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Real estate record and builders' guide: v. 22, no. 541: July 27, 1878

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXn. NEW YOKK, SATÜEDAY, JULY 27, 1878. No. 541. Published Weekly by TEBJIS. ONE YEAK. in advance....SIO.OO. Communications should be addressed to C. MV. S'WEET, Nos. 345 AND 347 Broadway POLITICS AND REAL ESTATE. Tho nianager of a specialist or trade Journal is not called upon to intrude hispolitical convictions upon his readers; indeed, he is not expected to eutertain any except for his personal gratification. And yet, in a country where political agitation is a chronic ailment, univei-sal und unremitting, it is dinieult for tbe rcA'iewer to escape reference to such disturbing influences, or an attempt to as¬ sign to them their proper value. Congress has beeu fitly deftned asa"standing insurrection," and the various legislatures and raniified po¬ litical Conventions throughout the country may be as justly denominated minor niaga- zine-s of explosive materials. The clashing of interests and conflict o£ opinions that in Europe find their i^eriodical expression in red handed Avar, here seek a natural aud ready escape in the vaporings, maliguings and upbraidingsof political assemblies. As polit¬ ical subjects have ahvaj'S interested the masses of the people, it is to be expected that they will con¬ tinue to be vital and absorbing topics for all time to come. This genei-al condition of society is Avholesome and beneficial wlien rlghtly appreci- ated aud understood, as it betokens intellectual life and physical energy iu population, whereas its absence would indicate a fatal and ominous torpor of sentiment and interest. The business of politics in this comitry is getting to be the occupation of a class Avho bear to aetive business raea somewhat the relation of menials to their masters. These politiciaus, like cooks and butlers, lately contracted habits of lying aud stealing, which are offensive to the country and justly merit reprehension and correction. Other- wise they are a clever, barmless set of people, genial, open-handed and compassionate of the poor. In personal character they are often supe- rior to church ofHcers who have deliberatoly robbed. the people in savings banks and life insu- rance companies. A safe and proper equilibrium of society is established when the political class is compelied to act as the obedient servants of the whole people. While that equilibrium is threat- eued with serious disturbance when in one State, or iu all the States, special interests succeed in acquiring an absolute mastery over the political class. It is of the natm'e and disposition of the political class to exaggerate and magnify its Office and to be constantly parading itself before the public. In furtherance of this purpose, undue weight is apt to be attached to trivial circumstan¬ ces, and matters of little or passing moment are madetoassume the importance of prime questions. Inexperienced Citizens and persons new to the country are apt to be dismayed and misled by the portentous mutterings of politicians; Avhereas the very act or agitation that is so greatli' deplored, may be notbing more than a s-ilutary escape valvo for some suppre.ssed aud grating grievance or in¬ jury. The Chief political study of business men should be to determine the exact value aud importance of political movements; to winnow out the insig¬ nificant and trivial oues and dismiss them from view, reserving the notable and sigiiificant events as objects for careful thought aud scrutiny. WhUe general business iu its ramifications, aud particularly in speculative branches, may be more or less affected by all political movements, the great solid and legitimate interests of the country are but little moved thereby. Political disturbance of even the mildost type is pretty sure to send a sj'mpathetic pulsation through AVall street. But th is department of busi¬ ness, though representing luouientous interests, would hardly be taken as exponential of legiti¬ mate interests. It is meet and proper that highly speculative interests should be the most sensitive to political Vibration. Business relatious cou- cerued in Imports and exports are directly and seriouslj' affected by agitations respectiug the tariff, and all business, in the highest degree, is suro to bo affected by legislation concerning tbe currency. But outside of Wall street tho severest political breezes can searcely be said to produce more than a ripple upon the surface of business affairs. This statement Avill require neither illustration nor argument for those who have en joyed an aetive busmess oxperi- ence of the past twenty-five years, or who can recall any portion of tho tbirty years' Cru¬ sade against slavery. Political agitation, in- volving the bitterest antagonisms, uever ran higher than during the celebrated presidential campaign of 1S.5G; but there was, probably, never a more solidly prosperous year in the history of the country than that; since it preceded tho year of the great panic, and furnished the broad basis on which tho expausion and iullation of the spring of 18.^7 was predicated. We caunot construe the four years of tbe war as being years of iiolitical agitation, because the loyal States were Avelded into a practically solid mass in the great effort for tho preservation of the Union; and politics then were neai'ly obliterated. Sprightly and vivacious political agitation upon sound public topics really seems to invigo- rate tho minds of our people, to develop their energy and to set them in productive and con- stnictive motion. It has been the common expe- rience for the past twenty years that the seasons of the greatest i>olitical comraotion haA'e been also the years of the greatest business activity. It is only when vital and organic topics are touched or discussed, such as the firing on Fort Sumter. the Trent affair, the impeachmeut of a President, or such exceeding grave topics, as theunsettling of the tariff and currency questions, that a shock or pulsation is sent through business affairs sufflciently powerf ul to stop or slacken the machinery. Probably of all interests in the country that of real estate is least liable to be affected by common political agitation. In its legitimate aspects, such as the erection, selling and renting of buildings, agitation of currency questions is the one Single topic that can seriousiy disturb it The oppres- sion of taxation is of cour.so a verj- important problem in real esttite calculations, but this can¬ not be treated ns a permanent or incuruble con¬ dition, as this abuse of governmental authority is certain, in time, to correct itself, and the oj)- pression to be finally removed. The ebb aud tlow of real estate values are obedient to laws quite independent of the opei-ation of ordi¬ nary political causes. The normal condi¬ tion of tho real estate market is one of raoderate or well-measured activity at mean values. The upward motion is usuallj' be¬ gun in response to some widely extendetl im- pulso of iullation; while its periods of greatest depression have followed the incA'itable recoil and reaction which sets in the moment forcible con- traction is cotumenced. So far as political agita¬ tion may check or i'estraiu the projectivo or speculative enterprise of the people it may be deemed to cxert a wholesome and desirable iiillu- ence us being favorable to the conservation of real estate values, and to the jireservation of normal Standards und methods. The business classes of the country must accustom themselves to tolerate any jia-ssing disturbance that may arise from ebullitions of extreme partisanship among the politicians and sttitesmen of tbe country, and the real estate owner of all others may look on with the utmost composure, securo in the confidence that the value aud Utility of his commodity are as certiiin and imperishable as the nature of the property itself. The steruer recourso of war Avhich is ever present in the minds of European finaticiei-s and merchants, maj be regarded as the most remote if not im possible contiugency that niaj- hcreafter arise in this countrj-, whether of foreign or do¬ mestic character. The oxperience of one great war will be suöicieut to satisfy the American people for a centurj- at least. It Avould puzzle a soothsaj'-er to foretell on what pretext or iu what direction the next speck of Avar niaj- looin up in our horizon, if it ever should. Tho destinj' of this counti-y is clear and piain. namelj', to present to the world an exhibition of the highest intellectual and industrial develop¬ ment, free from those jealousies, attritions and ambitions Avhich constantly hamper aud erabitter the life of the old govemments, and the con¬ dition indispensable aud precedent to the füll expatiation of that destiny is—Peace. PATCH WORK. Availing themselves of tho exceptionally low prices of labor aiul materials, the lowest that have been known for fif teeu j'ears, and quite as low as the avemgo rates that prevaiied before the war, ownei-s of old houses and buildings susceptible of improvement have been busily engaged during tho past three j-ears in improv- ing their condition and in adding more or less expensive boiterments. lu many cases, the in- teriore of houses havo beeu reniodeled, the walls being stripped to the bare brick and lath. In many other cases, fronts have been taken out, stories have been raised with the aid« of jack- screws, and an entirely new exterior appearance given to buildings. In a few instances, these alterations have extende.l so fai- as to obliterate every visible vestige of the original building, ex-