Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1866-12-04
REAL ESTATE. RENTS, ETC, IN MEM
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thinking business man, why real estat'
and rents should continue so high il
Memphis, when there is general decline
in everything else. Do the profits il
trade justify INSCRIPTIONS landlords eacl
successive quarter to raise the rent oil
his store house, when the rent paid seem
already beyond precedent? Might it no
be well for us to inquire into the cause o
all this, and see what perchance may BE-
its effect in the future. -.s..,
At the downfall of the Confederacy II
was notorious fact that the whole South
ern country was almost entirely desti.
tute of all kind of supplies. Cooped in by
the blockade, they had no opportunity Of
procuring the neeessaries, musa less the
luxuries of life; but they had cotton,
which, at that time, commanded fair
price. Acting under the promptings OF
nature, they, of course, rushed their cot
ton into market and, realizing upon it,
bought literally, and supplied themselves
with Injuries which, for years, they had
been debarred. This, of course, imme-
diately gave commerce and great bust
ness activity to Memphis, and large sales
and great profits were made by merchants
here. This, producing its natural effect,
created temporary demand for all kinds
of property; rents rose rapidly; mer-
chants paid large bonus for eligible
locations; and, discounting the future
too literally, anticipating still larger
trade, with greatly enhanced profits,
they paid enormous sums for eligible
locations, apparently unconscious Of the
fact that an exhaustive civil war had
we'll nigh destroyed the resources Of the
people, and all that was left was cotton,
and that had already been spent, while
they themselves had become the benef-
Charles And now in what position do
many stand to-day? In their eagerness
TO accumulate, they did not hesitate to
meet the demands of INSCRIPTIONS land
lords, and purchase large stocks Of goods
when the demand that was expected has
been supplied; while the former, who
was expected to be the consumer, is far
away in the country making the novel
experiment Of trying to raise cotton by
free labor. With large stocks of goods,
and they declining, and standing, too,
upon the verge of the greatest financial
crash that has ever befallen our country,
is not the immediate future to them
fraught with interest?
One other great reason why real estate
has so suddenly enhanced in value is,
that throughout the whole country ada
cent to Memphis the planters, digusted
with the present system of labor, have
left their farms and come TO the great
commercial centres, thereby creating
great demand for houses, ETC., and the
result is they become consumers and not
producers; and Memphis, Mobile and
New Orleans today are full of people
Does it require great knowledge of po-
teal economy to foretell the future,
when a great majority of its people are
consumers and not producers. Trade in
Memphis. we are told, is dull-exceed-
ingly dull, and has been for some time;
and at a season of the year, too, when
merchants expect great activity. But
yet do we hear of any decrease in rents J
Far from it. How is It possible, then, for
a people oyertaxed by State and Federal
governments. with high rents and little
or no trade, to survive the coming crash
which an inflated currency may at any day
bring upon them2 May it not be well
for our property holder to make conces-
sions in time, and assist his tenant by
demanding only reasonable rent for his
premises Will it not be to his interest
in the end to make these concessions
so;s 2 We clearly think so; and the "a
;ure may show the business Of our con-
illusions.