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WHO PAYS YOUR TAXES?

which first struck the owners of personal property, andthrough them reached him. Now, all this proves notantagonism, but harmony and unity of interest. Had nodisaster befallen the owners o’f personal property, it ispossible that the wildest dreams of the operators in un-improved property might have been realized.

“ Real estate is the last interest to feel the effects ofa panic or revulsion, and it is also the last to recover.The reason is obvious. The blow falls first upon per-sonal property, and through it, is distributed to realestate, which does not feel the full force until the wholestructure of society has adjusted itself to the new con-ditions imposed by the disasters suffered by the ownersof personal property. For a time such disasters are notaccepted as final; there is hope of recuperation : but atlast the fact is accepted, and then the readjustment ofexpenses is resorted to, through which real estate isfinally reached. So, too, recovery affects real estate last,as that result must be preceded by the recovery of adegree of prosperity by the owners of personal prop-erty in all its multiform shapes, or by an absolute accre-tion of population. The latter means of recuperation is' the more rapid if it can be secured, and that is a questionwhich shall receive consideration.

“ It is not the personal property of the citizens onlywhich pays the taxes in this city, but that of the strangerwithin our gates also contributes. No visitor can buy apint of peanuts or a diamond bracelet, can ride in a cab