Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 34, no. 868: November 1, 1884

Text version:

November 1, 1884 The Record and Guide. 1099 THE RECORD AND GUIDE. Publit?ied every Saturday, 191 Broadway, N. Y TERMS: ONE rCAR, in adrance, SIX DOLLARS. Commurdcatioaa should be addreaaed to C. W. SWEET, 191 Broadvay. J. T. LINDSEY, Busineaa Manager. NOVEMBER 1, 1884. The proposed amendment to the State constitutioQ, limiting the local debts of cities to ten per cent, of the real eatate valuation, is to be voted upon before the next issue of this publication. As we regard it as of vaatly more importance to tax-payers than the result of the presid^tial election, we earnestly entreat all our readers to vote for the amendment and get all their friends to do likewise. Elsewhere will be fonud a ticket containing an approval of the amendment, which can be cut out by persons wishing to vote for it. Anyone wanting ballots to give their friends can procure them at the office of The Record and Guide, 191 Broadway, up to the close of bueiness hours on Monday next. This amendment is substantially a copy of provisions of the same kind in the consti¬ tutions of Missouri, Illinois and other States. The time is com¬ ing, we hope, when a further amendment will restrict local indebtedness to five per cent, of the assessed valuation of real estate, but the ten per cent, restriction will be a good beginning to a reform which, if adopted, will permanently improve the value of real property. ' -------------9------------- Notwithstanding the enthusiastic approval of our city press when Judge Gresham was appointed Secretary of the Treasury, we ven¬ tured to question hia fitness for that position. Hie resignation after having held that office for so short a term was unquestionably due to the fact that his experience as an army officer and a judge on a local western circuit was not such as to qualify him for being the head of a department which required not only special technical knowledge but a wide acquaintance with all questions affecting the finances of the government. The selection of Mr, Hugh McCul- loch in place of Judge Gresham is a.wise one. That gentleman has not only the experience in the business department, but is a man of sound practical judgment. Secretary McCulloch is a bi- metallist, although originally he favored the gold unit of value. He probably is opposed to the further coinage of silver dollars, but he will give silver a fair chance and hia influence in the cabinet will be exerted towards bringing about international treaties, rein¬ stating if possible silver in its old place as a money metal having equal power with gold in establishing prices. Mr, McCulloch had to leave the cabinet belore because he favored equalizing (he price of gold and greenbacks; but subsequent events have justified the position he took. Mr. McCulloch will stand head and shoulders above any other member of the cabinet of President Arthur, This is not much to say, for it must be confessed that the other advisers of the President are none of them men of mark. Secretary Chand¬ ler is not lacking in ability, but he does lack about every other quality which should be Dosseseed by a cabinet officer. The new Secretary of the Treasury is on record as having recently criticised the decision of the Supreme Court on the legal- tender question adversely. He holds that gold and silver is the only coitBtitulional currency, and that no mere act of Congress can give value to a piece of paper. It is strange how this astonishing decision of our highest court should have been passed by in silence. Neither in the press, in political conventions nor in State legisla¬ tures has its legality or justice been impugned; but jet if it holds good we will certainly be treated to another trial of fiat money. Irredeemable paper currency has been tested over and over again and always with the most disastrous results. This legal-tender decision is as important in its way as was the Dred-Scott decision and is quite as surprising. We believe that the one will finally be eet aside just as the other waa, for it is not in the power of all the governments on earth to give value to a piece of paper, unless the latter ie convertible into one or both of the precious metale. Among the questions with whichSecretary McCulloch will have to deal is the bank note circulation. In four years the banks ha- voluntarily surrendered $67,000,000, but within the sam^ tenod nearly .tano nno nn» ..ih .^a ,n,., v,,n;„„ v-„ .„„- most of which has entered into the currency of tbe country in th© shape of coin certificates. It is eatimated that the net increase of currency in four years' time is about $129,000,000. A writer in the Commercial Bulletin predicts that the Treasury Department will have to double its gold and silver notes within the next few months in substitution of surrendered tack circulation, as the aame returns for redemption. The writer adds: In view of the early surrender of more than half the national bank cir¬ culation, the following eatiinate of the note circulation six months or a year hence may not be out of place: Fives, greenback ............................ |28f>,000,000 Tena, silver...............................^... 2(10.000,000 Twentiea. gold............................... 300,000,000 ODea and twos, greenback...............,___ 66,681,000 Total Treasury......................... «846,68I,000 Bank notea,.................................. 150,000,000 Grand total,........................... J046,681,OOO Present Circulation.......................... 869,681,000 Allowed for increaaa................... $77,000,000 It really looks as if the entire bank circulation would iv a few years be replaced by gold notes, silver certificates or greenbacks. For safety this would be au ideal currency, but something should be done to make it elastic, that is, to devise something that would vary with the wants of the business world. The banks in the long run would get along quite as well without the power to issue notea, and there would be an advantage in a circulation which could not be rapidly contracted by frightened and Irresponsible corporations. It ia evident that the money question will be a leading topic for discussion for several years to come, yet strange enough all refer¬ ence to it has been carefully excluded from the national platforms of the two parties. ----------•---------- The Republicans have made an excellent nomination for Mayor in the person of Senator Gibbs, who so heartily seconded Theodore Roosevelt in the reform measures passed by the Legislature last winter. It is very evident, however, that Mr. John J. O'Brien has no desire to elect a Republican Mayor, nor does he take an interest in any RepubUcan candidate, save his nominee for District Attorney, Charles S. Spencer. In view of the division between Tammany and the County Democracyandtbelargevote Blaine will poll the Republicans had a "dead sure thing "if a good candidate was nominated, who would be heartily supported by the machine ; but a candidate who could be elected would have to be a first-class man, and such an one in office would have antagonized Mr. O'Brien at once. So that worthy has made a deal, and we have no doubt that tbere is somewhere in existence a document apportioning the offices to be appointed by the Mayor during his forthcoming term between Johnny O'Brien and--well, with whom it is difficult to say. The popular impression is that the deal is with Tammany, but there are many reasons for believing that Hubert O. ThompBon is one of the parties to the bargain. Mr. O'Brien seems to have arranged matters very ingeniously for destroying every chance the Republicans had of carrying their county ticket. In the meantime the Tammany ticket is not losing strength, for upon the whole it is an excellent one, and should Mayor Grace be returned he will bring experience at least to the discharge of his duties. All New York should be grateful to him for his creation of our very efficient street cleaning commission, ----------•---------- In Switzerland all general laws must be referred to the great body of the voters for endorsement before they cau become laws. In that pure Democracy no authority is given to the Legislature which the people can exercise themselves; hence, what is called the Referendum. The moat keenly contested elections are those in wbich important laws are submitted to the people for their endorse¬ ment. How diflfereht are elections in this country \ All our polit¬ ical contests are personal. There is really no vital issue between the parties. The mighty struggle going on is between two men and the matter to be decided ie not a programme of principles, but a distribution of the public patronage. Constitutional amendments of the utmost importance receive little attention from the voters. There is an amendment pending to be voted upon next Tuesday which is of the utmost moment to every one who pays taxes, and yet the newspapers which daily give up page after page to personal politics have only had occasional paragraphs touching the neces. sity of endorsing the constitutional amendment limiting all locj debts hereafter to 10 per cent, of the valuation of real estate, and forbidding taxing officers from levying annually more than 3 per cent. OE the 22.'),000 ballots which will probably be cast next Tuesday we doubt if 40,000 will be deposited for or against this vital amendment. ^IgjsarBuSiness World of last week we gave a condensation of Jngineer Kent's address on the " Insanity of Capital," which waits until prices are high before engaging in any enterprise. Railways