, 1874-10-02

MUNICIPAL nEBTE
Tho lion. JamcH q. Blaino yesterday addrcHa-
| cd tho Northern Wisconsin Ae,icultu al Aysocia-
tion, at oahkorb, Oil tho subject Of municipal
debts, and wo print his romarks elsewhere in
this papor. Tho subject is both timoly autl i,n-
portant, boing Of tho muat direct interest 10
every ono. First thore Is the national debt
then follow the State, county, city, township,
and district dobts. Ta!.ing those, Mr. Dlaine
glvos aonao interesting dstailu, tho result Of his
resaarol'es. 11o lnds Ia tho n,attor Of city debts
tho following particulars: Sixteen citca, oauh
with q population exceeding 00,00D, and aggro-
eating 100000 owo ea50,o0O, 900, or $50 por
CAPITA; twelve citlos, having botwocn 60, 600 and
100000 population ench asgrogatiug 100000,
owe s8o.o0o.00o, or $40 PCT capita Gfty-throo
cltieB. each with population betwaon 10000
and 1000, aggtogating 1.500, 900. owe s75. .00o~
0o0, or 500 per capit4. Ono hundred aud five
CITIES and towns, having lcsB thau %, 400 nopu-
lasion cacl, aggrcgatiug 1.4oO,ooo, ovo 935 ooo,-
600, or s22 per capita. Tucao four clasBeB Of
citios. hnying 100000 Of population, ovc $780,
0oo,oo0, to which may 10 added ss0, ,o0o, 600 for
towns hnv1ng less than 10. 600 population, 1nnk-
In all 5670,oo0,00o.
i Tho county debts OF the United statos ag:re-
gata sl8o, 100000. md tho State dubts $500, ,0oo-
0oo, making grand aggregate Of public debt of
tbs States and thor Subdivisions OF S1,140 0Oo,-
| 600.
! In apcaking Of tic State debts, Mr. Blaine az.
aetts TINT, taking them III tho aggregate, there
las not boon roalizod on tho averaged so conts OF
palpablo, pornancpt value for oach dollar raised
and expended. lie sketches with great felicity
tho ordinary mode by which cities aro lod into
debt, and with olearneas poinss out to posvib,l-
tty that, II tho hundreds Of millions OF dollars
| hidden away in municipal bonds Ind boon. iu
| tho abaouco Of opportunities for such forms OF
| fnsestnent, forced into great business enter
priscs, tho country would 10 80 much the richor
| that great number OF tho objects for which
! tho municipal debts wero contracted could have
] been accomplished by tho nero process of taxa
| tion on tho increased amount of taxable proper
| ty thus created.
Tho ren,cdy adrisod by Mr. Blaine for tic
| reoltleaanoaa aud want Of scrutiny III tho orea-
tion Of municipal debt ia first an active. we'll
BALANCED public Judgment, domanding and en-
forcing wiHo caution OH this subject. Perhaps
the stato Legislatures have too widc disosc-
| tlon in tho matter, anu 1t would he vino to have
constitutional doanitons Of tho ends for wt4tch
municipal credit should DO used. Ho also
quotos, as preventive or onutouary re.
strlction on dobt, Alr. Jelroraou'a adj
yco, that no loan be mado without lovyiug tax
to pay the interest thereon, and to mect tile
principal within specified timo. NotAyith-
| standing tie magnitude Of the debt, lie secs
nothing in 1t to cause dospondoncy. Our growth
in population and wealth is daily tightening tho
burden, aud he concludes his suggestive 3D.
dycss with an interesting staiemont of tho payt
progross Of tho country and tho possibilities Of
the fttura.
Tho suggestions aa to tue prevention Of tho
reckless creation Of municipal 'dobt have beou
acted upon in many OF the Western States. Iu
1870 Tue Statc Of Illinois placed q most ofYectua1
checa on that business. 4 year or 40 later tho
State Of Michigan did tho samo. Those raforme
however, wcro not made until after costly OK
! posienco. The great bulk OF the county and
to"n oops o1 1hanofs outsldo OF the City Of
cn'caeo' was created under the fatal facility by
| WHICH pond8 could he voted to impocnaious
railroad eorpornflons. For the sl4,o0o,ooo Of
fh's END OF debit now outstanding, tho munich
pal1slos arc supposed to holl stock iu the rail-
road companies; but, IS tho stock will not
average IN. value more thun 8 conts On the dol.
'ar, Mr. B1aino'a estimate Of tho general tangi-
blo value Of the consideration Of tho debt In IN
this cane exrravagantly high. The propensity of
tho mnnfclpalityto borrow in ordor to avoid ta1a-
tlon Ia general, aud tile restraints imposed by
! tie now Constitution OF Illinois have boen
doemca harsh and oppressive by como localities.
,...3@. E=s@ =. 7.:.@=s
po,t,ra J.. 49, az, 49, ~, = 1a..;s,o. u,,,u.
bo romo,r, =, ,owap t,o aoo,,,a 49,, ,,.,. 49,