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, despite their marvellous efforts, are really a transient class, continually being depleted by those who fall back into the class of renters or metayers, and augmented by newcomers from the masses. Of one hundred land-owners in 1898, half had bought their land since 1893, a fourth between 1890 and 1893, a fifth between 1884 and 1890, and the rest between 1870 and 1884. In all, one hundred and eighty-five Negroes have owned land in this county since 1875. If all the black land-owners who had ever held land here had kept it or left it in the hands of black men, the Negroes would have owned nearer thirty thousand acres than the fifteen thousand they now hold. And yet these fifteen thousand acres are a creditable showing,—a proof of no little weight of the worth and ability of the Negro people. If they had been given an economic start at Emancipation, if they had been in an enlightened and rich community which really desired their best good, then we might perhaps call such a result small or even insignificant. But for a few thousand poor ignorant field-hands, in the face of poverty, a falling market, and social stress, to save and capitalize two hundred thousand dollars in a generation has meant a tremendous effort. The rise of a nation, the pressing forward of a social class, means a bitter struggle, a hard and soul-sickening battle with the world such as few of the more favored classes know or appreciate.