The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1909-05-09
THE LAW OF RECESSION.


The law OF recession is as immut
able and the law Of progress. They
operate separately, and yet together
alternately, and absolutely, on'
against the other. in obedience to tht
varying causes that lie beneath and
behind them. One supervenes fol
awhile and is displaced by the effect
Of the other, though happily for al
mankind, the law Of progress takes
precedence and holds the higher sway
and yields the influence Of profounder
value.
The working OF these two great
organic agencies is best illustrated in
the growth of cities. They advance
and recede alternately through the
years, according to the impulses that
control them. Take Portland, for in
stance and it will be seen that a placs
Of even extraordinary wealth and in
fiuence may not really govern its own
destiny at viii. After period Of hot
and reckless real estate agitation, in
which the last limits Of hypothetical
and groundless policy have been en-
ployed to boom her, she is on the
wane and the most desperate adver-
Using cannot stave off the reaction.
She has used the uttermost trick Of a
famboyant trade to build herself up
and has attained TO the end, which
is always fixed by the laws Of supply
and demand, and she is wrestling
nightly and vainly for continuance
of the market that has failed in obed-
fence to the fiat and logic Of that end.
The speeulator has bought Of her dis
tant and valueless lots not as bargains
but on the gamble incident to the
quick and ready sub-sale, and the sub
sale failing, he has refused TO go
further, and holds his risks subject to
the chance Of selling later, if possible;
the home-seeker has bought, and is
up against the denial of the shark thar
sold him to make good on the Aatter-
ing promises that induced the buy,
and the home in the remote suburb
is still unbuilt; and it is likely to re-
main unbuilt so long as the salary
and-income-eating range of taxation
to which that municipality is subject
shall continue in force with the GER
tainty of counteracting every dollar
Of profit on the investments. Port
land has taxed herself into state OF
partial paralysis.
The only activity in the realty
market at Portland is found in the
great negotiations for commercial
holdings in the heart Of the city and
these are not born Of any boom but
are the incidental expressions of the
natural normal growth of the city and |
the fierce demands of local competi- |
tion. These things occur in every big |
community, without reference to sea
son or extraneous impulse. The re.
cession is on there, and it is quite as
palpable as the empty boom that
preceded it. The sham of it has be.
come manifest and no amount of gilt
tering advertisements will revive it,
no office display and hot air will in.
fate the punctured Portland boom. 1t
is off.
The vast accession of taxes and the
certainty of more to come, have much
to do with the collapse; it is newt
able that the recession should follow
the realization Of the tremendous
burdens put upon them by the men in
there. Their own great
paper warned them vividly and vitally
Of the collapse when it waged hot war
on the tax levies that meant nothing
short Of confscation; but the warning
was ignored and the crash was not
It is there, and will re-
main there, until the normal poise Of
The community shall be regained. /
This is one of the impulses that make
'or the backward movements of great
;ities; and they. cannot be disguised
Tor disregarded forever; man is not
lever enough TO disarm the larger
md fateful agencies that work these
.evulsions, and certainly Portland is
LOT strong enough to resist or qualify !,
hem And her impotence in this
Erection is to have another raw illu.
tration in the defeat that awaits her
n her venemous and vicious fight
gainst this seaport in the matter of
he common point rate on grain be- !
ore the Interstate Commerce Com
lission in the near future. Even a
ity may make beast Of itself, and
ie Portland hog" is Of the beastliest
ersuasion we have ever been tip
gainst but we fear it no longer.