From now on the relation of taxation to the permanent usefulness of the forest will be vital. Present tax laws prevent reforestation on cut-over lands and the perpetuation of existing forests by use. UNITED STATES FOREST SERVICE: It is evident that the old method of taxing forest property, as well as other property, at its supposedly full value will, as the value of timber increases and is recognized, put a premium on premature and reckless cutting, and will hinder any effort to reforest cut-over lands. No business man will engage in an undertaking where the returns are so long deferred and the risks are uninsurable unless he can estimate the probable expenses and a reasonably large profit. That the forests themselves, irrespective of their ability to stand taxation, are of great value to the communities in which they are located, for water protection, lumber supply, and scenery in resort regions is undoubted. The fundamental difficulty is that the tax should be in proportion to yield or income and not in proportion to the market value of the land and standing timber. Economists are substantially agreed that this principle is applicable to the taxation of all kinds of property with certain exceptions. Where there is a reasonably certain annual yield or income the market value is theoretically dependent upon it. A woodlot or forest, however, usually in this country has no annual yield. It is unjust to require the owner to carry the full annual burden of taxes, risk and protection in every year for the chance of a yield once in fifty years, and it is impossible for the owner to do it, for the taxes with compound interest would confiscate his entire capital. INTERNATIONAL TAX CONFERENCE, held at Toronto: _Resolved_, That it is within the legitimate province of tax laws to encourage the growth of forests in order to protect watersheds and insure a future supply of timber; and legislation, or constitution amendment where necessary, is recommended for these purposes. AMERICAN FOREST CONGRESS, Washington, D. C.: _Resolved_, That we earnestly commend to all state authorities... reducing the burden of taxation on lands held for forest reproduction in order that persons and corporations may be induced to put in practice the principles of forest conservation. PENNSYLVANIA DEPARTMENT OF FORESTRY: Tax assessors have differing ideas of value and their assessments vary widely. The only remedy for the forest owner is to appeal from the assessment to the county commissioners, and, if here unsuccessful, to the county court, a matter involving both time and expense and frequently more costly than the differences in taxes to be gained; _but at the same time_ the fact is well recognized that forested land is both unequally and unfairly taxed.