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harvesting. And under a very long rotation, the value of the soil would again become negative, because it could not stand the compound interest and other expenses for an excessively long term of years.

It follows that the expenses during the early part of the rotation affects the expectation value disastrously, for compound interest is running against this expense for a long term of years, lessened only by sale of the thinnings in about ten-year periods. Of course a sudden and heavy increase in the value of stumpage, at any given period after trees are large enough to cut, may create a second maximum, differing from the normal average because of an unexpectedly great demand, causing an abnormally and temporarily high price. But the cost one has to pay for the soil is really the true value, chiefly determined by its value for ordinary purposes of agriculture; and as trees will thrive on land not so well suited for farm crops, such lands are nearly always selected for forestry. But if the soil can be more profitably used for agriculture in the examples just mentioned, then the increased value will enter into the account to change the length period of rotation of forest crop. And where the acreage is not stocked to its full capacity (on account of poor soil, or for any other reason), the rotation, for which the highest probable value of the growing stock is obtained, can, as Sir William states, only be determined by experimental calculations based on these special

cases.

THE YIELD OF FORESTS.

But this method of calculation is absolutely logical, and shows under the most normal conditions what we can expect, and it has been proved by experience. The abnormal conditions that may occasionally present themselves are governed by these same financial methods of reasoning, differing only in degree of application, by reason of change of basic conditions in each special case. A normal yield is what the forest can permanently be depended upon to produce. It is a permanent interest investment of greater or lesser rate, where the principal will never be returned, while the land is kept in forest crops. These figures are based upon the best yields in the clear cutting of destructive forest system; which, as has been stated, is 37 per cent above the average. But the principle of calculation applies equally as well in the shelter-wood system of different age trees; but the average volume per tree in each age class in the latter system has to be taken into consideration. On the whole, it has been admitted by the best foresters that the system of clear cutting, then pulling the stumps, fallowing or planting other crops for a couple of years, and replanting again, gives the best financial results.

So much for European forestry. Now how will this system apply to us, under our conditions of taxation, high-priced labor, and low-priced forest products, and considering the fact that there is little or no demand for the thinnings until large enough for telegraph poles, and no market for the tops and necessary waste in manufacturing? We are lacking in

statistics, because we have not sufficient experience along the lines of growing new forests, at either private or public expense. But we are soon to be interested in what it will cost to reforest and grow commercial timber in the United States. And surely our present supply of old growth timber from 150 to 300 years old is worth more than the cost of growing timber sixty to eighty years old. The United States owns in national forests 192,931,197 acres. The state forest reserves of 3,253,185 acres. the national parks of 4,562,265 acres, and the Indian forests of approximately 10,000,000 acres, make the total of public forests over 210,000,000 acres. Chief Forester Graves estimates the area of private forests as over three times that of the public forests, and containing five times the timber that is on the public lands.

The countries whose wood exports exceed their imports are: Austria-Hungary, Canada, Sweden, Russia, Finland, the United States of America, Norway, Bosnia-Herzgovina, Roumania, and Japan. The countries whose wood imports exceed their exports are: The United Kingdom, Germany, France, Belgium, Spain, Italy, Holland, Denmark, Switzerland, Australian colonies, China, Greece, West Indies, Bulgaria, Servia, and British possessions in Africa.

CONDITIONS TO BE CONSIDERED.

The climate and other conditions in some countries render them not so well adapted to growing trees as for growing other crops; and they find it more profitable to exchange their products for the wood products. of other countries that either have a present surplus, or whose climate, soil and land values enable them to grow trees at lower cost. This is true with the different states in our own country. Illinois and Iowa, for instance, will never grow what timber they require. They can more profitably grow corn, and exchange for lumber products with those states which have low-priced and mountainous land with plenty of moisture, so that trees will grow twice as fast as in those prairie states where land is very expensive and climate not so well adapted. Trees will be grown here, as in Europe, where they can be grown cheapest, and they will be harvested at an age which will bring the greatest net profit. The market price of the product will be finally and surely governed by the cost of growth and manufacture, insurance, and risk, and the price of money used in the business.

If the Government of the United States itself can get money at 21⁄2 per cent, as it can, while private owners have to pay 5 per cent or 6 per cent, then it follows that the states and the Government can, for this very important reason alone, grow commercial trees cheaper than private individuals, and can remove the maximum rotation period to a more mature age, giving better lumber from older trees at the same cost at which private owners would have to furnish poorer lumber, because coming from younger trees. But the people pay the cost, whatever it may be,

whether the Government or private interests grow the trees. The consumer is interested that they be grown as cheaply as possible. It is likely true here, as in Europe, that forestry will be a more general success with private owners, if they are in some important methods placed under the practical rules of government forestry. It will be found here, as over there, that private forests will not prove so generally productive, or, as a rule, so economically administered, as the government or state forests under the management of expert foresters. And parenthetically, is it not equally true that many farms and farmers would be better off if directed by government or state experts?

In Europe they have no forest losses from fire for the reason that fires are prevented from starting. The railroad locomotive has been the cause of most forest fires in the West, and I observe that these Western roads are now equipping hundreds of their locomotives with spark arresters, so as to prevent the starting of these fires in the future. United States Chief Forester Graves very truly says: "Private owners do not practice forestry for one or more of three reasons: First, the risk of fire; second, burdensome taxation; third, low price of products." Forester E. T. Allen has pointedly said: "Forest protection is the cheapest form of prosperity insurance a timbered state can buy." It is not the present generation so much as it is the future generations that will be affected disastrously by our neglect. The principles of agriculture, horticulture, forestry, and the science of conservation of soil and trees, and of life itself, should be taught in our public schools.

THE EXAMPLE OF DENMARK.

In Denmark, a country which fifty years ago was one of the poorest in Europe, they have erected a statute to Captain Dalgas, who reforested Denmark and changed a desert heath into a rich farming country. So now Denmark is said to be, according to its size, one of the most prosperous nations in the world. It was the patriotism and inspiration of Captain Dalgas that enthused the citizens. He lectured to the people, and talked to the children in the schools, and made converts everywhere. He gave all he had, and begged and pleaded against doubt and opposition of the most discouraging character, until success crowned his efforts. He will be loved and his memory cherished by all the people of Denmark through all future years as one who saved the nation. In many vital respects, for energy and self-sacrifice, his work reminds us of our Gifford Pinchot.

We are, as a nation, too young to understand the dangers before us; for we are just emerging from a condition of burning log heaps to make farms, from a condition of too much timber for a small population to a condition of too little timber for a large population. Yet we have enough if we will now conserve and reforest. Our ancestors did the best they could under conditions and the light that they had-what now

seems waste, had then no market and was unavoidable. As a nation we are proud of our past and we should also be more proud of what we expect to become. As was said not long ago by one of our greatest statesmen, "Conservation of our resources does not mean that we shall become great in the present at the expense of the future, but that we shall show ourselves truly great by striving to make the Nation's future as great as the present." (Applause)

President WALLACE-The committee on nominations is ready to make its report.

Mr. BAKER-Pursuant to an announcement made from the stage at the opening of the afternoon session of the Congress this day, the members of the nominating committee met in room 775, Baltimore Hotel, at 3:00 p. m., and unanimously nominated the following officers for election for the ensuing year:

President, J. B. White.

Secretary, Thomas R. Shipp.
Treasurer, D. Austin Latchaw.

Recording Secretary, James C. Gipe.

The report is signed by the following nominating committee: Mr. B. N. Baker, Baltimore, Md.; Major E. G. Griggs, Tacoma, Wash.; Mr. A. B. Farquhar, York, Pa.; Mr. H. C. Wallace, Des Moines, Ia.; Mr. Henry S. Graves, Washington, D. C.; Mr. G. E. Condra, Lincoln, Nebr.

President WALLACE-You have heard the nominations. Is there a motion made to accept and approve the report of the committee?

Delegate BAKER-I move that the report be accepted.

Motion was duly seconded and, on being put to vote, was carried.

President WALLACE-I want to thank members of the Congress for their kindness to me. And I am going to make a confession now. I have been running a bluff on you, for I never in my life presided over any convention or association of more than thirty persons, and it is only by the marvelous patience that this Congress has shown and its endurance that I have been enabled to carry it through. I thank you, and I want to say that I do not believe the mantle could have fallen on a better man that Mr. J. B. White. (Applause)

President WHITE-I hope the election has been fair, if there has been an election. Has there?

Mr. WALLACE-Yes, sir, there has been an election and you are president.

President WHITE-Has the committee reported?

Mr. WALLACE-It has, and reported in favor of you, Mr. Shipp, Mr. Latchaw and Mr. Gipe.

President WHITE-This is a great honor, and I appreciate it very much, more than I can tell. I have been in politics before tonight, but not in this way. I will have to tell a short story. It will take less time to tell it than it did for the events to transpire. I have got to tell it straight because I see Governor Stone of Pennsylvania watching me. I was a candidate one time when I thought it was necessary for someone to represent some good principles. I published a newspaper. I owned a farm and a small saw mill, and I was nominated because I was a granger and because I had the reputation of being a laborer. I got the nomination of the Democratic party of my state, and the nomination of the National Greenback and Labor party of my county. Then the Prohibitionists met. They were not quite sure about me as a Prohibitionist, but they said that they would support me, and they would not put any ticket in the field against me. So that I had the endorsement of the Prohibitionists, the Greenbackers, the Labor party, and the Democratic party, but I did not have the Republican party because there was another man running in that party, and I had to have one opponent. The fight waxed warm. I drove all over the county, to every school house; I met the people, kissed all the babies in the county, and I was elected by a very large majority. It was not quite unanimous, but it was very large. This appears to be unanimous. And the next day after the election a gentleman came down from the township, I think, of Limestone, up above Warren on the Allegheny river. He came to see me, and said "I see you are elected." "Yes," I said, "I understand I am. It is very gratifying as it has been a very hard campaign." "I came down to see Davis, the treasurer of this campaign fund," he said. "Davis is in Warren," I told him. "Well, I stopped off at Warren on the way down to see him and Davis was not to home. I spent $30.00 in this campaign and Davis said to come right down after election and get my money. I thought maybe you could pay it. You are elected, and I come down to see you." "Let us see, what did you spend that money for? How did you spend it?" I asked. "Well," he said, "I told Davis I could carry Limestone Township. The way I done it was that I went and bought a ten-gallon keg of whisky, and I got down by the ferry. The lumberman and tie markers from up in that township had to go across the ferry. On the other side I put the keg of whisky in the ferry house. Every man that came along I says, 'Come on, boys,' and they came in to get their ferry tickets. And I says, 'Here, have a drink,' and I gave them a drink, and I gave them your ticket. I says, 'Here is a ticket for White; go right over on the other side and vote, and then when you come back come in and get another drink.' They went right, every one of them, and voted, and they were so anxious to come back and get another drink that they never stopped to talk with anybody. And that is the way we carried Limestone Township solid for you."

I said, "Well, that is very gratifying, but you know, of course. I am

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