- 

 creased value, and mortgages are increasing ; and many 

 farmers sell at the first slight rise to capitalist investors 

 who reap the profits of further rise in value, while 

 tenants replace agricultural owners. This phase of the 

 problem is one in regard to which the interest of the 

 Canadian farmer is expressed in the adage : Forewarned 

 is forearmed. 



But in the West the speculative holding of lands 

 becomes nothing short of a blight upon progress. 

 Around railway towns lie concentric circles of vacant 

 sections. The townships everywhere are checkered 

 with unoccupied squares. The farmer is pressed far 

 out upon the prairie. The haulage to the elevator is 

 increased, and all the conveniences of life lie at a dis- 

 tance. The making of roads is retarded. Every mile 

 of long-distance travel is an economic loss. The schools 

 are under a handicap. The organization of the town- 

 ships is rendered less effective. 



The whole subject of the relation of the great rail- 

 way systems of Canada to the farmer teems with 

 questions touching public welfare. The larger aspect 

 of several of the questions raised by the American 

 Country Life Commission are with us embraced under 

 this head. The policy follow od in opening the West 

 was controlled jcu.*ide:ations of rail- 



