22 THE NEW BUSINESS OF FARMING 



The farm owner puts both capital and work 

 into his farm business and he should be paid 

 for both — interest on his money and wages for 

 his time. 



When we realize that farming is a conserva- 

 tive business, and the rate of return therefore 

 low, we begin to see why the small farm cannot 

 pay. 



Because of unusual ability the individual may 

 be capable of earning a large wage, but that ca- 

 pability is very much more likely to bring re- 

 wards in a less conservative business than farm- 

 ing. There are opportunities for speculation 

 in agriculture. If the farmer devotes his whole 

 place to raising potatoes in a year when that 

 crop brings a high price he will receive the re- 

 turn of speculation. 



Without sufficient money the farmer cannot 

 even earn interest on that which he has, let 

 alone earn a wage for himself. In the city a 

 man may run a business on other people's capi- 

 tal and be, in reality, an employee. The law- 

 yer is a clerk for his clients, the insurance agent 

 is an employee, the stock broker is working for 



