, 1874-01-28

1nany ollangeB, oRpocally In tho rotall rado, aud
tllore aro nr.a-slozon localities II, tho city, two
or moro milcB from tho old bust,oss centrc, whore
M extensive trado is now carrod OH, aud whore
boforo tic fro thoro was not atore Of any kind.
It cost to rebuild tho city anl to en1argo ita
aron Of costly buildings, as VIC llnvo Baid, about
sG0000,000. How mich Of 4hfs WAS borrowed
wo haso nomoans OF knowing but, oyon If oyory
dollar Of 1t was borrowed, 1t falls short Of tho
ya1uo Of tho land on which theae improvements
stand. Compare this with tlo Btatomont that
wo havo borrowed $500, 900 to rebuild tho
city, and tho recklosanoss Of this calunuiator is
as onco evident. Nor Is ho any moro truthful
in my other respect. THO panio hurt Ohicago
loss porhaps thau any other large city. Our
bankH maintained themselves without the OK
podiont Of clearinghouse cortidcatos, and, III
threo days after tho general collapse, currency
began to flow hero at tho rnto Of from two to
fotr millions day. Trado revived nero iumc-
diatoly. Having currency with which to buy, wo
rollovod oil tho country trlbuary to this market,
and IN very short timo Our Wholesale housoa
wero IN receipt Of as steady romistaaces from
tho country as II no panic Ind taken place.
Tho Wholesale business of Chicago III 1873 waB
noasy 79o.000,0o0 greater than in the year fol-
lowing tho fro, and TINT yoar waB far in oxccss
Of any Of It's predecessors. 1t this time lilo
trado Of tho city is prosperous. Tho prices Of
all kinda. Of grim arc much advanced, aud nil
those parts Of the Wost having communication
with this city aro forwarding hithor their pro-
merchants md manufacturers. But the most
complete a,,swor to tho intimation that tho
world has lost confidence In Chicago is tho fact
that as soon after tile panic as tho lat Of Docon-
bor money waB Hent hitAer to bo loaned out on
real estate. Since then, tls class Of invest
ments has boon steadily increasing. and one day
this wook there was nearly a column of atlyor-
tisomentB lu THE TRIBUNE Of money to loan
on mortgages nnd on collaternls, onors
to purchase mortgages, md money offered
for any legitimate business. Our banks
mover wero doing bottor business, and
the opening ycer Of 1874 promises to equal, IL
not excaod III tho volume Of ita tradc in tho
extension Of commercial exchanges, aud In tho
general prosperity Of tho city, any Of itB prede-
cessorB.
The suggestion contained in the same letter,
that tho debt Of tho City Of Chicago has boon
doubled since 1860, is malicious, because it sup
presses tho truth. The city doht was purposoly
increased in order to anticipate the now ConBti-
tuition, which forbda my municipal loans after
1870 in excosH of per cent Of the aBse8aed value
Of tho taxable property IN the city. The money
thus raisod las boon neither wasted nor loat. It
has been put into permanent improvements.
Hewors. pavomonts, achool-houhos, md is now
completing the wnter-oxtension which, when
finished, as it will DO in yoar or two, will give
Chicago better water-supply than my other city
iu tho United statcs. It is surprising that q re-
spectacle paper like the Cincinnati Commercial
should 1avo given place to such scroed Of mis-
representation ns tho letter reforred to.