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452 CORRESPONDENCE AND PUBLIC PAPERS.
each, and the rent at present would not exceed $400, so that
reckoning a lot at only $1800 the rent would be less than
6 per Cent, on the capital, and that too without considering
repairs, which never fail to amount to something every year.
On the other hand the value of the adjoining land would
certainly be increased and it is not improbable that rents
will rise. There is now so much idle capital in the City that
upon pledges of stock money can be borrowed at 5 pr. Ct.
Stock of all kinds is enormously high; even 5 pr. Ct. Stock
sells at 7 pr. Ct. above par, yielding about 4J pr. Ct. interest.
There is generally a fashion in the money market as elsewhere. Some years ago it was the fashion to employ
capital in Manufactures ; nobody does so now. At present
there is a rage for stock, but this I think cannot last long,
and I should think it probable that capitalists will begin by
and by to purchase land. If this should be the case, then
building at present will be advantageous. But unless
land or rents or both should rise, it will not be profitable.
We are all well. Our love to Nancy, William, and Augustus. I am, my dear father,
Your very affectionate Son,
Peter Augustus Jay.
peter a. jay to jay.
Albany, 10 Oct. 1821.
My dear Father,
Our prospects here grow more unpleasant. The more
violent members of the Convention begin to act more in
a body and to gather strength.1 They have held at least
1 This was the second of the four State Conventions that have been held to
revise the Constitution of New York since its adoption in 1777. The Council
of Appointment, with which both Governors Clinton and Jay had been at issue,,
was abolished, and several other objectionable features eliminated. The appointing power was conferred upon the Governor with and by the advice of the
| Title | The correspondence and public papers of John Jay - 4 |
| Creator | Jay, John |
| Publisher | G.P. Putnam's Sons |
| Place of Publication | New York, London |
| Date | [1890-93] |
| Type | Books/Pamphlets |
| Title | 00000479 |
| Type | Books/Pamphlets |
| Transcript | 452 CORRESPONDENCE AND PUBLIC PAPERS. each, and the rent at present would not exceed $400, so that reckoning a lot at only $1800 the rent would be less than 6 per Cent, on the capital, and that too without considering repairs, which never fail to amount to something every year. On the other hand the value of the adjoining land would certainly be increased and it is not improbable that rents will rise. There is now so much idle capital in the City that upon pledges of stock money can be borrowed at 5 pr. Ct. Stock of all kinds is enormously high; even 5 pr. Ct. Stock sells at 7 pr. Ct. above par, yielding about 4J pr. Ct. interest. There is generally a fashion in the money market as elsewhere. Some years ago it was the fashion to employ capital in Manufactures ; nobody does so now. At present there is a rage for stock, but this I think cannot last long, and I should think it probable that capitalists will begin by and by to purchase land. If this should be the case, then building at present will be advantageous. But unless land or rents or both should rise, it will not be profitable. We are all well. Our love to Nancy, William, and Augustus. I am, my dear father, Your very affectionate Son, Peter Augustus Jay. peter a. jay to jay. Albany, 10 Oct. 1821. My dear Father, Our prospects here grow more unpleasant. The more violent members of the Convention begin to act more in a body and to gather strength.1 They have held at least 1 This was the second of the four State Conventions that have been held to revise the Constitution of New York since its adoption in 1777. The Council of Appointment, with which both Governors Clinton and Jay had been at issue,, was abolished, and several other objectionable features eliminated. The appointing power was conferred upon the Governor with and by the advice of the |
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