The New York herald., 1873-10-14
A COMMON MEETING GROUND.
Further Consideration Of the Questions Of
Resumption and Currency Reform in
Their Relation to Real Values.
Importance of COnServa~
tive Action.
LATEST TRANSACTIONS 9

estate market and every day but demonstrates
| more clearly the incompleteness OF each several
| view. We do not assert that any OF these views
ale unworthy in their origin, or that the repre-
sentative of any class would be untruthiul in his
stated convictions, but it belongs 10 all men to be
Influenced in their perceptions by seltinterest,
unconsciously frequently. Hence, In giving its
! proper weight to any opinion to the present or
! future condition or the real estate market, this
| must be borne in mind The auctoneer or broker,
when his relation to the MARKETS wholly vicarious
is perhaps the most impartial authority within the
| limited sphere Of his vision, and as his commits
| sions increase diminish can tell whether the
market is dull active, buoyant or depressed. In
| the two latter conditions OF the market he can
speak as one having authority when these condi-
tions pertain TO dealings In the dull period Of
| the market he is at sea and can only
REASON PosTERIoRI
that property Is held too high, II being more
human Inference though. not always correct, that
the possessor overrates the value OF his possession
rather than that he who would seek to secure 1t
for his own use should underestimate 1t. No mat
| ter what the event, however, the auctioneers
brokers' interest lies on the side OF an animated
market, as his commissions depend upon dealings.
Hence, as between bull and bear. If Influenced at
| all by this natural sympathy, he is on that side
| which promised the most transactions.
| Turn we now to the owners view OF the market.
He, If he is large capitalist, capable OF carrying
his real estate without inconvenience, is indifier-
ent to the ordinary changes that take place in cur
rent values from year to year. and when questioned
as to his opinion respecting real estate as an in
vestment calmly expresses his conviction that 1t Is
the only sale one. Speak to him OF the possibility
OF reaction and he will assure you 1t can be only
| temporary there can be no permanent decline.
WEAK HOLDERS,
| ba odd Nov tn ct1abo Cricjc
but those who bought intelligenty and understand.
ngly upon sufficient margins have nothing to ap-
prehend, while this shaking out OF the weak
hands will be in the END benent and tend TO give
greater strength to the whole market.
The buyer, on the other hand, seeking q profit
able investment, looks half admirngy and half dis
rrustfuly at the high prices asked for choice
prevailing; hoping for an interval OF decline that
| would enable him to .'get in'' cheap. Between
| these several classes alternately influencing one
or the other, are the spectators, who buy without
thought Of permanent investment and sell again
and ''bear' as their immediate interests lie, and,
operating largely on margins, frequently give
tone to the market other than legtimately belongs
to it. The HERALD comes in here with its outside
view OF these several views noting the daily trans
fact in connection with
| THE GENERAL CURRENT OF FINANCIAL MOVEMENTS
help to wa ought to be the cGnd
already drawn to the fact that real estate escaped
the financial revulson which played such havoc
0I fsvivins Saoyancy that seemed 70
promise is again obscured, as shown by the opera.
tons of last week. and otherwise the conditions
peared to open it C can m only come from the inja-
dicous agitation at this time OF the question OF
values on the Stock Exchange, where values are
| notoriously speculative, because OF o temporary
Of the which 9rO WAS either
ton, and an outflow OF gold from England hence,
as result Of deadlock In our foreign exchanges
IN the P premium 20 on gold here has created an en-.
thusasm on the subject OF resumption that threat
| ems to carry even the President into
THE VORTEX OF AN EXPERIMENT.
It is quite true, as the President says,
ume 'ece1 Of general R prosperiy; ps upon that
with considerable falling or Of our imports,
our our exports show show a steady increase with one Of
demand abroad; that the aid furnished by the
Treasury was more moral than real All this is true
and has been already pointed out In the HERALD but
the President errs when he argues from the
shrinkage OF stock values that all other values
have snrunk correspondingy, and that in the
language OF the late Mr.. Greeley, ''the only way
| to resume Is to resume" Mr.. Greeley was right In
one rendering Of his famous sententious summary
walt patiently the period when the only effort re-
CURED TO % 40 50 wi, WI be ITO resume But to seek
| be one OF the gravest blunders Congress could
commit. The President it viii be seen, however,
ment in speaking Of the recommendations ne
should emDody in his next annual message. On
ton around the subject, asst were accepting some
OF the suggestions made by the HERALD with the
same object In view. Most prominent OF these is
the proposition OF
"a FREE BANKING LAW
with the same security TO bill-holders as now."
This Is the idea, before urged In this paper, Of
tanning the same security for our currency as now
exists, but giving 1t elasticity by making such cur
rency Interchangeable with bonds at the Treasury
| interest on bonds to cease when the same are hy
| pothecated for currency. The basis OF such hypo-
face value OF the bond, to give uniformity to the
exchange. This would remove the danger, which
latlon OF currency here during certain period OF
the year, when not being able to find safe, pronta-
BILE employment l. y loaned 10 pnsound enter
| which 1t was originally issued would very much
lessen this temptation These two questions or
resumption and currency reform are dwet upon
thus at length under this head because to no in
terest throughout the country do they address
the stake they have In the issue, 1t will not do Tor
| real estate men to let matters OF such serious
! moment be decided by the mere
| ADVENTUROUS ARGUMENTS or WALL STREET,
wnere tue pro and con on the various points
involved are too likely to be but the "bap' and
| the country belong the discussion and settlement
OF such grave issues as pertain to the question OF
resumption. AS the question is now before the
COME come before Congress ' at its " next session,
made on the part Of those representing the con.
| servativc sense OF the country TO put 1t In its
| proper light and 80 stop these periodical excite
| ments when specie payments are proclaimed rs
| at hand, and sharp liquor dealers post In their
| windows sign to the eject I'VE give silver in
change here" The result OF such recurring agita-
ton IL OF course TO unsettle values even OF the
most stable character aud generally interrupt
business. Let 1t be clearly understood that no
! effort will be made force resumption, and let
Congress direct Its legislation on the currency
question TO giving the largest ease TO the business
OF the country during times OF special activity,
without the interval or an improbable redundancy
as It's price, aud all Will be well.
THE MARKET TO-DAY.
The offerings Tor this week numerous and
varied, and indicate confident eeling among
holders. The principal interest IL shown In West
chester county property, In the new Twcnty-fonrth
ward OF the city OF New York. on Saturday last j.
Johnson Jr. disposed OF 127 lots at Sprngburst for
a n anUr a "a hnIn n