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It is exceedingly desirable that it should be extinguished altogether; and to facilitate that consummation I recommend to Congress the revival for one year more of the act of May 18th, 1824, with such provisional modification as may be necessary to guard the public interests against fraudulent practices in the resale of the relinquished land.
But occasionally the regular investor finds the matter of resale neither as simple nor as rapid as he had expected. For some years we watched a charming little place that a real estate investor had acquired at such a partition sale. It was first offered "in the rough." Then the abandoned household gear and accumulated trash were removed.
Difference between landlords' terms and occupiers' terms to be made up by State bonus and reduced interest with, in addition, purchase money in cash and increased value for resale of mansion and demesne. Complete settlement of evicted tenants' question an indispensable condition. Sales to be between parties or through official commissioners as parties would prefer.
"Men of Wall Street, it is impossible to prevent the repetition of those acts by which in five years I have accumulated a billion dollars, impossible so long as a short sale or a repurchase and resale, is allowed. When short sales, and repurchases and resales, are made impossible, stock speculation will be dead.
The business of money-making was held in contempt by the superior classes; and all methods of profiting by the purchase and resale of the produce of labor were regarded as dishonorable. . . . There is a generally, in militant society, small respect for the common forms of labor.
A patrimonial domain which brings in 3000 francs finds a purchaser at 100,000 francs; alongside of this a national domain which brings in just as much, finds a purchaser only at 60,000 francs; after several sales and resale, the depreciation continues and 40 % of the value of the confiscated property is lost.
I was lucky, too, in the additional venture of a cattle-station, and in the breed of horses and herds, which, in the five years devoted to that branch establishment, trebled the sum invested therein, exclusive of the advantageous sale of the station. I was lucky, also, as I have stated, in the purchase and resale of lands, at Uncle Jack's recommendation.
He told me it was a purchase on speculation for himself and another party whom he named, and that not only should I have the resale but they would give me one-eighth interest in the transaction.
Ives, owes me three thousand guineas; and, it being a dibt of honour, why, to be sure he will pay it, without any repating about the matter. Sir, said my brother, give me leave to tell you That you will pay me. You need not tell me that. Sir ! There never yet was man that refused to pay me, but oh! The almighty thunder! I gave him a resale in full for the dibt.
"We've met your friend all right," he said with a grin. "He's wan heluva lad. Fits the description to a T. There can't be but one like him here." And he went on to tell the story of the adventure of the janitor and the hose and that of its sequel, the resale of the fifty-five-dollar suit to I. Bernstein, who had reported his troubles to the police. The washed-out eyes of the puncher lit up.
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