26 THE NEW BUSINESS OF FARMING 



that state exerts himself. His books are bal- 

 anced for him each year. He must pay interest 

 to the landlord and have enough to live on 

 left over. His own investment is usually too 

 small to pay any considerable part of his living, 

 and there is little chance for him to misunder- 

 stand his position. The tenant farmer all over 

 the country makes more money on his capital 

 than does the owner. 



The tenant farmer occupies a strong strategic 

 position in the business of farming to-day. He 

 has the advantage of the use of the combined 

 capital furnished by himself and his landlord 

 and he has the initiative furnished by the neces- 

 sity for earning a labor income over and above 

 the interest demanded by his landlord's in- 

 vestment. 



The results found in Indiana, Illinois, and 

 Iowa are only typical of those found elsewhere ; 

 for wherever a community becomes so pros- 

 perous that the farmers can live on the returns 

 from their farm investment, the labor income 

 begins to flatten out. Necessity ceases to push. 



A hired manager rarely makes a farm pay. 



