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Real estate record and builders' guide: v. 33, no. 834: March 8, 1884

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Maroh 8, 1884 The Record and Guide 229 THE RECORD AND GUIDE. Published every Saturday. 191 Broadway, N. Y. TERMS: ONE ¥EAR;^ iu advance, SIX DOLLARS. Communications ahould be addressed to €. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. MAECH 8, 1884. The paaaage of the Roosevelt bill through the LegiBlature is justly a matter of felicitation with our citizens, but only because it ought to lead to other and more vital reforms. The Record and Guide was the first paper in the city to declare that the time had come to add to the authority of our executives and cut short the power of legislative bodies. A Congress or a Legislature, like any other coi-poration, Is irresponsible; it has neither a body to be kicked nor a soul to be damned. "We have always held that the Tweed charter, w^hioh concentrated municipal power in the hands of four men and reduced the Board of Aldermen to a nullity, waa the very bept charter New York ever had, as it brought responsi¬ bility home to tbe wrongdoers. Our articles published within the last two or three years, saying that the only cure for our municipal woes was to give the Mayor both the authority and the responsi¬ bility for every department of the city government, expressed views now very generally held. We denounced the so-called citizens' movement because it had no such programme, and was an organi¬ zation simply to advance the private fortunes of certain ambitious lawyers. The daily press, however, are now repeating arguments which w^ere worn threadbare in these columns. People who live above Eighty-sixth street, between the Fifth and Third avenues, are very de;irous that there should be an exten¬ sion of the Madison avenue cars to the Harlem River. A large number of property-holders are urging Mr. Wm. H. Vanderbilt, who alone haa the power to do so, to make the extension, but he and his family are reluctant; they say it would be ten years before the region between Eighty-sixtli street and the Harlem River would pay for a horae-car line ; but the subject will not be allowed to sleep, and there are many property-holders interested who are of the opinion that the extension will be completed before the close of the present year. It will inevitably lead to another change. The entire length of Madison avenue to Forty-second street will be run by cable. It will be remembered that some time since the Harlem Company came into possession of a great deal of vacant property at Eighty-sixth street and Madison avenue ; this ground will be utilized for the steam and cable works needed to propel the cars up and down Madison avenue. This matter has been thor¬ oughly investigated, and it is believed that the cable service would not only be cheaper than horae power, but would save time and be much pleasanter riding. It is to be hoped that Mr. Vanderbilt will yield to the pressure, for there is real need of a surface road service between the Third and the Eighth avenues. The Chamber of Commerce declares for bi-metallism. It says the metallic money of tho|country should consist of gold and silver coin of "interchangeable relative value." This is what the American Commissioners tried to bring about at the Paris Conference. Had they been successful silver would be coined in all countries as freely as gold, at a ratio say of 16 to 1. The benighted Herald declares it cannot understand what the Chamber of Commerce means by the phrase quoted above, and then it goes on to say : That a fiaancial crisis is at hand no one will claim; but a continnance of the present silver policy must eventually precipitate the crisis that has been foreseen from the very beginning. In France the Director of the Mint says there is silver circulating to the amount of five hundred and forty million dollars; and in Germany, where a gold standard prevails, two hundred and fourteen million dollars. In the United States wo have about two hundred and thirty million dollars. The difference is, without any doubt, due to the absence of paper notes of small denominations in the former countries. Thus in France the smallest note is fifty francs, or ten dollars. Where, as in thia country, paper issues of one and two dol¬ lars are common, there is little opportunity for silver to circulate as coin. The present time seems a fitting one to stop printing such bills, and the Chamber recommends this step to be taken, Already several banks in this city and elsewhere have signified their willingness to take silver dol¬ lars in lieu of small notes, so that it is not likely that any determined oppo¬ sition will be made to the proposed change. Now if France has $540,000,000 of silver in circulation, with a ■ population of 87,000,000, and the United States only $330,000,000, with a population of 55,000,000, where does the crisis which appals the Herald come in. There has never been any premium on gold in France, uor has it been driven out of the country, for France, with 18,000,000 lesa population, bas nearly $300,000,000 more gold than tbe United Statea. The demand of the Chamber of Commerce for Congress to withdraw the ones and twos is timely and should be heeded. ---------*--------- , A Good Prospect This Spring. This paper has always endeavored to deal fairly with the real estate interests. When realty waa under a cloud and its outlook unpromising we bave always said so, though holders of real estate and unsold buildings were very reluctant to have the facts known ; but we have held that the first consideration of a newspaper was to tell the truth and not to give currency to pleasant delusions. From 1874 to 1878 The Record and Guide was what might be called a bear-paper, "We held out no illusive hopes of a revival in business when all the tendencies were in quite a different direc¬ tion. During December and January just past we were inclined to be somewhat bearish, for, together with the very best judges of the market, we thought that the prices of houses as well as rentals would be lower than they were last year. But we are happy to confess that in that particular forecast we were mistaken. The comparison we give in another column between the Conveyances, Mortgages and Projected Buildings of the month of February in 1883 and 1884 shows a large balance in favor of this year. There has been no diminishing of rents worthy of mention, the number of transactions and the amounts invested are larger this year than last, while the mortgage indebtedness created by the new transac¬ tions is less. If building goes on as projected, the total this year will exceed last year by many millions of dollars. These are not rosy statements meant to help the market; they are justified by the figures w^e give in this week's paper. There are'several causes operating to help sustain the real estate market. Money is cheap, and its owners are looking out for invest¬ ments. The stock market has proven a delusion and a snare dur¬ ing the last two years and a-half to the most far-seeing and pru¬ dent of investors. General business during the same period has been unprofitable, but real estate has had no "boom," pricea are normal, the city is growing rapidly and there is a constant and increasing demand both for residences and stores. There is plenty of property which will brmg from 5 to 9 per cent., and real estate has about it an element of certainty which is very tempting to conservative investors. Were our laws such as to permit the cheap, easy and rapid transfers of real eatate, there would soon be a veri¬ table boom in realty. It would attract all the unemployed money of the country, but unhappily our existing lawa make titles inse¬ cure. It takes a month to search a title, and the costs are inordi¬ nate. Tbis is the only impediment to-day to a great speculative movement in real property. All the indications are for a very active spring trade, the sales¬ room is crowded whenever a good piece of property is offered, and the bidding generally exceeds tbe expectations of tbe auctioneers and their clients. That Legal Tender Decision. Some time since The Recoed and Goide urged that a national convention be called to revise tbe constitution of the United States, to meet, say, on the anniversary of the adoption of our present con¬ stitution, some eight years hence. The proposition attracted more or less attention throughout the country, but the leading news¬ papers declined to discuss the matter. We ventured to predict, however, that a reconsideration of our fundamental law was inevi¬ table and that something would soon occur to revive the idea of extensive alterations in the constitution, which could only be for¬ mulated by a national convention. Surely enough numberless papers are now insisting upon an amendment to the constitution to counteract the effect of the recent legal tender decision of the Supreme Court of the United Statea. The highest court in the nation has solemnly endorsed the theories of the cranks who have been advocating unlimited greenbacks and fiat or law-made money. Mankind in all ages has understood that the government stamp must recognize only the actual value of the coin upon which it is impressed. A government treasury note without any basis of actual value which cannot be converted into gold or silver is simply a printed lie and all the governments in the world, backed by the courts of every nation, could not make that piece of paper other than a lie. The philosopher, Hume, long ago explained that what¬ ever lacked weight and extension could not be mado into some¬ thing by any decree of man. The dollar under our Supreme Court's decision ia a myth, a dream, a metaphysical entity, having no basis of fact—that is, neither weight nor size to give it vitality. This decision is as monstrous and will have almost as important effects as the famous Dred Scott deciaion. That was an offense to the moral sense of the nation. The recent legal tender decision ia an insult to the common sense of mankind. Two things ought to