The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1874-10-08

SPEAKER BLAINE'S ADDRESS,.
We print the address of the Hon.
James G. Blaine delivered before the
Northern Wisconsin Agricultural Assocl-
alton. at Oshkosh. The subject of the
address is one Of vital interest to every
citizen of the country. 1t IS, IN the
language of the distinguished speaker:
"Our public debt-not mainly OF what
we understand as our national debt
but of all those forms OF State and mu-
nicipal obligation which involve taxa
ton upon the people" By way OF IN
PRODUCTION, ancient history is briefly re-
viewed to show that 'publlc debt is an
o11tcropth of modern civilization. Hol-
land and Spain, however, learned the
art Of borrowing at an early day, but
precedence is claimed by France, Tor Its
Reutes originated in 1875. An ''accur-
ate historian is quoted to the effect that
at Amsterdam sit was common saying
that whoever bought SO much as a fish
paid for 1t once to the seller and SIX
times to the State
England is, however, the father or the
system Of national debts, the Napoleon
ic wars having inflicted upon that coun-
try the chief amount of debt OF 81, 5OO,-
600. 900. From that time debt became
q rage among the nations OF the earth,
and now none are free from its burdens.
Its cause is War-war for one reason or
another, but generally IN Europe for the
perpetuation of dynasties and for con-
quest Our own debt even was incurred
in the prosecution of war, but war OF
the people to preserve government OF
the people.
From these general remarks the
speaker proceeds TO consider the real
subject of his address, which he divides
as follows:
.sWe have first the General Govern
n,e,st. which borrows on the faith of the
nation; next the State Government,
which borroWs on the faith of the State
next the county, which borrOws on the
faith of the county next the city or tOaon,
which borrows on the faith of municipal
credit"
On these several heads Mr.. Blaine has
collected an army of statistics which Will
doubtless become part OF the stock In
trade OF the political economist. he
gives the totals of Federal, State, county
and municipal Indebtedness III the coun-
try, and the per capita burden of the
several debts. He classifies the larger
cities according to population, and
shows the per capita indebtedness OF
the different classes. He makes the
sum total of State, county, city, and
town debts to be 81, 14O, 900, 900. which,
added to the national debt of So, no.
100000 makes grand total of $780,
100000. In regard to the vast aggre-
gate of municipal Indebtedness, it is
conceded that large share of 1t could
not have been wisely avoided, but it Is
beyond dispute fact, says Mr.. Blaine,
that
''These debts have in many cases been
contracted csrelessly and without due re-
Election. The old adage that what is
''everybody's business is nobody's bust
ness" is nowhere more applicable than IN
the general administration OF municipal
affairs in our larger cities It is so easy
to obtain Legislative authority to contract
debts; it is SO easy to sell a good city
bond to the capitalist who highly prizes
such forms of security it is SO easy to
roll up debt to be taken care OF by
those who come after us, instead of levy
ing a severe tax to be paid by ourselves;
in short, 1t is SO easy, and, alas. SO nat
ural, to have a smooth, enjoyable time
to-day, thinking little of the ills that may
overtake us on the morrow. And, fol
lowing this ready, convenient, lazy meth
cd of shifting the burdens Of to-day, has
been the means of precipitating on many
of our most favored and promising cities
a vast load of taxation, which hampers
business, Expresses property, prevents
acceSsiOns OF population otherwise nat
urally tending that way, and ends by re-
farding the very growth which the debt
was contracted to StInlulat e.
Mr.. Blaine is of opinion that one per-
nicious result flowing from the facility
with which huge municipal debts are
created, Is the scarcity of money for the
prosecution of legitimate business enter
prlses caused thereby. On this point he
makes the following shrewd observation
''It may be an extravaganza assertion,
and yet, / had almost said, that II the
hundreds of millions Of capital that have
been hidden away in the municipal bonds
of the county had been, by the absence
of such opportunities for investment,
forced into great business enterprises,
the country would be SO much the rich
er that q great number of the objects for
which the municipal debts were contract
ed could have been accomplished by the
mere process of taxation on the vastly
superior amount of property that would
have been thus created
This speculative remark is followed by
the suggestive query:
whether these large municipal loans
have not had a preiudicial effect on the
price Of money-tending continually to
create stringency in the money market
and raise the rate of interest to the bor-
rover and the business man. There is
loud outcry in all quarters against the
high rates charged for money, and yet il
States and great cities viii food the mar
kets with their obligations at per cent,
and oftentimes at a higher rate Of inter
est, how can any borrower on mere in
tiate loans at the old-fashioned 6per cent
rate, which IN SO many sections of the
.,,,,,,tr.x- ,roe frr-o1o-lN- ELa ,-r,Ia Will