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ttlE f tikbRY Dl^ LANt> SI^CULaTION.
Aftel- the fclbse of a bailie il bbcolnea Ule diily
of tiie Gbiieral-iu-Ciiret to slil-vey the field of ac¬
tion, to bm-y tiie dead, to provide for tlie Avouud-
ed, to study tiie causes of disaster and to carefully
Uote the elements of successful reslstauco.    \Ye
are disposed to regard tlie era of laud bpeculatiou
Avhich 1ms recently culminated aud closed, in tiio
Ught of a great contest; und ourtioive'S as studioua
spectators contemplating the grand affi-ay.   In
the earlier stages of the campaign, tho hoafc of
speculators an they saUied forth and struggled for
tho vantage grounds of speculation nuiy be fitly
said to have rosomblod a  victorious invading
army capturing pohit after point of the enemies
country, until at last they found thonmolvos in
undisputed possession of tho entire territory.   In
the sheer absence ot other Avorkls to conquer, tho
battle then lulled and the victors gorged Avlfcli
BUCC088  became reckless and unelrouui8poet="
mox'O engaged in appropriaMng and devouring
tho spoils, than in safely garnering antl protoofc-
lag their uequlsitlouB.    Buddonly tlio note of
alarm is sounded in tho  eamp="a mutiny is
abroad, tho mortgagees, horotoforo truHty ana
oomplaeont oilies, are all at onoo aroused and
deeply concerned for an equal distribution, the
payment of their tolls, imposts and bounties, and
in  default of compliance AvitU their demaudfi,
threaten the assertion of liheir reserved rightfi,
Avhlch means conflsoatlon of the seourities pledged
for their protection,   These mortgagees maybe
regarded as flnanoinl, more properly than physi¬
cal allies, holding immense rannomaliypotheoated
to procure the sinews of Avar, At all events, from
friendly alUes fondly relied upon for suecor and
support, these mortgagees are suddenly trans¬
formed into marked antagonists, prepared to en¬
force their rights to the extent of tbe reversal of
the former victories and the obliteration of their
fruits.   This the real battle, or hand to hand con-'
test rather, no longer a mere metaphorical oue, is
now raging between speculators and mortgagees.
It marks the sharp outlines of a portentous revul¬
sion, and is found to be an entu-ely unequal strag¬
gle, the mortgagees having the Law on their side,
and being equipped and armed with thepoAverful
weapons, which that dread commissary supplies.
These contests are daUy being reenacted and re¬
newed in the arena of the several courts; the re¬
sults of the different issues being set forth before
the geiieral pubUc in tlie unceasing stream of
foreclosure proceedings and the daUy recurring
reports of auction sales.

Dropping the language of metaphor and ad¬
dressing ourselves to the consideration of our
present theme, we are puzzled beyond measure at
the outset to discover what charm inheres in this
matter of speculation in bare, vacant dead lots;
-yrhat fasciimtiou holds the enraptured mind oi





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fcBlil^ss BUl-sglVeUlbi i'.]s^ IB '(iSiiiig iiiiiiEi- '^Ul

liiagib sikil iii'e ^M', lidid, i-^ilil^iVfe ^elll-ll\ 'cilli \%-

'c'aiiib bialli'e'ci iVitli siibli ii-i-b;i^tii4 dlti-^AbUyiis;

giVo billlilBsBiildlly iii-igiil lli-ecillls8t lilBslibbllAe
AvfedlUl tUicl ilivesl iLeif willi silcli siiecidils lii-oiii-
isfe^ ot UilWiti iil-biil.   Ve call i-eddlly hlidei slaild
tile cUse  oi tlie  entei iu-lsiilg  lUlcl vehtUlesonic
piolleer Avllo eiulgl-alesi to i-cuiotc aUri Udclvilij'cd
regioiW, A\ liere by diilt of liisi palienl iudllstfy ulld
self-doiiyiug toil ho roclaiiiis wtislo add barrel!
land; by folUngii-oes, uprooting sluiuii'^ aud as-
&i(Uious cultlvjilion of the Koii, ho renders that
AAhloh Avu'! vahiolcss and unproductive a source of
incouio und support lo hiy iandly.   Wa can fur¬
ther undorstand, that as time rolls on and the
surrounding neighborhood  bocoines  developed
and settled, that a natural appeclatjiou would lake
place in tho value of tho laud, from wliich there
Avould bo Hkely to result a proilti of soA^erul liun-
dredper cenfc. upon the original hivesfemeut.  Wo
can Imagine another epoch in the history of «uoh
farming land, if it happens to bo loeatod in Iho
environs of a growing aud populeuH town or cifcy
and ultiinafcely einbraeed AvKihln Its boundaries,
when tho oneo broad acres ol! Iho farmer nilghb
b© required for buildiug sllefl an town or city lels;
in that case, aflor each aero has beeu Biibdivlded
Into its oemplomeut of twelve full oily lotp, we
eonooive tbat another signal eiilmneement ©r op=
preolatiou In the vakiG of thlfi land might oceui',
it is ,i\i8t at this point in the hifitory of land enter=
prig© that thespeoiilfttor in prnprhiprn'mw appears
upon the stage and plies hlfi peeuliar vooatJen,
after the man Qi toll has bestowed his capital and
labor upon tho land and has rendered it Busoepti-
ble of the speculator's manipulations,   During
the  interval Avhloh elapses between the sub=
division of farm lands Into city lots and the
point of time when sn eh lots are absolutely needed
for buUdlng improvements there is an area, and
tho only one so far as we can disoeTO, Avhen specu¬
lation assumes the oharaotes of legitimate bnsi^
ness,    The carrying of vacant lots durhig this
period, the bridging over of this inteiwai, may be
justly expected to result in a projBt---the propor¬
tions of whicli should be strictly guaged by the
amomit of capital invested and the degree of
risk incurred.   But after lots have been prepared
for market, have received aU the advantages of
street improvements, along with water, gas and
sewer service, tlie question of values must then
cease to be speculative and be governed entirely
by existing demand, and the abUity of builders to
produce buUdings upon them at a profit.   When
that stage of development has been reached each
lot may be said tb have attained its maximum
value.   Any addition attempted to be made to
such value by the artifices and devices of the
speculator   may   be   considered   purely   ficti¬
tious representing only the daring and courage of
the  individual  operator.    Speculation  in   land
then becomes a forcible effort on the part of the
speculator to leAiry a toU or bonus upon the builder
of a sum just so much larger than he is legitimately
able to pay as is the excess of value demanded.
While builders cwbe fouud who ^e willing to





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le ilie 1 isle, lo pay inore for llieir laud Ihaii

udgmenl AAanaups, the game of

surcessfiil.   liut us lUero
1-) <i ndtiiKTl aA ( i'-i lU In lo--.   dill tin   ukIi-u ' di >
iS a natural aversion to los«!, and an mdisposition
.)ii  Ult put   i>i, ul uil iiKl ,(i  t tub til   in    ui.ii   n;
oiii thepait of mankmd lo ombarJi: ih unpronl-

hljie sclieliibs', llils ei-ialic deiliaiicl loi- iots is illiiil-
ed, bbbii uisaiipeals butircly, aiid tlie spCciiialoi- is
iolcoci Id iliid diiolher Jtuii ivol. lieiicc, ni Iscs Iho
1^1 cat gahie ot sliccdlaliou. Tile Avild vagaries
aliu hel-oic iuUcies ol' llio olwl'dtor liicli coino iU
as iinljorlaiit faclols Avhclowitli the gdhio Im play¬
ed in despair of llndlug a Icgitiliuito dcUlulld
fi-oui builders at forced ahd uiuialurnl prices tlio
speculator sucks frcsli vloliiU'^ among llio HiiiH)lo
mludcd ulld ciodulous i)Ubllc. Uy cxaggeiallltg
tho inoritM aud crying up tlio special oxt'ollcuolcs
tiud advaiitagoii of liis ))ailloular parcel of laud,
ho hopuM, through shaor brazoii ufiHuraufo and bold
proclamaliou of hie views, lo induce unvvai'y and
uiiHktU'ul men lo embark Iholr means, Tiioso in
turn if they bilo al tlie ball, do m, hoping to lind
a new Bofc of coulldlHg oiiog, who will roliove lliem
of fchoir purclawes, aud pay a proill besldeSi
UbvlouBly, however, tho Bcivle of agceiidliig prioes
inu«l slop Bomowliere. Il la Imposelblo for vflenub
lol§ lo bo bandied from baud to luiud by spoeula-
loi'H gaining each llmo au ttooi'otlou of vttlu§
wllhoul auy atfcondanlenhaueemenl ef fclie lufci'lfl»
§le worlU of the pi'operfcy. The lasfc ipoGulator,
Avho liai ventured his money, beoomes tli§ flnal
sHlforor. Ho pays for his eredulity, and pins a
vftUiftble stock of exporlonoe in return.

The ease seems oven more surprising, vfhm w§
Invosfcigftle the mQilim fdpwmtt of tlies§ speeulft^
tloiis, aud dlsoov§r that these bold and flonfldent
men are willing not only to plant a margin ol
ready money lu their sehemes, but that they do
not UeBltate to issue bonds and mortgages repre^
aentlng tbe major part of the supposed vaiwe of
the land,   These bonds and mortgages are mstrn-
ments which have a perpetual existence until re¬
tired and cancelled by the actual payment of
their face value or by surrender to the mortgagee
of the property pledged for their security; and
that in the case of such surrender there ig a possi¬
bUity of a judgment for deficiency being recovered
upon the bond which entitles the creditor to seii?e
upon, and appropriate sulfleient of the debtora
other property whether real or personal to satisfy
his demand.   The original bond given coUaterally
with the mortgage is strengthened and fortified by
the voluntary assumption of its payment by each
subsequent grantee, this assumption constituting
in the eyes of the law an obligation, as binding
iqion each of these grantees, aa if the separate
and individual bond of each of them had been
attached to the original mortgage.   So that the
obUgation of one man as originaUy uttered be¬
comes adopted and guarantied by the whole num¬
ber of grantees,  who subsequently assume the
payment of it.   The total capital and estates of
these co-obUgors become equaUy bound for the
discharge of the original debt, and for any defi¬
ciencies which may arise under the foreclosure of
the mortgage.

It is when land speculation is viewed in con¬
nection Avith these peculiar forms of obUgations
that its real and dangerous eharacter becomes
apparent, What would be a reasonably sftf e trans-