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a free period within which the farmers may more fully use their farms. They can put their lands to a more profitable use, both to themselves and to the country, by being allowed to cumulate their earnings in the early years and be thus enabled to make investments in stock and machinery which will make for larger profits later.

I feel the keenest sympathy with those upon these projects who are entering into this work of putting the desert into public service. They are genuine pioneers in a new field of work, on the success of which depends greatly the rescuing of a vast territory. The enemy of the government and of the farmer is the land speculator. He is of two kinds. Sometimes he is a farmer who does not expect to farm but to sell out at a higher price and go elsewhere. Generally, however, he is the holder of a large tract of private land within the project, who creates false values and burdens those who buy and attempt to farm with a load of debt load of debt which handicaps them in their efforts. Both of these are hostile to the welfare of the enterprise and tend to destroy the value of the service which the government is attempting. But such matters may, I trust, be overcome by new methods of administration.

It is my hope that the government will find its way to enter with zest upon more works of a similar character. Not to do this will leave undeveloped much of the most fertile land of the West. What is to be the future of Arizona and of New Mexico, of Nevada and Utah, of southern Idaho, central Oregon, eastern Washington, much of Montana and Colorado, and more of Wyoming and Nebraska, if the government does not aid in their development?

Private capital will not, for many years at least, risk undertakings of such magnitude as these States require. Experience has made the irrigation-bond buyer extremely wary. Within a few weeks the most promising of the great private enterprises in Idaho has met with the misfortune which had befallen so many others in neighboring States. The most successful irrigation plants are founded on the wrecks of their pioneer exploiters. The government has rescued others.

It has been with these projects much as it has been with our western railroads. They had to descend into the hands of the receiver before they could be resurrected into a new and glorified life.

THERE IS MUCH MORE IRRIGATION WORK FOR THE GOVERNMENT TO DO

But where are the funds to come from to carry on such work? My answer is, From the public lands in these States. We sell these lands now and the proceeds go into the reclamation fund. This is the policy of Congress-that we shall for a time use the moneys which the government derives from the sale of its lands to create new values within the States. Two years ago the government went further and set aside $20,000,000, to be used in the completion of the irrigation. schemes now under way. This is an advance by the government for which it takes what might be termed a mortgage on the moneys which the projects will yield from the sale of water rights. Why not extend this policy?

The West can use profitably and wisely $100,000,000 in the next 10 years to the advantage of the whole country. Indeed, without this expenditure the asset which the government has in its desert lands will lie unused and be of no national value. The government will recover all of the money it advances, not to speak of the homes and the values created by its enterprise.

If the government will place upon a leasing basis these western resources with which we have been dealing, it can have an increased fund for the continuance of this work and an increased assurance of the return of its advances. Just as I would aim to make Alaska pay in the end out of her own resources for a liberal advance made to her for the opening and improvement of her territory, so should we aim to make these lands of the West bring into being the latent values of the West. With a little foresight we can transform coal and oil, phosphate and timber, into green fields and electric power.

Railroads and power plants, street railways and waterworks, are built with 50-year bonds, which rest upon the foundation of their probable earnings.