60 to 80 per cent of this amount. Credits are representative wealth and comprise a large portion of this total. Taxing the wealth and also the indebtedness secured by it is a form of double taxation which has puzzled the taxing officials for many years, but there seems to be no escape under a general property tax. When one contemplates this vast amount of taxable property and then remembers that the assessors in 1912 listed but $294,770,370 for assessment, it would appear to be high time that some reform was worked in the state laws or their administration, or both. When less than 15 per cent of the actual value of the taxable property of the state finds its way to the assessor's list, a great hardship is being worked on the property listed. Not only this, but it gives an entirely wrong impression of the wealth of the state. Instead of going into the statistical reports throughout the country, from one and a half to two billion dollars, the assessable wealth of North Dakota, goes forth at less than $300,000,000. The people of the state, as well as the outsider, is deceived as to the wealth and resources of North Dakota. Another objection is the exceedingly high rate of levy that is necessary under the law valuation. A low levy is a good advertisement but it will only be possible to bring this about when we have a higher valuation.

TABLE SHOWING GENERAL PROPERTY ASSESSMENTS FOR NORTH DAKOTA
FOR YEARS 1890, 1900 AND 1910. ALSO NUMBER OF ACRES OF
REAL ESTATE ASSESSED AND PRICE PER ACRE.

RATIOS OF GAIN AND LOSS