6 



and these, tinder good forest management, should be cut at 

 once. This would mean the employment of fully two-thirds 

 as much labor as would be employed were the whole timber 

 cut at one time, and would give a large immediate income, 

 which could be applied upon the principal, thus reducing 

 it by two-thirds. After this was cut, it is estimated that 

 the land would continue to render a certain annual income 

 in timber, as shown by item No. 6. 



Item number 6. The estimate of 185 feet board measure 

 per acre increase per year may seem high at first thought, 

 but it will be noticed that it is figured on only 100,000 

 acres, and it i§ well known that there is a large amount of 

 timber on what is known as "agricultural land," on which 

 no increase whatever is figured, and in my own experience I 

 have found 185 board feet per acre increase per year to ob- 

 tain in a number of localities in Minnesota on land appar- 

 ently no better or better stocked than this, I have thought 

 that it is no more than fair to use this as the factor for the 

 sustained yield. 



Item number 8. The interest on the balance of the prin- 

 cipal not paid is here estimated at 5 per cent, although this 

 money could be borrowed at a much lower figure, forthe rea- 

 son that the government is required to pay the Indians 5 

 per cent on money received from this purchase. If this prin- 

 cipal were paid to the Indians at once, and the government 

 were to borrow the money for this purpose, it would not 

 cost over 3 per cent, which would result in the very material 

 reduction of this interest by $26,771.42 per year. 



Item number 13. Mter twenty years I am sure it would 

 be safe to expect double the returns from the land that 

 would be possible soon after taking the reservation in hand, 

 for the reason that a large amount of what is now classed 

 as agricultural land willj under proper management, have 

 developed into good timber land. This has been figured at 

 $4 per thousand, but it seems very probable that in the 

 course of the next twenty years timber as centrally situated 



