The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-13
REAL ESTATE.
WHAT ARE VALUES.
The oppcrranity Of the President, and what
Will He DO with H."
TRUTH OR FALsEHOOD FACTS


elsewhere respecting the chances OF the PRESIDENT
vrto,np the imitation measures or Congress- and
here A. else where the feeling rs that while there IS
bare possibility OF such action on his part there
n q disposition TO echo Senator Logan's laugh at
the suggestion that the President would set him.
seiS In Opposition the expressed VIII OF the ma
toriry OF republican Congress, especially wnen
that majority was sustained by numerous demo-
cratic votes But Just mere Is loophole OF escape
spr the President from
THE DOMINATION OF PARTY,
and inasmuch as this market has very large IN
terest In the resultit Is worth while TO examine
the chances pro and con OF veto. The fact that
both the republican and democratic representa-
IN Congress is divided on this question oil in-
naton removes it from the arena OF party pohucs
and relieves the President OF the necessity OF re-
rarding il Ia the hight OF a measure wherein his
Sealty 10 the party which elected him de-
nands CERTAIN submission TO its decree,
Throwing the whole responsibility OF the
action ne viii take upon his individual
conscience alike az a man and under MS oath OF
once as President. In addition, the fact that
these imitation bills have been passed wholly as
sectional measures, the sections Boosting OF their
ABILITY to carry them through, and contain in them
therefore,
TIRE GERM OF DIsuNIoN
sentiment, is another reason, and a strong one
Why the PRESIDENT snOulu EiLefpOse MS veto 10
stop the propagation OF these paleiu antagonisms.
But Will ne DO itf The majority OF men pooh-pooh
such an IDEA ana regard the appeal to him as
worse than useless. But the majority of
in this has contemporaneous age misunderstood
President Grant, IN ierrate him widely as did
his fellow graduates Of West Point, who ostraczed
him into o resignation and lived to HIM the
head OF the largest army ever organized on this
side OF the Atlantic. This Is but natural, however
Great men I'LL such a large space in their day and
hour that little men can only get peep at them in
sections at a time, and are apt to mistake these
sections for The whole man, not having intellect
enough to grasp their entirety. Besides II Is truly
SAID is a hero to his palet de c'dnore, and,
unfortunately, President Grant has been exposed
TOO much to the censorlous observation OF such
for what is a disappointed politician OF the period
bat an unsuccessful applicant for the position of
vdiet De chaD.6re, or dismissed placeman but the
same 9entleman's gentleman after he has received
his congo? his Is
snE CHARACTER OF MOST OF THE CRITICISM TO
WHICH PRESIDENT GRANT HAS BEEN EXPOSED,
attacks upon his personal habits and ms affection
for his relatives. Senator sumner. the worst
sailant he ever encountered. made no such trivial
charges Even IN his invectiye and assault ne
paid tribute TO the mans inherent greatness and
charged him with usurping 1.-The war powers OF
the government The man who dared to do this,
suppOsng 1t were true. is not the one 10 guall be-
lore the demag0gue cry OF a magnifed town meet
ing, such as the present congress exhibits, should
his duty TO plant himself III opposition there TO.
Thus; IN spite q what the lnlatloniss say there Is
HOPE OF RELIEF
nom the President yet. But should the Presi-
dents convictions OF right coincide 18th the Will OF
tae CORNERSTONE! maioriay, wnas tnen IL. nnanon
market tnan 1t Will elsewhere first, in giving a
Actitious support to the present high values, and
second In stimulating a Iurtner upward move
ment that Will bar all improvements. WHAT
vas 4 Nat rendered the he. annexation asssahn &C, Of
. virtual necessity Simply the TACT that real
estate in the intermediate district between 155th
street and the Central Park had been forced up to
such extravaRant figures as to render modest i'm
Provements unprontaDle, while costly improve
ments we're impossible IN the existing state OF
streets and avenues, with labor at the prevailing
high figures. man owning Boulevard lob or lot
adjoining the Boulevard, wishing to put building
spon it Commensurate with It's cost and promising
. eumclent return IN tine way Of rental upon the
money invested In land and building, would have
10 erect mansion thereon, when, under the ex-
stlng transit conditions. would be too dlincult OIL
access TO command ready lease while the same
amount OF money as was invested ID this single lot
would suflce to purchase villa plot IN Westches-
Ter county and erect thereon neat villa residence
city, even as things are at present, by steam to
.F0rry-secOnd street. 1t is argued that
REAL ESTATE CANNOT GO DOWN WHILE TAXES AND
ASSESSMENTS CONTINUE TO INCREASE Upon IT.
This Is something like the argument OF the
they could not hang HIM But they wl,n said
the shiyerlng wretch .'Ihey cannot,n replied the
vyy But asy w apsaea again sag s1e tae
lawyer; iii they dare IN make the sheriff pay for
IT." Now, real estate cannot come down under
and SO every real estate owner Will con-
teAd; but it may tumble down. and 1t
has an inconvenient habit, wnen IT does
tumble, OF coming down by the run and caus-
ing widespread ruin. This, then, IS the danger
We have to look squarely In the lace II the market
be carried away by new speculative fever under
she stimulus OF paper imitation. II we were on a
specie basis there would be no such danger, no
such uncertainty as at present exists. Then real
estate would readily adjust itself TO surrounding
conditions affecting other values, and improve
demand But we have not yet got out OF the
tangle IN which the speculation Of the past lew
years,
TKE LEGITIMATE ouraKowTH OF A DEPRECATED
CURRENCY,
involved us, ana the most that can be said OF a
piece OF property now IN answer 10 the inquiry,
what is Ii worth 49, that IL Is worth what 1t VIII
ago and may he worth more two years hence II we
are not led astray into resiisspecuauons by TINS
organize a panic; but its present value Is just
what can be got Tor It, There are
THREE CONDITIONS AFFECTING VALUES.
Plrst labor, which creates usefulness ana gives
intrinsic vaue; secondly, gold as the standard by
which measure the value OF labor, and SO OF the
versibnity which is The measure OF useful
Aess ana looks TO gold as regulator. These
applied to each and everything to determine
wnat 1t u worth at any gwen time, real
property Is worth more than unimproved property
~ the cost OF the labor expended upon it from the
tins the first drill was driven into the quarry
whence the stone was procured, or the first axe
was struck IN the forest whence the wood was OBJ
taiaed for such Improvement down TO the last
duty of the upholsterer. but when the market is
duh one essential quality OF value is lost-viZ
COMPATIBILITY,
and values recede Ia proportion as this element OF
support is lost. This Is why go often see In
dull times the familiar placard in shop windows
that goods have been marked DOWN. Every
merchant recognizes this one OF the results OF
dull trade, that prices cannot be maintained If
sales would be effected. They may argue to them.
selves that IL is sacrifice TO sell at such prices
offered, ana SO IL may be that the goods are
worth much more than Is offered for them, and
40 they may be; out they recognize this iact-that
sucD goods have deteri0rated in respect to their
PRESENT MARKET VALUE,
and If they must se-that Is, N the goods cannot
be held over for another season they want
,mOney--they must sell for what they can get,
trusting 10 time, the great corrective, TO make, OF
last, all things even. The goods may have lost
nothing oil their beauty, may he as fresh and fash
iUnaLIe az ever. may present all the attractions
hat ha