The Republican journal. [volume] (Belfast, Me.) 1829-current, 1875-12-02

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Hard Times. Reform Called For.
A few days ago legal gentleman
brought into this office four notices of
sheriff sales for publication. 1t was an
indication, as legal notices of that class
always are, that hard times are upon u.s.
When officers travel the country will,
their pockets fall Of writs, when their no.
tees OF sales crowd newspaper columns,
and lie auctionecr's red flag goes out in
every direction, the times are out of Joint
Something is wrong. Business men do
not slagger and 90 to the wall and bank
rurtcv prevail without u cause.
The one reliable thing to which a eau
tious man may anchor himself in times of
doubt, is real estate. Farms and lands in
the country, and business blocks in cities
are ordinarily considered beyond the tluc
tua1ions Of hard times, and as constituting
the safest investment But it is now ex-
perirnoinm heavy fall all oyer the coun-
Try, and cannot be disposed of at anything
ike the ii%urcs of two years ago This is
L., ,,, of
\ or1. where. rs in all great commercial
cities, property OF that kind is least sub
jet 10 fluctuations In that city forced
legal sales are the only ones taking place,
and these inN ariably bring heavy sacri-
ices. The greatest losses are on unim-
proved uptown property, which was
bought at fancy prices q few years ago.
\ few Illustrations may be given to show
how matters are going. Among recent
auction sales was u number of Eighth
avenue lots, fronting on Central Park, on
which August Belmont had u mortgage
for 500 GOO. Mr.. Belmont had sold the
lots four or five years ago and took the
mortgage in part pawn ent. At that time
they were supposed to be worth $500, 900.
The buyer Mr.. Nyse, head of a large straw
goods house, failed in business, and all
his property had to be closed ont for the
benefit OF creditors. The property mort
gagged to Mr.. Belmont sold for SlGO 900
OF SfV'"p loss than tho mortgage upon
II. Again, the house and grounds belong
ing to Harry Genet, the absconding ring
pIunderer located i'll the best part of IIar-
lem. and costing originally about $l75, 900
We're recently put up and sold for little
over s90,O00, passing into possession Of
The heirs Of Oliver Charlick, who held a
mortgage Of So, 900 on the property.
Here is a clear loss OF nearly half the cost.
4 few weeks ago a large number of lots
belonging TO one of the boldest real estate
spectators, and located at various points
near Central Park, We're offered at auction.
Several lots facing the park, and valued
before the decline began. at $50, 900 to
eco. Many other lots, valued at $40, 900
to '5l5 eco, when prices were high, were
knocked down at s. 900 to s. 900. A gen
tleman owns Il Fifth avenue lot on which
there are mortgages amounting to $35,-
GEO. lie claims that it is worth So, 900,
but lots equally good in the same neigh
borhood have recently been sold for SlO,-
900 less than his mortgage Aud so it goes
All along. Then there are other kinds of
real estate, very valuable too, which can
hardly be sold at all. The fine residence
OF MI Butler Duncan at the corner of Fifth
avenue and Washington Place, had to be
Withdrawn by the auctioneer because no
one would make bid on it. 1t was the
same case with the property formerly
known as Burton's theatre, located on
Chambers street, near Broadway, and oc-
cupicd for some Years past by the United
States courts. No one would bid the price
that had been fixed rs the lowest, and the
property was withdrawn.
If we turn to the outlook for laboring
men, that most important class for the
interest OF community, we find their
prospects as dark if not darker than any.
The chronicles Of strikes fill the papers,
and the lack of employment for the pres
ent winter is painfully manifest, with its
inyariable accompaniment of suffering.
Those who get employment have to SUBJ
init TO exceedingly low wages. Ship
carpenters in this city can be hired at a
dollar and u half day, in place OF three
OF four dollars u day they once received.
The price of farming produce rules ex-
cecdingly low, and it has been many years
since potatoes have been as low as forty
cents per bushcl, the present price. And
all these low rates, it will be remember
ed, in face Of the cry that money is too
cheap and abundant, and that the cur
rency needs contraction,
The supporters of the present admins
tration have been accustomed from time
to time, through their newspapers and
the resolutions of conventions. to call at
tention to the alleged prosperity of the
country, which they have as often attri-
buted to the management and policy of
the Republican party. This alleged pros
perity, it has as often been insisted by the
Democracy, has been apparent only. and
had not that safe and sure foundation to
make it enduring The realization of that
prophesy has come, and the wolf is at our
doors. The country has weighed the adj
in It's own balance, and found
it miserable failure in that particular.
The people must see the need of RE-
FORM. The policy of the administration
needs it. Every department of the pov