The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-08-25
site Of ~ Unitsa ssasss Assay Onoe In View
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shto OF ~ United States Assay O0oo IN new
We know not what may have given rise to
the generally credited rumor prevalent some
days ago in the monetary circles Of this metro
polls. that the Secretary of the Treasury had
concluded the purchase Of building in Wall
street neighboring the Custom House, for the
purpose of its being converted into an Assay
Office, conformably to the provisions Of a recent
act of Congress The rumor has neither been
confirmed nor contradcted, and the public is
therefore left to mere conjecture as to its vera
| city or falseness. We have, however, on for
mer occasion asserted our belief that there was
no real foundation for the statement. We were,
and still remain. Of opinion that Secretary
| Guthrie is too experienced, calculating.
! and prudent a financier to eypend over
| half million out of the nations treasury-the
sum said to have been paid-for piece Of pro-
perty which ut present is not. in the estimation
Of experienced men. worth more than half that
amount and which. in the course Of o few years
will become of considerably less value. We
will state our reasons for doubling the truth Of
the rumor that the purchase had been completed
on these terms, or if it had been, for questioning
the wisdom Of the Secretary Of the Treasury in
making such bargain.
1t lie generally conceded on all sides,
and does not admit Of argument, that
Wall street has seen its best days--that
| it's star has culminated-that trade has over
! flown it's margins. and found new and more
commodious channels, and that henceforth its
progress must almost necessarily be in q
retrograde direction. 1t is no longer matter
of absolute necessity that banks should be stu
ated in this once exclusive mart Of commerce.
Brokerage Offices and insurance buildings and
commercial institutions Of every kind. have
long since proved the possibility Of their pros
porous existence outside Of it. And not only
has Wall street itself experienced this natural
reaction but the streets radiating from it, and
formil g confined district, within which
short time ago. was concentrated the great
focus OF trade in this metropolis, have for some
years past been exhibiting symptoms Of the
same decay. Property in Exchange place ac-
tually sells to-day for less than it brought five
years ago, and rents Tor not more than two
thirds of what it til did. The same is true of
Pearl. Hanover, Pine, Cedar, and w ter streets,
only that there the deterioration of property is
more remarkable, as first-class stores in Pearl
street, nearWall are now renting for one-haifthe
amount which was paid for them ten years ago.
These are the undeniable and unmistakeable
proofs of our assertion that trade is gradually
forsaking it's once great centre, Wall street;
and this being SO, we find it difficult to believe
that the Secretary of the Treasury would have
committed the imprudent step Of expanding
such a sum Of money for the mere sake Of To-
eating the Assay Office in Wall street, when
for one-tifth that amount he might procure a
better site for ii in one Of those streets to which
trade is gradually being transferred.
But even on the hypothesis that Wall street
should continue for many decades yet to come
what it has been SO long, still Secretary Guthrie
would have made very bad terms for the nation
in offering to pay half q million of dollars for
the property said to have been selected there
for the Assay Office. The building itself is
totally unfit for the purposes to which it would
be devoted and il would be therefore necessary
to erect a new one Then the space covered
an Assay Office Of commodious size it would
be requisite to extend it into Pine street. But
the purchase OF Pine street front would involve
an additional outlay Of two or three hundred
thousand dollars although If the entire pro-
perty was put into the market at the present
moment it would not bring over four hundred
thousand dollars. Therefore, if the bargain hes
been concluded on the terms reported, we must
say that Uncle Sam will have been made to
pay rather dear for his whistle.
If, however, the matter still remains an
open question, we would counsel the Secre-
tary Of the Treasury to think well on it be-
fore he consents to close it at these terms.
Wall street has, we have said, lost much
of its prestige, and continues losing that
which it still retains. During the past ten
years this metropolis has grown wonderfully
and just as streets and avenues were opened up
town. and the city limits were extended, SO bust
ness expanded out Of the narrow places in which
it had been heretofore confined; large mercan-
tile establishments fourshed above Trinity
Church, and banks, contingencies and in
surance Offices have, as a natural consequence,
been drawn into the movement. The splendid
marble and brown stone warehouses built with
in the last few years on streets north Of Trinity
Church, attest the great change which has
taken place, and are an elegant commentary on
the decay which is oyertakipg Wall street and the
marts Of business in its immediate Ieighborhood.
The best position for the Assay Office would
be decidedly in the ueighboThood Of the Park,
about which trade is now centralizing. A
temporary building should be rented for three
or five years to serve until proper site could
be procured and q suitable building erected
thereon Beekman street which Is now being
widened. will be, perhaps, extended into Park
place, and thence through the grounds Of Co
lumbia College to the North river, This would
be work Of incalculable advantage to the city
and the triangle thus cut off from the Park
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