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Record and Guide.
DlV&TtD P REJkL EsWE.BuiLOIf/o *;R.crflTECTUR.E',HoUSEriOlI)DECQRATlorf,
Basii^ESS Alto Themes ofGe^i\aL IKtei\,esi.
PRICE, PER YEAR IN ADVANCE, SIX DOLLARS.
Published every Salurdiiy.
ronimiiuicatlons fihouhl be nddrc.'s.scd to
C. W. SWEET, 11-10 Yesey Stieet.
./. 7. LIND'SFY. Business Manager.
liliOOKLY.N OKKKK, l.'7(i-282 W.\SIIIN-GTON' STItKKT,
Orr. Poi^T OiFicR.
(irs \vill be niiide by Austrian caiiitalists to revive the ancient
eoinineree ot that streani. Should events ])ro\ e tha't President
l'ena!ia,s stated the situation exaetly and tliat .Vrticnlin.i is in a
liosilioii to meet all ils liiiiincial oblifjations, tliat faet will lielp
(he sitnalion niateriall.N'. Engli.sli .jciirnals of weight and stand-
ins are poking a frreat deal of (|iiiet fun at Mr. Halfour beeause
of his eiirreiu-y theoiies, and as his leniarks have been so widely
eiieiilated here, it is just as well tliat it .should also be known
how they aic regarded at home. As a matter of fart. .Mr. Hal-
four as a currency expert has no more wei.siht in Lombard sireet
than .Mr. Uland iu AYall street. The only ditterence between
the.se two jrenllemen is that owinf;'to the varialioibs in the sys¬
tem to whicli they severtilly lieliin.y. .Mr. Halfour has less oppoi-
(nuity for niischief. notwithstanding the vast superiority of his
IKiliticil position, than has Mr. lilaiid lier?.
•Entered al Ihe rosl-office at Xew York, N. T., as second-class matter.
Vol. 1.1 if.
MAY 10, 1891.
For additional Brooklyn matter, see Brooklyn Department imtnediately
foUotcina Xew Jerscu records (page fi'21'i.
WHILE outside conditions show no improvement and still
favor the beai side, there ;ire .some indications of at least
a ehaiifrc in the speculative feeliii;; within the stock market.
The declines oi the past tive weeks have been sutticient of them¬
selves to mtike il reaction iirobable, and (he sclliiiK of the hist
two diiys lias lieen severe enough to arou.se the suspicion that
part of it Wiis due (o a desire (o iiick ii)! stocks in adviince of a
chiinge of .sentiiiient. Theshiimient of secniities instead of ,i;(ild,
^lre^^ollsly announced by a laijie foreij;n honse this week, also
supports this view. The only clians'' iu general conditions is
the iiidi<iition that the Senate may f;ive 11)1 (hillyiiif;-with the
Tiiritt'bill and settle down to its considenition in it Inisimss-likc
Wiiy. If that can be brou.nht iibout it will do .sonic nood, thoii,i;li
not nnicli now (hat Ihe summer is almost upon ns, iind ci'itiiinl.v
uot nciirly as much iis the .Semite itself seems to think. The
iiKist threiiteninjr featnie in tli(^ situiition is the s'eiit shike of
workmen iu the soft coiil rcffions and its eonseqiieiices
to transportation, niiinufiictures nnd tnide; if this ciiii
be sjieedily settled the result.s would doubtless be very
benetieial, but as Ions as it continues improvement in
auy particular line of trade can only betempoiiiry. The Hojvlish
eoal strike of last year iind consequent lo.ss of business by the
railroads fiiiled to att'ect the viiliies of home securities as much
as it Wiis feared it would, and it is to be hoped thiit the prices of
onr own will .show ii similarly siitisfactory resistiiiice to evil inllu¬
ence. The comiilaint of no business doing coutimtes to beheiird
in almost every liue of seneiiil tiiide, and if any Siitisfaetion can
he extracted from the commercial situation it is tluit the mills iiud
factories that started up .since last fiill, tlionsh running on short
lime, apparently luamifre to tind a maiket for the limited liues of
soods (hey are producius; ii prolougiition of tlie soft coal strike,
however, will soon reduce even this narrowbasis for satisfaction.
,% USTRALIAN fiirmers are receiving only from forty-three
-^ *■ to forty-five cents a bushel for wheat, a result so niisa(is-
Irtctory that wheat-growing has rei'eived a decided clieck in
Australia, and some of the land now devoted to that cereiil will
revert to pasture for ii few years iind as a conseipience the
exportable stiridus of whe.it will become leduced. Tue iitten¬
tion of the fanner bfiiig turned from giiiiii to meiit-viiisin.g a
decided increase nniy be exiiected in the amount of frozen meat
sent from .Xustiiiliii to the Eiiiopean niiirket, uotwithstiinding
that this niovement hiis iilmost trebled in three jears. The Mel¬
bourne market hiis received a good man.v orders from London
(o buy local secniities. Among them the Biokeii Hill mine
is ill favor. This mine produces silver at about forty-six
cents iiu ounce. The bu.ving niovement in its shares is indi¬
cative of a better feeling in legiird to the future of silver
among London operators. In the course of a discus¬
sion of the French budget M. Leroy-Beaulieii says ils
composition was siibordiniited to two ob.iects: First, to mask
ils far iis Jiossible a deploiiible situation, whieh is the best
nieaus by prolonging delusions and deceptions of rendering it
still wor.se : second, to avoid at iiny cost, or at least postpone, ii
public loan, whieh, if the timiiices were carefully managed,
would be necessary tmd would serve as a warning that expendi¬
tures should be energetically restricted. The returns of the
Paris Clearing House indiciite more iictivity iu business. Berlin
dispatches are tiiken u]i with ciimphiints of the dull;i js.; of busi¬
ness and the continued sutt'eriug inflicted ou biinlii;ig liouses
as a eonseipience of the boiir.se tax. Iron and coal shares,
■which advanced on the completion of the treaty with
Russia, are reacting severel.y. Austria hits all the gold
required for the standard reform ready and the reform
is piiicticiible as soon as thu gold in hiiud is minted.
AVith the removal of obstructions to uiivigiitioii on the
Danube, expected to be completed in two or three year.s, cudciiv-
Bv Ilicu.uiii T. Ki.v, UNivi;R~irv of Wiscon.'^in.
TH!-: IfTllti; DKVKI.Or.MKNT Ol" I'ltlVATK rilOi'KKTV.
AVV.W words in regard to the develoimient of the social side
of private proiierty iii<^ still iiecessiiry. It miiy b" said
thiit the geneiiil rei^ognitioii ot the fact of the social side <iF
pri Ville propert.y iind of the snineniiicy of this side would in its
iiiiluiiil eonsequenccs produce all that is desiiiible. It would,
from (imctii time, iiff-.'ctlegi.slation. It cotild sciircely be jiossi¬
ble to enumerate the classes of legisltition v.hicli would be
a fleeted, bnt iis one great iiro.ject of legislation iifter iinother
iiios..', it could sciircely fail treipiently to iirodiic;' an ett'ect.
(U'teu these ett'ects would b:' extremely sniiill in .sin.gle cases;
but iiltogether they ciiiild scarcely fail tub;' important. It is,
le)wever,when we ciime to.jiuliciiil deeisionstliat quite iis import-
iiiit ett'i'cts Avould b.'likely to b:> seen. Tlia spirit of.juiliciil
decisions wotdd oiieii be chaiig.'d. One instance hiis iilreiidy
been given, but thi.-; is only one of uiiiny. TiiXiition, its aheiid.v
inliniated. would iissu'.ne ii somewhat dili'i^rent chaiacter in cor.-
seqiiencc of tiie generiil reognitioii of the social siile of ]irivate
piojierty, and iii parlicid.ir we would have ii develoiiment of
iniieritiince tixes, of whieh more will be said presently.
1)111 it has also been stated that we require a further develop¬
ment of iMiviit!^ Iiroperty. This nniy seem to coiilradict previons
stiitements, bnt it does so only at lirst glance. It is aloug dif¬
ferent lines, for the mo.st piirt, that we need tlu' development of
priviite property. There are ciiscs, however, in which wliat is
needed is development alirig (dder lines. The oysti'r siijiidy in
the Cliesap;.'iike otters an illiistriitiiin. This oyster .supply is slill
common jiropert.y. Any one mii.v take thi^ o.ysters ont of the
Chesapeake who desires to do so. This liiek of efficient regula¬
tion did very well in earlier days, but now that (he deniand li:is
become so great, o^■Kter culture is called for, iind probabl.v there
iue few opportuuities in tliis country to invest labor and cajiital
\vliich v.oiild bring so largj ii return in ii desiiiible
food Jiroduct, so fiir as (jiiantity of tlie food is
concerned. But manifestly it is imjiossible tlmt there
.should be culture of oysters without .some iv.gnliition of
Jiroperty, aud this regnliition cau not bsof a volunliiry eh:iracler.
If nineteen men should agree upon rules and regulations for
oyster Cld ture, die twentieth iiiiiii would come iiloug iind would
rob them of the fruits of their toil. Either we must h.ive regu
lilted pnblic culture or private jirojierty must bo so develojied
(hat it will be jnissible for one to enjoy at least a jiiirt ot the
fruits of his toil, otherwise (he present system which is robbing
fiitiire generations must continue. Itis not necessary to iinike
the bed of (he Chesajieiike jiriviite property, as tho.se desire who
would .jumj) from Oil'" extreme to the other. It coidd be Iciised
in parceb for jierioils, iind the right of private jirojierty given to
the les.see in th? oysters which he .grows.
It is, however, the jiroperty ri.ghlsof those who have been the
weaker members of society which need in ii sjieciiil degree
further de\elopinent. Legishition always represents actuiilly
existing social forces. If a liiw is passed it is because it has
something back of it. This would require scarcely more than
menliiui hiid we not heard so niucii ab.surd tiilk iibout the
e.juidity of iill before the law. This legal equality of all is iis
strange a Iietion as iiitelligeiit men have ever be(^ii bruu.g'.it to
believe. One has ouly logo to Washiugtou or to one of oui-
State ciijiitiils and watch the fate of bills to discover that tho!-:e
bills whicli become laws iire tho.se bills which have behind them
sirength, iind those bills which f.iil to become laws fail becaii:c
they liick iidecjiiatc' social force behind them. The laws of jnoj-
city bi'ar out this stiiteinent. Literary jiroperty att'ords iiii
excellent illiistiation. It has luid a very tardy develojiment) ard
can scarcely be said to be siitticieiitly secure at the jiresent
moment. Long after it Wiis a penitentiiiry ott'ence (o deprive ii
fiir.igner of his iir(ii)er(y in material (hings like hind er
houses, it Wiis jierfectly legitiiuiite to dejirive him of all
* Commeuced iu So. 1,357. Copyrighted by tlie Record and Glide,