A recent survey of conditions in our farm districts made by the Department of Agriculture shows that the value of American farms has decreased during the last few years. It reached its peak in 1920 when the total value of the country's some six million farms was estimated at seventy-eight billion dollars, an average of somewhat over twelve thousand dollars per farm unit. Since then, the value has decreased steadily, and as of April 1 of last year it was only about seventeen per cent higher than it was before the World War. The value of the land and buildings per acre was $69.38 in 1920, and $39.60 in 1925. Since the latter year, it has decreased further by nine per cent.

The greatest decrease in farm values has taken place in those localities where corn and cotton constitute the main crops. It has remained more steady in certain Southern States, and in Montana and the Dakotas. All Midwestern States 2reported a smaller drop in value last year than during 1927. In New England and the Middle East, farm values had remained fairly stationary, and this was also the case on the West Coast.

Our farmers are burdened with depressing taxes, which increased during 1927 until they exceeded the pre-war taxes by 158 per cent. And, to all appearances, there is no tax relief in sight in the immediate future.