The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1878-12-05
REAL ESTATE coNFIsCATlONs.
The Country Threatened with Landed
Monopoly.
chlesso Tribune ]

sdNS out ll1IeHSlIIcu Iile anxiety the I
the whole population Of the country
in regard to the general condition Of
business. We have frequ entity discus
sed this subject, and the existing facts
may be briefly stated.
The so-called Resumption act, pass
ed in 1875. provides that on the 1st
day OF January, 1879, the outstanding
legal tender greenbacks shall be re-
deemed on demand in coin. The coun-
try has had for years an average Of
over 500, 600, 900 in paper money, the
greenbaclls being legal tender, and
the bank notes being payable in green
backs, so that practically the whole
have been legal tender. All the bust
OF the country has done in this paper.
All forms Of Indebtedness are payable
in paper. From the depression fol-
lowing the financial crash Of 1873 tie
country has never recovered. After
the first year or more a revival of bust
ness was expected, but it has never tax
en- place. On the contrary, since 1875
the depression and stagnation have
continued Gradually capital has been
been boarded; money has been abund-
ant, but it has not sought investment
stock and bonds have persisted, or
grown weak; manufactures have ceas-
ed to be profitable; merchandise has
been a snare; confidence has taken
wings; the market has continued to
fall; and bankruptcies are as numerous
a. when the hand Of the panic rested
directly upon the country. The great
and unusual fact has existed that prop:
ely Of every its description has been
and is yet losing its value in money.
! Money Is rising in value rs compared
with all other descriptions of property,
and the rise is so great that those who
have it can hold it idle and unpro-
ductive, and expect to make to make
a profit in the end. Men who will buy
nothing that they can do without; men
who buy property to-day cannot get as
much for it tomorrow as they paid for
it. Property, therefore, is falling ON
the hands of every owner. This is pc
culiarly the case in all forms Of real
estate. Ordinarily, and by long es-
tablished laws, the land has always
been worth all that man has put upon
it. OF all the property of men, the
land has half the value. Every dollar
on the land in shape improvements,
stock, buildings, or property of any
kind, has added a dollar to the value
of the land itself. The basis of all
property is the real estate, and the val
lie Of even the precious metals has been
at times measured by their power to
! purchase real estate. There is COM
mercial depressions i'll Europe as well
as in the United States, but the value
Of real estate has not been affected any
where as it has been in this country.
Instead Of being recognized as the
basis Of all wealth, as the most imper-
ishable and industrutibIe of all proper
ty, and therefore having q greater per-
manence Of value than any other prop
erty-which being the foundation on
which other property depends-we
witness now in the United States the
extraordinary circumstance that, as
measured by money, real estate has
fallen far more than all other descrip-
! lions Of property. 1t has fallen so low
and so continues to fall, that no man
will invest dollar in it, Mortgages
executed ut 40 or 80 per cent. Of low
valuations made since the panic are
not even now worth the money loaned.
Men who two years ago bought real
estate, improved city property, and
paid half the purchase money, cannot
now sell the property for what is due
on it. 1t has always had precedence
over all other securities. 1t is now in
this country of least value 1t has fall
len below all other property. It's de
cline is continuous and more extern
sive.
There is q cause for all this. We
forbear any estimate of the amount of
the outstanding mortgages on the real
estate OF the country, but it extends up
among the thousands Of millions of dol
lars; this properly is now so nearly
forfeited for what is due on it that
there is hardly hope that its owners
can redeem it. The value Of money
has been so increased that uRless there
be change in the downward tendency
of property the great bulk Of the real
! estate in the United States Will pass in
to the hands Of the few money-lenders,
and there will be a landed monopoly
here as great as in other lands. Con-
gress is now in session, and, to break
/ up this revolution in the value Of mon
" compared with other property, It
,.lli,t remove the cause which has pro
duc,,d this extraordinary condition Of
affairs. III our debts, public and pri-
waite, beiI,r payable in gold, will have
To be paid In gold thus Unfortunately in
creased in value, The greenbacks will
be retired. The b.Cnks, not willing to
wait until compelled L, bCy gold to re-
deem their Eotcz. have WI +hdrawn their
currency.
On january 1st 1879 the paper cur
rency will be Withdrawn from cir
eulation; all debts vii be payable i'll
gold, and the gold VIII command i
large premium in all other descriptions
Of property. Confscation will be IN
evitable. If real estate cannot COM
mand price now, what Will be its val
ne in gold then? 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
foreclosed mortgages.