ll that is just and all that can
possibly be paid in a competitive commercial business. The case is
not analogous with our present system of taxing mature timber, in
which land and timber together are assumed to constitute inseparable
realty, _stationary in production_ and increasing only speculatively
in value, therefore the comparison with one year's taxation under
our present system has no weight.

FROM THE OWNER'S STANDPOINT

Nor does the proposed system by any means either subsidize the forest
grower or assure him a profit. It merely puts on a basis similar to
that of other enterprises a business more greatly handicapped by
long-deferred returns, risk of loss, uncertainty of future prices,
and continued current expense without current revenue. Only escape
from fire and high future stumpage prices will permit profit at
best. Otherwise, since the tax is definite and not upon income,
the forest grower will pay the community for the honor of providing
it a resource at his own expense.

It is believed, however, that a more fortunate outcome is sufficiently
promised in this region of rapid growth if we remove the single
fatal handicap of uncertain confiscatory taxation.

VIEWS OF EXPERT AUTHORITIES

THEODORE ROOSEVELT: Second only in importance to good fire laws
well enforced is the enactment of tax laws which will permit the
perpetuation of existing forests by use.

GIFFORD PINCHOT: Land bearing forests should be taxed annually
on the land value alone, and the timber crop should be taxed when
cut, so private forestry may be encouraged.

NORTH AMERICAN CONSERVATION CONFERENCE, Washington, D. C.: Believing
that excessive taxation on standing timber privately owned is a potent
cause of forest destruction by increasing the cost of maintaining
growing forests, we agree in the wisdom and justice of separating
the taxation of timber land from the taxation of timber growing
upon it, and adjusting both in such manner as to encourage forest
conservation and forest growing.

The private owners of land unsuited to agriculture, once forested
and now impoverished or denuded, should be encouraged by practical
instruction, adjustment of taxation, and in other proper ways,
to undertake the reforesting thereof.

GIFFORD PINCHOT,
ROBERT BACON,
JAMES R. GARFIELD,
Commissioners representing the United States.
SYDNEY FISHER,
CLIFFORD SIFTON,
HENRI S. BOLAND,
Commissioners representing the Dominion