, 1873-12-31

Tho proposod sale Of portion Of tho Lako
Front for a railroad passenger depot las been
revived as mems Of relieving tho city from its
presont Gnancia, embarrassment. A reyiew Of
tic situation Develops tho following points:
l. The railroads aro willing to pay the sum Of
asoo, 600 for tho land. Thoy will agree to pay
5000 900 III cash. and giyo their notes for threo,
nix, ana ninc mon:hs for tho balance. They
will nlao undertake to have thoso notes dis
counted ut the ratio Of per cent, which will en-
able the city to got 7so0,o cash, less dis
count much lower than the curront rate Of In
serest.
2. Tie city needs this money moro than at any
time ence tic sale to the railroads was first pro-
poaod, ind tho money would now pasa directly
into tho City Trenaury. The Lake-Front bill,
which authorized the sale on condition that the
money should be paid over to the park funda.
has boen repealed. This ropoal enables the city,
in caao it can make tho sale, to take tho money
for city ueos. It ought never to take 1t for any
other use.
8. Real-estate dealorB and men competent to
Judge hold the opinion that tho lind which it ia
nrouosod to tranafer ia not now worth moro than
es00,0o0. They even express tho belief tAat tho
laul could not bo sold at the present time at
! public aale for the samo amount on terms any
thing like 80 favorable.
| 4. Tho owners OF lots On Michigan ayepuo,
fronting on the property which 1t is proposed to
soil, havo in the main Withdrawn their opposi.
ton to lie sale. THO opposition was partly
| based upon the fact that the purchase money.
| under tho Lalio-Front bill. was to 60 to tho
| parks. Tlis las been removed by tho repeal
| bill. The supposed damage to tho Michigan
| avenue property on account OF building Oh this
| ground has been olfaot and rendered nugatoyy
| by tho fire. Tho property IL no longor aeara-
bic as residence property, and its prospective
value ia entirely for business purpoaos. This
will be enhanced. it is beloved, by the erection
Of tue depot.
Tho proposed palo to tho railroads IT, there
fore, regarded moro favorably on ull sides than
| at my previous tiue, anl tho question aslsos
How Gun II DO effected with the loast expense
and tho groatost security to all parties con
GGTQQu { Aup lA!lEulsua Hu4!A Ptou"osf NI1oFa
deed from tho city, II tho CITY would Ruarantoe
them title. It Is doubtful whether this could
bo done. 1t is pretty certain that, IT tho city
should undertake to do 1t, It would be harasscd
by costly suits. Tho decision Of Judge Drum
mona plays al important part hero. That Do
c,slou WAS to the effect TINT the Unitod statos
can nlainta,n All injunction against the salo. II
the capacity OF Trustee for the public. sluce ths
"trip OF land was set aside for public purposes
It Ia not nll1soly thut, upon request OF tho City
Of Chicago. tho Attorney General of tho United
States would withdraw tho present suit bn
tho inferonco iron, Judge Drnm1nona'a decision
is that any person might bring neE
suit at any time. It Was Judge Drunanona'
suggestion tint, ii tho lnud bs needsd to-
public purposes othor tl,an thoso to which II Il
now devoted, 1t should bs condemned. Tlo raj!
soads can prooaod to DO this Themselves IL. '"s