The home journal. (Winchester, Tenn.) 1858-188?, 1877-08-16

a gentleman up North wrote us sew
eral weeks since. asking il lie could
bvy u snail farm near Winchester at
low figures. We replied to him in the
affirmative, and sent him copy Of the
Home journal that he might see how
much real estate was advertised for
sale by our Sheriff and different Clerks
of,he Courts And ia .his connection
we could not help lamcnting the sad
condition Of our country at large IN
pecunary sense, and all because OF the
cruel contraction policy that has OBJ
tanned for several years. and which
threatens and will certainly bring uni
versa bankruptcy if Congress should
not afford relief by acting upon the Ii
nancal principles 80 ably laid down ny
our member OF Congress, Hon. Jno,
NJ. Bright. The situation in Winchcs-
ter and Franklin county is deplorablc'
We could mention several instances in
which houses, ard lots, and farms,
have been sold at private sale for about
onc-third what they cost several years
since, and under the Sheritl's hammer
they would not have brought even
one-ilth their original cost. Bad
however, as our case at home is, the
condition Of real estate is far worse in
other States The Chicago Tribune,
in an article headed Real Estate Con
iisca.ion," says:
"Money is rising in value as com
pared with all other descriptions Of
property, and the rise is so great that
those who have it can hold it idle and
unproductvc, and expect to make n
profit In the end Men will buy moth
ing that they can do without men who
buy property to>day cannot get as
much for It tomorrow as they paid
forit Property. therefore, is falling
on the hands of every owner. This is
peculiarly the case in all forms of real
estate. Instead Of being
recognized as the basis of all wealth, 40
the most imperishable and indestructi-
bic Of all property. and therefore hav-
ing greater pcrmancncc OF value than
any other property-with being the
foundation on which all other property
depenGs-wc witness now in the Uni
ted States the extraordinary circum>
stance that, as measured by money,
real estate has fallen far more thsn all
other descriptions Of property. 1t has
fallen so low, and so continues to fall,
that no man will invest dollar in it.
Mortgages executed at 40 or so per
cent. of low valuations maze since the
panic are not even now worth the mon
ey loaned. Mon who two years ago
bought real estate, improved city
property, and paid half the purchase
money, cannot now sell the same
property for what is due on it. Real
estate has been always the most desira-
bic and most sought after security for
loans. Ii has always had precedence
over all other securities. II is now IN
this country of the least value. II has
fallen below all other property. Its de
cline is continuous and more cxten
sivt. Long before Jan. |, 1879, the
paper currency will be withdrawn from
all debts will be payable
in gold, and the gold will command "A
large premium in all other descriptions
of property. Conliscation will be In
evitablc. III real estate cannot com
mand a price now, what will be it's val
ne in gold then2 General bankruptcy
and ruin must take place, and the ruin
of the country will be concentrated in
a few hands at small cost, under the
forcclosed mortgages"
The truth is, men who have money
are waiting TO purchase real estate for
a mere song, and unless Congress shall
give us legislative relief VIC may expect
to see $500 in year or two buy
house and lot that now could be sold
Tor d ouble that amount Happy is the
man who is out Of debt and has Il few
hundred dollars by him! As the same
paper says:
"Atpresent the country is threatened
with famine of currency, all TO be
reduced to gold coin, in which all
debts must be paid. Money boarded
now will in January, 1879, if there be
no change of law, be worth 20 to 70
per cent. more than in August, 1877
a most profitable inducemcnt for not
investing it now. The famine must be
averted by providing for u permanent
currency. secured by the pledge Of ma
Lional bonds, and capable Of expansion
IS il may be needed. With these
changes in the law, the expectation of
the gold famine and gold payments in
January, 1879, will be dissipated, and
money will lose that extraordinary I
value il now has in all other forms of