The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-08
The Removal Of the Tax on Mortgages,
Rapid Transit and the Improve
ment Of the Harlem River.
BROOKLYN PROPERTY
Influences Operating Across the River
The GOwanus Canal Pointing Moral.
CURRENT TRANSACTIONS.

CURRENT TRANSACTIONS.
The season continues to exhibit encouraging
signs Of a BILE spring activity. The earnest
effort now being made In Congress In favor OF re-
trenchment, with the hopeful signs apparent OF at
all events some success in that direction, PROMISES
sueh permanent relief to the general trade OF tho
country In lifting from 1t the burden OF an ex-
cessive taxation as must necessarily xhblt sats-
factory results in this market 1t has before been
pointed out in this column what character Of
money sought real estate as permanent invest
ment-viz., Accommodations, the pro1ts Of business
enterprise In other directions, the surplus OF tho
current trade exchanges. BY reducing taxation
these Accommodations these profits, this surplus are
increased in the hands OF business men, and, fnd{
ing their way into real estate by an almost nasufab
law, as a provision against rainy day, or for
future legacy to vie, son or daughter, stimulate
that interest and pve 1t the preferred and stable
value 1t to-day enjoys Thus
INFRINGEMENT
In the expenditures of the government both di|
rectly and indirectly improves the value OF real
estate in the first case through the capital It i'm
mediately releases and, secondly, by the relief ID
brings to all business, whether agricultural. manu-
featuring or commercial, producing increased ac-
tvity and permitting larger profits. Another Inn
portant influence operating to the enhancement
OF values in real estate, and, consequently, in(
creased activity in the market is to be found in the
prospective passage OF the bill now before the
Legislature at Albany to
ABOLISH THE TAX ON MORTGAGES.
This tax bears with peculiar hardship upon real
estate, which is in this way made to bear double
burden nrst In the direct tax upon the assessed
value OF the property, and, secondly. through
the imposition OF an indirect tax In the
tax on mortgages, which, although 1t may
be collected by the state Of the mortgage.
is by him charged in the rate he demands for his
money upon the mOrtgagOr. The ease which this
bill would bring 70 the money market as 1t Affects
real estate IN the present plethora OF unemployed
capital at the money centres steadily gravitatina
here, Is almost ncaicuiabie in its relation to rean
estate Values and would far exceed anything in
the way of retrenchnent that the most conserva-i
tive or in expansion of the currency that the most
visionary member Of the present Congress would
venture to submit to that body at this juncrure.
The real estate interest OF this State may be said
therefore, to look to its own Legislature rather
than to Congress for relief from the Ills which reck-
less, unstable, ill-advised and ignorant dealing
with the great question OF finance in natonaI
sense has brought upon the whole business OF the
country, and which, although less manifest In rear
estate than other directions, still bears unustly
ton, as 1t does elsewhere.
WILL OUR LEGISLATORS GIVE HEED
to this claim upon them and relieve themselves OF
their share of responsibility for existing evils BY
relieving real estate Of an undue burdenP Wa
have recently annexed to the municipal limits Of
this city territory OF considerable extent and
unsurpassed advantages for residence, which 1t tN
the duty OF the Legislature by appropriate egisla-
ton to place within easy reach OF our people fos
relieved as quickly as possible OF the dangeroua
crowding which now exists below Forteth street.
breeding disease and crime, obstructing commerce
and retarding the proper moral and material
growth OF our busy population. To this END, Of
course, rapid transit is necessity, as has been
often shown, and this seems now more than ever
to come home TO our expectation as an accom-
While rapid transit Will thus furnish to smalr
tenants, now paying extravagant rents or living
in cramped apar tments the facilities Of communi-
cation which viii enable them to seek larger
HON aud reer breathing space in westchester
IMPORTANT TO THE GROWTH, PROSPERITY AND
GREATNESS Of THIS CITY
as it is to the happiness OF the people that the
class whom rapid transit will permit to seek
homes north OF 155th street or Harlem River
selves in the new district by the purchase OF a lot
and the erection thereon OF house, which Shall
be to them homestead NotiIng gives 30 M n1 ICE
burden OF its taxation, stability and vitality to ita
industries, and energy to its public servants en-
gagged in necessary municipal improvements as
tue multiplication these homes. Besides,
the elevation OF character and improved social
tone that accompany such condition of prosper
ity are equally marked. New York is now at
crisis IN It's history lew weeks since the commit
tee appointed at public meeting neld last fall to
sued circular In which 1t was clearly pointed out
that the commerce OF this port was seriously
threatened by the want Of terminal facilities here,
which imposed
Hmm nff- n of
noticeable in respect to grain. Now 1t seems USE
less under the present regime OF municipal con-
troll expect anything in the way OF dock improve
ment which will increase these terminal facilities
to any considerable degree. We must therefore,
look to other sources Of relief and seek .
the cooperation. OF the Legislature to that
end. the addition OF the new district
gives US large Increase OF water front, as well as
the means Of relieving the downtown districts OF
the city, where commerce Is cramped for want or
room, OF its surplus population. Rapid transit Is
Uaf to or @ Add
this The removal OF the tax on mortgages-or ratner
begin with that, Tor IT can be done instantef' an"
will help the Other-and
THE NORTHERN MOVEMENT OF OUR POPULATION,
the breaking up Of the downtown hives, VIII noS
business in the area wherein It is now crowded.
but enlarge that area TO the whole extent Oh
Not onlv will it enable the thrifty mechanic or
clerk or tradesman to convert us sa' tnst3
now in the custody OF some wen omceres in intc
tuition whose high salaries ne pays NV iI
q comfortable home IN the suburbs At Iess una ~
outlay, which ne may hope to noid on ~ Urom
adverse circumstances should make nlm Lemp l
rily in need OF unds so that he should nave 70
mortgage IT. not only will II stlmuiate .ac mso
as those Who have not sufficient means 10 puiia
for themselves may purchase on time witmuut
charge but II viii also stimulate capitai 10 seek
profitable investment IN the utilization OF tme Gx
tended water line py the construction OF piers anu
warehouses; suited to the requirements OF
trade that has outgrown existing accomm0da.
tion Then, with the improvement Oh tae ne mar noh
River 40 that the passage may be iree ana unOo.
strucfed from the HUDSON to the East River, VIII
the commerce. OF the port find those increased yer.
minal facilities so necessary to It's preservatton
and expansion and this Empire City OF the western
| dominion start afresh upon new career OF grown
| and nrnanor,fx will readily be seen nom Inl6