The Portland daily press., 1877-07-03
Our New York Letter.
Hard Times Still Preseut-The silver
Money Craze-Tesf OF the PresIdent,s
sfatesmanship Where Reform IL most
Needed.
NEW YORK, June 3Oth 1877.

calamity to the few, and blessing in fact to
the many. There has been an average decline
of forty to fifty per cent. In all the real estate
in the city within four years; 1t is at its lowest
ebb now. But the property is all here and
except to the tax gatherer and the mortgage
holder, it is matter of small moment at what
price it is assessed. That is not the point at
which the trouble is to be found. 1t is the
falling off in the earning power of the people
that does the mischief. The industries that
create wealth are dormant vast numbers of
persons are unemployed, ,and great many that
have occupations get no gain from them. Here
is slow fever consuming the body polite.
Creditors are reluctant to press their debtors
for fear that too sudden collapse would re-
duce their claim to nothing. There are COM
parativey few foreclosure suits because there
are not many buildings which il forced on the
market would bring the amount of the first
mortgage. The large Life Insurance compa-
nies which survived the havoc that has been
made with the regulations of this class of cor
porations, such for example as the Mutual,
Equitable and New York, have liens upon q
great deal of the most eligible real estate on
the island. They are waiting for 1t TO
appreciate and if the interest and taxes fall in
arrear they put up with 1t when they cannot
help themselves, rather than proceed to ex-
tTemities which will lead to the sacrifice of
their security and the hopeless involvement of
the party whose bond they hold. 1t is the
same way with the savings banks, and even the
Astors who make all their loans with a caution
| which seems to be inspired by the belief that
they will have to fall back on the securities are
not quite so peremptory in their demand of
cash on the day and at the hour, as they were
when things were easy. The fast is, everybody
breads the reckoning whether he owes or is
owed. There are few people hereabout and
legion further West and South, who are still
clutching at the phantom of reconciliation
OF silver. as if that was going to impart an ar
titicial worth to decaying estates. The mere
| agitation OF the subject is positive damage
| to the prosperity of the country, as well as
reflection upon the national honor. The time
never should have been, it has long since
| ceased to be, when schemes and devices for
| paying off the public debtiin some deprecated
| substitute for money have any share in the tol-
| GRAFTON or consideration of straight forward
citizens. liquidation in any form or degree
bears an odium about it of which it will never
be divested by all the talk of political conven-
| tions, or all the fluctuations of newspapers
| Neither sophistry nor argument can ever effec-
lively hide the repulsive features OF dishonesty
However it is idle to suppose that the nation
I is to be kept true to the course OF integrity
| without some effort. We see and hear enough
| every day to warn US that the same fanatics
| who were clamoring so vociferously and fool
| 'shly for paper money three years ago are DOW
l equally importunate for debasement of the
currency in different way We should have
| made the fetal plunge then, but for the sound
/ judgment and frmness, of the man whom Il
was the good fortune of the Republic to have
| in the Chair of State at that juncture. Perhaps
the same test may be applied by and by to his
successor, to give us an earnest of his statesman
| ship. A step backward at this crisis might not
be irretrievable, but it certainly would be dis
astrous to our interests and humilating to our
pride. The very discussion of it retards the
estoration of thrift and will be likely to keep
US in state of uncertainty and suspense for q
/ year to come in spite of the advantage now
promised from luxurious harvest. Congress
when it meets will debate it and muddle over
it and fuss about it with its accustomed ipdiffer-
ence to the necessity of prompt and decisive
action. 1t is the fear of this no doubt that re-
tards the re-invigoration of the sources of in
come on which SO much depends. We ought
by this time to have pretty nearly reached the
limit Of depression and decline. We have pro-
duced less to be sure, but then, we have been
| expending less for superfuities. Economy has
done good deal towards repairing the ravages
of the panic. There is decidedly handsome
balance of trade on the right side. And yet
the general feeling is rather respondent and
hopeless. Nobody seems to have an idea Of
what the future will bring: forth. There is Q
great deal of want and suffering. Wrecks of
fortunes real or supposititious lie strown all
l around in every direction. Not merely vacant
lots but those that have buildings on them are
advertised in large numbers to be sold at
auction for taxes. Rents of stores and offices
have fallen prodigously-in some instances to
| fifth of what they were in the days of infa-
ton. The landlords who are slow to accept re-
duced rates pay the penalty of their stpbbon.
ness by losing their tenants A broker who
had been paying six thousand a year for q
| suite Of offices in Broad street near the Stock
Exchange, and didn't want to move offered
three thousand on the 1st of May for another
| year. The owner hestated and couldn't make
| up his mind at once. Meantime another party
started in pursuit of the broker and offered him
offices equally eligible in Wall street for three
thousand. He took them and now the premises
he formerly occupied have "to let'' succeed ali
over their plate glass windows. There is nc
! end of Just such cases.
Thereare of course not a few who are sanguine
! enough to believe that these things are tempo
rary and will soon change Ordinarily that
/ would be a rational conclusion. New York
has geographical advantages which ought to
| give it assured pre-eminence as the metropolis
/ of America. But its affairs are most miserably
mismanaged Local self government" in so
far as it is permitted to exist here is something
| worse than farce. Our city legislators hav,
no pride in,nor comprehension of, the CONNER
cial Importance of the place. They would
rather take the risk of having merchandise
diverted to other cities for export to Europe,
| than to render such facilities to shippers as
| could enable them to save the carriage Of il
/ through our streets. A majority of them in
l fact have never been engaged in any other
| trade than retailing iliquor aud their highest
1 conception Of the blessings OF home rule,
consists in having no restraint upon free trade
in rum.
Then again we are 80 desperately tax ridden
that man mustlneeds have great deal of
courage and money both to buy real estate.
| The very moment he gets his deed, although
/ he may have paid cash in full for it to the
dsbtor. it is plastered with mortgage of ii fteen
| per cent of its value.in the shape of q debt
/ created principally by thieves who governed in
| the name and by the votes of its ipeople aud
l their money.
The picture lis by no means an inviting
] one, but it isn't particle over oolored. must
| confess, that every time II hear the cant and
l shuttle !about reform" wherewith the whele
country is dosed ad nausean,, 1 think what q
pity it is that it can't be applied where it is
actually needed-that it can't be a practical
fact instead of sentimental conceit. This is
the place where there is most talk about i'm.
proving the moral condition of mankind--and
the least action. If the missionaries of
higher civilization ever do ago beyond mere
Il oh oft ind GaIJ f.