The New York herald., 1874-10-02
SPEAKER BLAINE on FINANCE.
Interesting Details Of the Munich
pal Debt of the Country.
THE NATIONAL AND STATE DEBTS.
Why, with Its Enormous Income, the United
States is q Borrowing Nation.
OSHKOSH, Wis, October l, 1874.

clation at this place. A crowd or 10, 600 person
was assembled TO hear him. Alter lew intro
ductory remarks Mr.. Blaine said
MR.. PRESIDENT AND GENTLEMEN OF THE Asso
CIATIos-I sBall speak 70 you Oh our public debt
not mainly OF what we understand as our nationa
debt but OF all those lorms of State and munlclpa
obligation winch involve taxauon upon the
people.
modern civilization. In Its present form It was
certainly unknown among the ancents, though
Cicero says that the Roman Provinces in Asia
were accustomed TO borrow and Llyy IN q passage
somewhat ooscare, speaks OF loan once con-
tracted by Rome to meet the expenses OF the Punlc
wars These exceptional reieren , however,
only prove the rule that the use or credit was
not one OF the recognized resources oil ancient
nations. The vast accumulation OF treasure
made by some powerful monarchs OF the olden
time is another proof tnat credit was not used, and
that loss resu ting rom tire ldleness OF money was
not recognized or appreciated as II Is by the
emy Philadephus had at one time IN MS treasury
coin. The Roman Emperor l1berius, left
2 70O 900, Sll0o o00 0o0l TO his sue
cessor, Cahgula who obhgingly spent the whoie M OF
1t in single year. These sums. though tnet 40
not seem large IN comparison Win the
great aggregates OF modern national aeot,
the time, o larger accumulation OF actual
money than the treasury ol any nation mas con-
tanned at one time since the dawn o. the Christan
era The first Ma oleon, among modern rulers.
initiated on a diminished scale this barbarlc ac-
cumulaton OF treasure nomlnally belonging To
the STATE but really subject to the individual Will
and caprice OF the sovereign. and generally used
for purposes which would not make creditable
appearance IN Official budgets or re- ular approprl-
atlon pls. But IN regard TO the national
debt. whatever vain regrets we may indulge over
the loss OF much treasure and the fearful sacrl
nee OF that which is beyond earthly price. we have
this to console and comfort US, thai the war which
gave rise to IL was unavoidable and inevitable.
apparently lated and forecast as part OF the
great experience OF bitterness ana OF olood
through winch 1t was our destiny as ma
tlon pass, and tnat out OF It's Sorrowlul
depths We have emerged regenerated people,
dong justice to race long oppressed, eau.
eating ourselves to higher standards OF liberty
and OF law, and having our feet henceorth
shod with the preparation OF the Gospel OF peace.
In which the power to contract debt has been
So extended as with US, IN which the same COM
munities may be made TO assume puoilc oollga-
tons in so many relations, and each one operat-
ing for the time iu somewhat independent
sphere, the tendency OF each is to enlarge regard
less OF the dimensions and demands OF the others.
When the city is pedging Its credit 1t seems to
forget tnat heavy debt Is already upon the
county Of which IL forms an integral part The
remembering that every estate III IL Is already en-
numbered by direct tax TO pay the interest on
lavish use OF Its credit without pausing TO reflect
that every one OF its citizens s already burdened
debt OF the nation. And When In the end, nation,
and State and county and city have eacn and all
imposed their burdens, the citizen finds that
N nile the tax Is increased fourlold the property
TO meet IL has not experienced similar develop
mcnt and growth. Our power in this country 10
cumulate our burdens may certainly be regarded
rs peculiar to ourselves. am aware that the
large cities or Europe have debts or their own SO
have The separate cantons of Switzerland; SO
have the departments ol France Tor limited and
specified purposes; so have the minor German
States but still 1t rs true that our county, city,
town and township facility Tor contracting debt
is practically unknown among the nations OF
Europe Our marvellous capacity in this regard is
the one achievement oil Our republican civiliza-
tion OF which think we have the least occasion
No feel proud.
There are in the United States sixteen cities
having eacn population exceeding 100000 and
al aggregate population oil 4, 100000. Each Is =
city with special advantages which cannot De
taken from 1t; each, IN the language OIL the day.
has large future; eacn mas abundant wealth and
stA larger prospective resources. They embrace.
when taken collectively, the trade OF Atlantic and
PacMc, OF gull ana lake coasts, besides all The
great interior rivers OF the Continent and the
converting traffic OF thousands of miles OF railway
Surely one would think that each might oide its
time and patiently await its well assured pros
perity without being compelled to borrow largely,
IN some almost recklesSly, OF the Iuture
And yet, taxing these sixteen cities together, we
find their municipal debts amount 10 $3.50, 0o,000,
being $s0per capita or their entire population, and
presenting N the aggregate an amount Wnlch
prior TO our war experience would have been con-
siuerea lsTge burden lor .he nation: ~ Wouia
ence that tue average debt OF these ctles is over
S2o,o0o,oo0, ioI indeed single city, the CONNER
clal metropolis VI the nation, presents deot en-
bracing nearly one-third oil the entire amount,
while several OF the cities on the list nave deots
OF Comparatively Insignificant proportions.
The class OF cites next III size TO those Just re-
ferred TO, those hayilg each population exceed
Ing 5o 900 and less tGan 100 900, are twelve In mum
Der. having an aggregate population OF ABOUT
10000. lheir tote debt does not exceed
$50, 900, which gives about $40 per capita for
the whole list.
Taxing the next class or cities, having ea ch q
population exceeding 1900 ana less than 90, 600,
IND there are IN all some o3 IN the United states
with totai population o. something over l. 800, ooo
Their total debt cannot De less | think, than
$75,00O,00j or $40 per capita.
Interested as nave beeAlu making these inves-
tigatlons, included one more class within the
scope oi my inquiries and took the cities and towns
thloughout the United States having populations
between 10000 anu 2y,UgU elcA---d .SL when 1
found to embrace In all los cites and towns whose
aggregate population amounts . nearly l. 4oO. 900
and whose agg! egats deDt i something over
$35,Ooo,oo0 or aoout 81 per capl'a lor the whole.
Adding these lour classes tosetisr IT presents a
table which embraces tue cities ami towns OF the
United states having over $4,000 Inhabitants each
OF which there are IN all Ie6-wuh an aggre-
gate population exceeding 100000 and a total
municipal deDu OF about s4s0,00O,0o0.
The towns having less 5Gan 10000 inhabitants
each have not been able TO classify With the ap-
proxmate accuracy OF those nave glyen but
feel well assured that the aggregate OF these debts
would reach $50, 000 Ooo-makin- the total munich
pal debt of the country alb ut 500 000,UOU.
\ Added TO these municipal debts proper We find
the county debts oil the entire country amounting
to about $3.50 900 600 the state deots to ABOUT
$500, 900, ,00o-maklng grand aggregate OF
s1,14o,ooo.00o OF pubic debt Of States, counties,
cities ana towns.
This sum total is nearly $500 Ooo, 900 greater than
that given in the census OF 1870 The ADDITION,
however, has not been made within the lour sue
ceeding years, but part Is due, think, to IN
complete returns made TO the census officials
have been at some pains oy original lnvestIga ion
county and municipal indebtedness-and while
40 not assume to give details or youcn ior abso
lutte accuracy, think the totals have given may
well be taken as approximate reliable statements
The difficulty In attaining perfect exactness Q
statement results from the imperfect manner II
which statistics are gathered in the several states
i have found, indeed, very few States where tht
State Officers were authorized oy Jaw TO Keel
anything Of record IN regard 10 debt except yh'
direct obligations Of the state. In Massachusetts
where great attention Is paid TO accuracy o
statistics, / nave been enabled to get precise in
lorm~tion ami the entire footing OF tnat com
monwealth OF state, county and municipal debts
shows grand total of S97. SOC, ,000-subject TO
SINKING iund deduction of Sll, 900, ,00O-ieavini
$50 5Oo 700 as the net ueDt fthat STATE very arg
burden ~ would seem, and yet such Is the wealt
oil the state that the entire debt does not const
tute more than four per cent OF It's valuation an,
probably not Two and nalf per cent Of Its actua
wealth.
The state debts In many instances, both In tn
former and the latter times have been contracte
without due caution, and as natural consequence
the money realized from borrowing has bee
Oitentimes expended with an eXtravagance whic
would hardly be tolerated IN the dlsburse ment