The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-07-20
THE BUILDING INTERESTS.
How they Would Suffer from tho Free
Coinnge or Silver, 2

Architecture and Builder: The I'M
nortance to tho building interests Of n
decision favorable to n gold standard
can scarcely BIO exaggerated. No other
branch OF business rGlics more upon
borrowing money for! It's activity. Land
and buildings have been through MI
umo tho standard security. In such
matters nothing has been considered
moro secure than irst mortgages on
real estate, In fact, in any Of our cit :
les and important towns Ii viii be
found that few properties have been
improved except BY tho use OF more or
less money so loaned. This class OF in.
vestments has always boon sought by
careful men who have wished TO secure
70 thetr families u competency beyond
tho reach OF ordinary casualties, Our
saVings banks. our trust companies, In
surnnce companies and other instlu.
lions, where security has been OF moro
Importance than lntge returns, have In
varapiy regarded this class OF loans
an the saIcSt modes of Investment The
consequence has been that compara-
lively low rates Of, interest have bCen
allowed on real properties, aud persons
undertaking building operations are
reasonably sure OF getting such moneys
Na they muy need to carry on their
work, with the result OF d continuous
activity In building operations In our
cities, -.
In considering the effect Of tho action
OF the free silver party In this cam
naISn, 1t may DO well to look at what
they propose In addition to free coinage
They suggest not only OpeHlnp our
mints TO free coinage at 10 to 1, but they
propose TO pay of government bonds In
silver RS we'll as gold. which would,
under their administration mean silver;
but they go further and would inter-
tere with private contracts IN this mat
ter, as Is stated In their platform: I'VE
demand that the standard silver dollar
shall be full legal tender. equally with
gold. for all debts. public aud private,
and we favor such legislation aS will
prevent for the future the dcmonetlM-
ton Of any kind OF lcgal-tCndcr money
by private contract" In other words,
they -aould pass legislation that would
prevent the insertion OF gold clauses
or other conditions that would secure
TO the one making the loan the posi-
bility Of so wording his bond rs to Sc
cure the return OF money equally good
with that he loans. n manifest Injustice
that must react upon those seeking to
borrow, and prevent to 4 large extent,
II once put In force, the obtaining OF
loans, and prove disastrous to building
industries,
1t Is argued that free coinage will
bring silver back to It's old commercial
value, or equal TO the proportion Of Is
to /. That this Is not likely TO prove
correct Is shown by the lIttle effect the
large coinage OF silver has produced on
the bullion value OF silver under the
Bland-Allison bill and the Sherman pur-
chase bin. Notwithstanding the fact
that $600,000,O00 OF silver has continued
TO fall. 80 that we may look upon this
measure as one that will not raise silver
In price, but eftectually drive out sold
and reduce the value OF all other Sc
curtttes-ln other words. give US n
hfty-three cent dollar In place OF q hun
dred-cent dollar. And to make an APP
plication OF this change 10 the real cs-
tate and building interests, We should
find 1t would create tho most violent
revolution In real values and enectually
stop building operations. This Is appar-
cnt from 4 review OF the manner in
which these loans are held. A large pro-
portion OF the loans, in New York at
least, are running. as 1t were, at the
option OF the mortgagers, and are sub
ject to call ut any ime-at first bor-
rowcd for one year. three years. and In
some instances for five years. after
which they have been allowed to run
on by mutual consent. The question
arises, how would the lender regard
this matter should he be faced with a
F...N 81, III !, IEa -
flfty-three cent silver dollar legal ten
der for the amount Of his loan? There
would seem to be but one course to
pursue. to demand either the payment
OF the loan or u new mortgage with a
gold clause; or, could legislation such
as IS suggested In the silver plank be
effected, he would have no other course
left. did he wish TO secure the original
value of the loan, but to compel pay
ment by foreclosure II necessary. It
needs no argument to show that such
conditions would produce 4 real estate
panic not only beyond anything we
have ever known, but passing the power
OF description. Experience has already
taught US that II does not take any
great depression In real values to pre-
vent improvement OF property. and we
might well look for, under such condl-
tons. an entire suspension OF building
operations and n blow to this industry.
which years would not repair.
However much capital might suffer
from the enactment OF a free silver coin
age law, the effect on the operator, me-
chanlc and laborer would be even more
disastrous. 1t would result III labor dis
turbances whose magnitude and rlotous
ferocity would sink the worst in our
past history into insignificancc.
When we consider the effect In 1893
OF the suggestion Of silver payments and
the check It placed upon architectural
and engineering works, we can form a
slight conception of the effect OF 80
revolutionary measure as the free sill
yer party desires to force upon US. The
loss of work to architects In conSe-
qucnce has made, the last three or four
years, beginning with '93, dark days In
professional memories, but those times
would be remembered as comparatively
good when compared with such as
would follow the success OF the present
silver party. And strange 10 say, the
advocates OF these measures come from
the states whose present public I'm
provements and great cities would have
been impossible except for the aid Of
moneys borrowed from the enst and
Europe. No section OF the country
would actually suffer more than the
west and south were they cut off from
the moneyed centres OF the world. With
out the great loans they have been able
to secure this country would be,wllder-
ness still, and should they he with
drawn or cut of, the activity and ''hus-
tie" In which the westerner takes SO
much pride, would become u thing OF
the past.
The great progressive callings Of ar
chitecturc and engineering would find
theIr~lfe blood drained by the measures
these mcn advocate. Our great building
operations, engineering works and
Transportation facilities depend on q