This being the most conservative estimate of the profits of sheep-growing in Patagonia, the picture, as a whole, is certainly enchanting. It will probably remind some readers of the days, something like twenty years ago, when the profits of the cattle business in Texas, New Mexico, Oklahoma, and other grass-and-water countries were setting people wild. These readers saw great mansions built and furnished in a style to make merchants smile and artists weep--built out of the profits in cattle. They saw men go into the cattle business one day with no capital but a broad-brimmed hat and the next, so to speak, saw them draw certified checks for tens of thousands of dollars. Patagonia sheep are now just where Texas cattle were when the owners began to reach out from the green bottom lands of the Arkansas and the Platte, the San Augustine plains of New Mexico, and the Rio Grande Valley of Colorado. It is not in the nature of any business to pay 140 per cent. or more profit per annum for any length of time. I do not doubt the figures of either the manager of the French company or Gov. Mayer, but the conditions are now of a kind that cannot last. In connection with the profits of the sheep industry must be mentioned the effect of rag money on the prosperity of the sheep owners. In both Argentina and Chili the national money was at so great a discount when I was there that a gold dollar would buy from $3.75 to $4 paper, according to the fluctuations of the market. Because of this depressed condition of the currency, both countries had about the cheapest labor to be found anywhere. That is to say, when the currency was inflated and its ability to purchase gold fell there was little, if any, increase in the number of dollars paid to ranch hands per month. Now the sheep owner sells and continues to sell his wool in Europe for gold. He exchanges as much of this gold as he must for paper with which to pay his men; but because the paper dollar has become worth only 27 or 28 cents in gold, he can now pay off his men with less than one-third as much gold as was formerly required. So far as food is concerned, the workmen are unaffected, for they get nothing but meat and a ground root called farina, with Paraguay tea to drink, but for their clothes they must pay four times as much as formerly, because about all the cloth of the region comes from Europe.