Wilmington daily commercial., 1873-05-19
EMEEEcTox. DBL-
haoad@s AfteEnoen. May I9.
TIE DEPREssIuE II PEEEsULA REAL
EsTAIE-IFs ORIGIN, AND IHE EEcEssA-
~ RENEDY.

HI AEAkB1s
essrespopden; Of the EAz;cn C4d-) Gazsas
thoaghifaily considers the present dspzezsion il
real estate IN that eoanty, and presents shat, K
bis mind. uin Hvsrt Al impending crisis He ar
rsigns the m0nsy lenders a. the sole cause fol
the deDreciAtion in the vAlns Of real estate. ar.
gazing thai II fhey VII reduce the s1orzaouz rates
Of interest uhi1h they nor charge, existing OBJ
legations VIII Be cancelled, eonSderce wil Be
restored, AID general prOspsniy VII ensus.
Wsrs the depreciation in the value Of real
estate particularly local IN its ehArzeter might
b attributed 70 local eAasss, and in the removal
Of those ckases and the needed relief BuF
saeh i no, the fact. Real estAts Throughout the
Peninsula hAs fallen far beloE the kcaiiouA va.
nes Of the var and the period Immediately sue
essdiEg ia reaction has set in which threatens
the direst resnlts The exorbitAnt demands Of
ths monsy-lsbdsr may be, and to . certain extent,
doubtless are, Fesponsbls for the present erlsi=.
bat there i & ezass back Of this-A primordiA
Agent-to which the resultant effects are Attli-
eutabis, viE: The system Of farming.
Rhsn the war ended znd the slaves were set
free, nes order Of thing was created. The
slaves, which, before the EAr, tilisd the col
meAgIe clothing that covered Their nAEsdnsss.
after ii bad to be paid in money. o. irs eluiya-
lsat. The owners Of the soil refused 10 become
tllers Of t. Lut continued 20 hire their help
whlis thsy and their sons lived ia ease and in
dolsnee- Hence Larger sans Of ready money
we're required-fArning became more expensive
no effort VAS made to change the system
homemade mAnures were too much neglected
foE commercial fertilizers-deb;s we're contract
Sd under mortgages in consideration Of heavy
bonuses-csops fAled-prlcss for grain feH-the
obligations we're unable TO be mes-a eri.is came
real estate vas forced into the market, glui-
ting it, andA general depreciation in valnes en-
sued Ths alaoant thus forced into market i
beyond the demAad- and Ee p0E only witness
the inevitable result Of a violation Of the con.
meEeiAl lAE Of s1pPly Aad Demand
Another reason for this depression mAy Be
found IN the rsysrsioa Of ths ti3s Of inmigrH-
zion which Towel PennisuiA-zAgds I; the elose
Of the var. There are nos comparatively few
immigrants settling With Is, 50 nAEy Of th0se
who did come failing in thar expectations, ard
returning to the North wrecked il fortune
Bat the remedy-hoE shall it be apphed By
the mouey.len ers, says this correspondent, re-
eoginizlng some value in land and accepting it a.
security for money loaned Al legal rates Of inter-
est. He seems fully conscious Of the fact IA At
this elass Of men need the application ofcompuI:
sory measures to bring about such a result, and
suggests that the Banks take the initiAti ve--that
they pu; then money il circulation, instead Of
boarding it up IL their vaults, oAning n at the
rate Of interes. liked BY Law. One impor-
tAnt fact IS overlooked As this depression
Is not local in its'ch2rac:er. no relief can come
unless it be general il its nature The banks
connot take the initiative, for they have no, the
capital with which to do il. They are few in
number and limited 10 their resources. In ali
that portion Of Eastern Maryland and the
Eastern Shore Of Virginia, south Of Kent county.
were this depression is most felt. there iz bur
one bAuk-at Eas.on-aod il could make but
poor progress against the money-lenierz Of Al.
that vast region. Relief cfn never come il. that
way. Something more ArbitrAry is required 10
make capitalists, who are wiling to put their
money out at interest, DO 20 at lower rates-a
somsthlAg which viii take its oligin in revo-
iltI2n II public sentiment, froRning down and
e9niemning the spint which would take adysn.
tage of human necessities.
We are not fally persuaded that real estate
would appreciate in Ysl1e even il money could
De obtained At lawful interest In too many in
stances are the debtor class too near the verge
Of oankrupcy TO avert impending disaster They
might stay the hnAI drama for time, but cine
It EiA. This crisis must bs ;ided oys. These
laea must gel ont Of de0t-thrgCgh ba1kr1piey
or Ia soma way Tas quantity ot land Il tie
IaA'Es: nas; beEsiao4d- Immigration mus, be
ios'sisd Greater sconom! u farming nus, be
enforced Tie idlers mass te put 70 Eork
mere Of the consumers must become proauoers.
10 permanent relief cal be AFFORDED II Any cher
uEy