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farming regions are owners of the land and improvements； except
for an increasing proportion of tenant farmers。 But it is the
farmer…owner that is commonly had in mind in speaking of the
American farmers as a class。 Barring incumbrances； these
farmer…owners have a good and valid title to their land and
improvements； but their title remains good only so long as the
run of the market for what they need and for what they have to
sell does not take such a turn that the title will pass by
process of liquidation into other hands； as may always happen。
And the run of the market which conditions the farmer's work and
livelihood has now come to depend on the highly impersonal
manoeuvres of those massive interests that move in the background
and find a profit in buying cheap and selling dear。 In point of
law and custom there is； of course； nothing to hinder the
American farmer from considering himself to be possessed of a
vested interest in his farm and its working； if that pleases his
fancy。 The circumstances which decide what he may do with his
farm and its equipment； however； are prescribed for him quite
deliberately and quite narrowly by those other vested interests
in the background； which are massive enough to regulate the
course of things in business and industry at large。 He is caught
in the system； and he does not govern the set and motions of the
system。 So that the question of his effectual standing as a
vested interest becomes a question of fact； not of preference and
genial tradition。
A vested interest is a legitimate right to get something for
nothing。 The American farmer say； the ordinary farmer of the
grain…growing Middle West can be said to be possessed of such
a vested interest if he habitually and securely gets something in
the way of free income above cost； counting as cost the ordinary
rate of wages for work done on the farm plus ordinary returns on
the replacement value of the means of production which he
employs。 Now it is notorious that； except for quite exceptional
cases； there are no intangible assets in farming； and intangible
assets are the chief and ordinary indication of free income； that
is to say； of getting something for nothing。 Any concern that can
claim no intangible assets； in the way of valuable good…will；
monopoly rights； or outstanding corporation securities； has no
substantial claim to be rated as a vested interest。 What
constitutes a valid claim to standing as a vested interest is the
assured customary ability to get something more in the way of
income than a full equivalent for tangible performance in the way
of productive work。
The returns which these farmers are in the habit of getting
from their own work and from the work of their household and
hired help do not ordinarily include anything that can be called
free or unearned income； unless one should go so far as to
declare that income reckoned at ordinary rates on the tangible
assets engaged in this industry is to be classed as unearned
income； which is not the usual meaning of the expression。 It may
be that popular opinion on these matters will take such a turn
some time that men will come to consider that income which is
derived from the use of land and equipment is rightly to be
counted as unearned income； because it does not correspond to any
tangible performance in the way of productive work on the part of
the person to whom it goes。 But for the present that is not the
popular sense of the matter； and that is not the meaning of the
words in popular usage。 For the present； at least； reasonable
returns on the replacement value of tangible assets are not
considered to be unearned income。
It is true； the habits of thought engendered by the machine
system in industry and by the mechanically standardised
organisation of daily life under this new order； as well as by
the material sciences； are of such a character as would incline
the common man to rate all men and things in terms of tangible
performance rather than in terms of legal title and ancient
usage。 And it may well come to pass； in time； that men will
consider any income unearned which exceeds a fair return for
tangible performance in the way of productive work on the part of
the person to whom the income goes。 The mechanistic logic of the
new order of industry drives in that direction； and it may well
be that the frame of mind engendered by this training in
matter…of…fact ways of thinking will presently so shape popular
sentiment that all income from property； simply on the basis of
ownership； will be disallowed； whether the property is tangible
or intangible。 All that is a speculative question running into
the future。 It is to be recognised and taken account of that the
immutable principles of law and equity； in matters of ownership
and income as well as in other connections； are products of
habit； and that habits are always liable to change in response to
altered circumstances； and the drift of circumstances is now
apparently setting in that direction。 But popular sentiment has
not yet reached that degree of emancipation from those good old
principles of self…help and secure ownership that go to make up
the modern （eighteenth…century） point of view in law and custom。
The equity of income derived from the use of tangible property
may presently become a moot question； but it is not so today；
outside of certain classes in the population whom the law and the
courts are endeavoring to discourage。 It is the business of the
law and the courts to discourage any change of insight or
opinion。
It appears； therefore； that his conditions of life should
throw the American farmer in with the common man who has
substantially nothing to lose； beyond what the vested interests
of business can always take over at their own discretion and in
their own good time。 In point of material fact he has ceased to
be a self…directing agent； and self…help has for him come
substantially to be a make…believe； although； of course； in point
of legal formality he still continues to enjoy all the ancient
rights and immunities of secure ownership and self…help。 Yet it
is no less patent a fact of current history that the American
farmer continues； on the whole； to stand fast by those principles
of self…help and free bargaining which enable the vested
interests to play fast and loose with him and all his works。 Such
is the force of habit and tradition。
The reason； or at least the preconception； by force of which
the American farmers have been led； in effect； to side with the
vested interests rather than with the common man； comes of the
fact that the farmers are not only farmers but also owners of
speculative real estate。 And it is as speculators in land…values
that they find themselves on the side of unearned income。 As
land…owners they aim and confidently hope to get something for
nothing in the unearned increase of land…values。 But all the
while they overlook the fact that the future increase of
land…values； on which they pin their hopes； is already discounted
in the present price of the land；… except for exceptional and
fortuitous cases。 As is known to all persons who are at all
informed on this topic； farmland holdings in the typical American
farming regions are over…capitalised； in the sense that the
current market value of these farm…lands is considerably greater
than the capitalised value of the income to be derived from their
current use as farmlands。 This excess value of the farmlands is a
speculative value due to discounting the future increased value
which these lands are expected to gain with the further growth of
population and with increasing facilities for marketing the farm
products of the locality。 It is therefore as a land speculator
holding his land for a rise； not as a husbandman cultivating the
soil for a livelihood； that the prairie farmer； e。g。； comes in
for an excess value and an over…capitalisation of his holdings。
All of which has much in common with the intangible assets of the
vested interests； and all of which persuades the prairie farmer
that he is of a class apart from the common man who has nothing
to lose。
But he can come in for this unearned gain only by the
eventual sale of his holdings； not in their cur rent use as a
means of production in farming。 As a business man doing a
speculative business in farmlands the American farmer； in a small
way； runs true to form and so is entitled to a modest place among
that class of substantial citizens who； get something for nothing
by cornering the supply and 〃sitting tight。〃 And all the while
the massive interests that move obscurely in the background of
the market are increasingly in a position； in their own good
time； to disallow the farmer just so much of this still…born gain
as they may dispassionately consider to be convenient for their
own ends。 And so the farmer…speculator of the prairie continues
to stand fast by the principles of equity which entitle these
vested interests to play fast and loose with him and all his
works。
The fac