The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-29
PUBLIC DEBTS. ;

With taxable properly assessed at S120, 00C,
900, New Orleans owes city debt of about
$4,000, 900, or within fraction of one-fitth.
Add to this one-half Of the State debt,
indefinite and undefnable in amount, but
not less than twenty millions and probably a
great deal more, the amount of public debt
for which the city is liable as municipal
corporation or as a part of the State will be
500, 00O,0 900 at the smallest calculation, all
bearing interest at the average rate of seven
per cent, and being something more than
one-fourth part of the entire value Of taxable
property as assessed which is more than the
real market value of such property.
In 1870 the bonded Indebtedness of cities
and towns Of the United States was, according
to the census, 1928, pa, $40. But five of the
large cities now owe more than that sum, and
the aggregate debts of American cities was,
before the beginning of the current year,
S5700O0,O GOO. The estimate is beyond doubt
entirely too low. In June of this year COM
pilation of the bonds of thirty-two cities was
made by the Financial Chronicle, representing
debts to the amount of $525, 632, 1928, proba-
bly, less than two-thirds of the bonded debts
of all American cities. fair, thorough and
candid estimate of the Indebtedness of cities
in the United States can not fall short of
$75s, 100000
In five years it is estimated that State,
county and city debts have increased in the
aggregage by 460,0O0,00O.
In 1870 State, county and municipal taxes
amounted to $3.50, OOOO 600, while the assessed
value Of all property was $4,000. 900, 900.
Besides increase of debt local governments now
cost about $363,OOO,0OO County and city
governments cost 100000 a year, and
have increased the aggregate Of debt by about
$3.50, 900. 900.
In 1870 the debts of thirty-two large Ameri-
can cities aggregated sos, So5, us, and in
1875 the amount had increased to $525, 632,-
72S.
The largest municipal debts in 1875 we're
the following: New York S157, 1878, OOO Phila-
delphia S63, 9O3,OOO, Boston s43, 5l2, 900,
Brooklyn $50, 04S, 900, Baltimore $50, O95, 900,
Washington S23 0O0,00 New Orleans $685.
100000, ST. Louis s17,04O,OOO, Chicago sl6,-
$1,000, Cincinnati Sl6 297. 900, Jersey City
S14,297, 900, Louisville $40, 900. While |
other cities range from sS,OOO,OOO down to
about half million.
England has twenty-one cities, each of
which owes debt of ST 200, 900 and upwards,
aggregating s12l, 663 900. The largest debt
is that Of London, which has a population of |
3, 1861, 200, and owes s25, 9ls, OOO-not 81, OOO,-
900 more than the deb. of New Orleans, with |
about one-sixteenth of the population.
We have not the statistics in hand to show
how much the people and governments of
this country owe, but counting the debt of
the United States Government, those of State
those of cities and counties,
those of railway, banking, insurance and
other corporations, and the individual debts,
the aggregate can not fall short of eight thou
sand millions of dollars, or more than $500
for each man, woman and child in the Rspub-
lie.
Public debts are contracted by one genera
ton to be paid by their immediate or remote
successors. AZ long as the property on which