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160 dollars a year. The men who conduct such farms do not long remain renters; either they sink to metayers, or with a successful series of harvests rise to be land-owners.

In 1870 the tax-books of Dougherty report no Negroes as landholders. If there were any such at that time,—and there may have been a few,—their land was probably held in the name of some white patron,—a method not uncommon during slavery. In 1875 ownership of land had begun with seven hundred and fifty acres; ten years later this had increased to over sixty-five hundred acres, to nine thousand acres in 1890 and ten thousand in 1900. The total assessed property has in this same period risen from eighty thousand dollars in 1875 to two hundred and forty thousand dollars in 1900.

Two circumstances complicate this development and make it in some respects difficult to be sure of the real tendencies; they are the panic of 1893, and the low price of cotton in 1898. Besides this, the system of assessing property in the country districts of Georgia is somewhat antiquated and of uncertain statistical value; there are no assessors, and each man makes a sworn return to a tax-receiver. Thus public opinion plays a large part, and the returns vary strangely from year to year. Certainly these figures show the small amount of accumulated capital among the Negroes, and the consequent large dependence of their property on temporary prosperity. They have little to tide over a few years of economic depression, and are at the mercy of the cotton-market far more than the whites. And thus the land-owners,