opinion, and it is curious to observe how widely diversified these opinions are. The cautious man places it at fifteen millions, and his hot blooded and visionary friend with equal show of reason estimates the loss at nearly fifty millions. The estimate ranges widely and wildly. The books of the assessors on examination show a loss to property of much less value than even the owners put upon it before the fire. But one can see how fallacious these results are, when the reader learns that in making up the assessments the assessors value a merchant's stock at not what it is, but what in their opinion they think it should be. For instance, a man has three hundred thousand dollars worth of stock in warehouse. He really owns about fifty thousand dollars worth and owes for the balance. He is not taxed on his debts but on what he is worth. Yet the fire carried away the sum total of the goods in his possession. The assessors' books show hardly a tithe of the actual value of the loss. It can only be correctly stated after a thorough examination, and as nearly as can be ascertained the entire destruction throughout the city reaches upwards of twenty-seven millions of dollars. This is the loss in solid value. But that much money will not replace the goods thus destroyed. There were many things burned which were of what might be called fancy value, and which money can in no way replace. And in making our estimate these things have been valued only nominally. The loss, therefore, in round figures, is not a whit below the amount we have given, $27,000,000. The talk about taxable property is all nonsense. Every man who says so, knows that he is talking nonsense. Hardly a man lives to-day who is taxed in the proportion that he should be. The richer a man is, the more easily he can hide his wealth, and an examination of the assessment books will enable any reader to find a hundred examples in proof of this. Another argument is brought forward. We are told that the land is not burned up, and in that land there is great value. That is true enough, every word of it. The land is not burned out of existence. It is still where it was, but it is by no means as valuable as it was before the fire. A thousand circumstances were brought to bear on it, locality, desirability, and necessity, and all these had an influence in enhancing its value. Most of these reasons, and cogent reasons they were too at the time, have now gone out with the fire. Men who thought they must have a piece of land because it was in a good situation, and because it was located near their own lots, were ready to buy what they wanted at a good price, often merely to carry out some hobby or idea paramount in their minds. But these ideas have vanished. This hobby can be ridden no longer. He can have the lot now if he wants it, at a good deal lower rate than he offered for it, but he can't afford it. The owner's means are swept away, and he cannot afford