Year: 1874

cidental questions growing out OF it. such as
specie resumption and free banking referred to In
the message containing the Veto continue to form
the subject Of discussion in this market While
there Is a largely imperfect comprehension or un-
derstanding Of the merits involved in the Prest-
dents act and the recommendations which &C
companied It, not surprising when one regards
the average mental calbre OF what is known as
real estate men-that is, owners, dealers ana
agents or in and for real estate-there is steadily
growing appreciation upon instruction, among
that class who need instruction, OF the important
benefits resulting to their special interests from
the Presidents independent act, while among the
more intellectual


ADMIRATION Is BROADENING INTO EXPECTATION
OF an early harvest OF these benefits There Is STILL
however considerable anxiety among all classes as
to the influence likely to now from the adoption
Of the Presidents recommendation in regard to
specie resumption, as well as how Congress win
interpret his desire for free banking. And first in
regard to specie resumption Real estate owners
naturally, without rejection, dread the effect OF
policy Of boarding to be pursued by the Secretary
OF the Treasury, which will have q tendency to
drain the market OF coin, and as they assume, to
advance the gold premium by making gold scarce.
TINS last deduction seems q sound enough infer
ence, but nothing was ever more fallacious The
country is not drained OF its specie when It is
boarded In the Treasury vaults. Enough is sure
to be left through the stimulus 1t will give to the
production OF our mines for the legitimate wants
of commerce.


SPECULATION IN GOLD MAY LANGUIsH
in face OF the strengthening attitude OF the gov
ernment towards the market. which would render
1t peculiarly unsafe to tempt any further corner.
ing. Besides, should gold advance by the deple-
tion OF the market, the effect would be only to
"a iun Of Inv
necessary for our consumption, and throw US
more completely upon ourselves for articles of
domestic production and manufacture while the
same advanced premium would procure for our
products higher relative value in the European
markets. These would not be evils, but rather,
as the premium on gold which occasioned these
results would not be In consequence of q scarcity
Of gold brought about BY the shipment Of the
precious metal, but simply because OF its accumu-
lation by the government they would indicate q


INCREASED DOMESTIC ACTIVITIES


and greater national prosperity. England in this
ia us ner eT G non ~ 1 W. anu
her people. But 1t H equally certain that the
boarding OF gold by the Treasury would not ad-
vance the premium to an abnormal figure, mas
much as such boarding, having definite object in
view-namey, the redemption OF the outstanding
greenpacks-would appreciate sucn greenbacks
with every addition made TO this redemption fund,
bringing them nearer TO . par with gold, and SO
speaking, Is not premium but the inverse state
ment ofthe discount on the former from the stand
ard OF oil commercial value. Thus


NO FRESH DISTURBANCE NEED BE APPREHENDED
from any movement made on the part OF the gov
TO 1sae
and certain does this seem, promising the desired
goal quite rapidly enougn-tnat the nation should
plish this purpose, the rather that one OF the
sults like,y 70 dow rom policy IKE that recon.
dltion be made to the public debt. the tightening
Of that interest burden in the stimulus it would
Der Cent bonds authorized M By the AIT preseut
Funding act, There Is nothing, therefore in
the Presidents suggestion regarding specie
resumption to OCCASION uneastnesS in this
market; but rather, lnasmuch Is values have al
ready adjusted themselves to that standard, as has
every ENCOURAGEMENT to look forward to revived
interest in the market increased activity and


FROM THIS POINT FORWARD APPRECIATIvE FIGURES.


The next subject OF interest in this now famous
veto message OF the President is his recommen-
daton in lavor Of free banking, and this is caught
up by many as onering chance yet whereby
the imitation purpose OF the present Congress
may be carried Out. This might be true II
his understanding OF the term, but he
banking with proper provisions for redemption.
This Is very Important reservation, as showing
that not only will there be no imitation through the
issue OF more greenbaCkS or recognition OF the
authority OF Congress to legislate upon the legal
tenders In time OF peace except to provide Tor
their redemption, but that there shall be no infla-
ton through any free banking scheme-wild cat
banking 1t might be better called-as no tree bank
ing bill will obtain the approval OF the Executive
that does not make proper provision LOT the re-
demption OF circulation. Thus


THE DREADED NIGHTMARE OF A WILD CAT CUR


RENCY OF BANKS


Is removed at the same time and by the same act
was the spectre OF On unlimited issue Of.legal
tenders, and the real estate market stands face to
face at this its point OF EXTREMIST depression,
with specie resumption in the approaching future,
aadwitn and every inducemcnt to q rapid recovery,
values, such as 1t has not presented since period
anterior TO the war, however much activity 1t may


No city, either ia the Old or New World. ofrers
more superior inducements to investors than does
this city at the present time. With


AN AREA OF THIRTY-NINE AND ONE-HALF SQUARE


MILES,


the population OF the city is densely crowded into


little over one third of that space its southern
end leaving nearly two-tnlrds Of the northern Sec
ton open TO every kind OF Improvement that In
vesors might DESIRE with diversity OF locality in
respect to surroundings that procures the largest
variation IN the matter OF price. Indeed OF large
% II an aihoar may Il pe sad %u
numerous neat and thriving villages, but as 1t has
all been brought under the control or the ordinary
municipal departments, 1t presents In this respect


TIKI DOUBLE ATTRACTION OF RUS In URBE,
while promising At no distant day to have all the
conveniences OF the more closely portions OF
the metropolis. The one great need to the rapid
development OF this northern section is rapid tran
ST, and although the present Legislature may pos
siby adjourn without giving Us any relief IN that
direction 1t Ii rendered the more certain from the
debates which took place during this session that
we are certainly, If only gradually, approaching
solution Of this.vexed question, and that the ap-
picaton OF some practical system OF rapid transit
to the wants OF this city cannot be much longer de-
layed. Investments may certainly be henceior-
ward assumed to take their coortng from the
tion, and while 1t is still an indeterminate
quantity IN far the actual result can be anti
clpated, we cannot avoid RECOGNITION or the GER
tainty Of some result, and must perIorce look to
rapid transit In the future near or remote, as so
far as speculative values are concerned, fixed
TACT.


The offerings in the public market yesterday
were quite considerable and varied, attracting a
ing quite spirited bidding Most OF the property
.uac nrn N ed under nrder or