Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-11-19
srArE ANn MUNICIPAL DEBTS.

buht w soy OtnCA"AoO "OutN ~ N
a heresy. That we are a considerable
nation and have made wonderful growth
in the course of a century cannot be
controverted. But with all our extent of
territory, the consciousness of wealth
aud the ability to acquire more has led
our people into habits of extravaganza,
both in public and private affairs, that
have heaped up mountains of debt. In
dividuals can go into bankruptcy, but it
is not so convenient for q State, county
or city to do so. We have acted upon the
old motto; DUN vivimus vivamus-
while we live let us live. Each day an
ticipstes a slice Of the morrow. 1t has
become the fashion to go into debt, until
the whole country is welLnigh bank
rupt. There are serious doubts
whether the whole country, all the
real estate and personal property in it,
if put up at auction and sold piece by
piece, in the ordinary way Of business,
would bring enough cash to free the
country Of public and individual debts.
Nothing is hereditary but debt, and we
will certainly hand to posterity q testi'
monial that will cause the present gene
ration to be held in tender regard. Let
us, even at the expense of a little vanity
and ~selkinhation, look at the State and
municipal indebtedness Of the United
States and compare them with the mu-
nicipal debts Of other countries. 1t sp-
pears from a careful examination of
we'll authorized statements that these
debts, which in 1870 amounted to $685.
&c. 38, have now increased to $l,33l,-
$40, 5l7-an increase in FIVE years of
nearly S464. OOO,O 600. The State debts
have increased about $50. 0O0, 900, and the
municipal debts about $40, 000, 900. The
city Of New York with a population o less
than 1000, 900, has a debt Of about $685.
OO0,0 600, while London, with its huge
population of some $500, 600, has a debt
of only $25, 100000. Baltimore and
Boston each have debts much larger
than London. The thirty-two principal
cities Of the United States, with a popu-
lation under 100000, have a debt
slightly over $525, 900, 900, while twenty
one principal English cities, with a pop
ulation Of nearly 1000, 900, have a debt
of only Sill. 900, 900. less by S45. 900, 900
than New York City alone. Only the
other day we published figures showing
that every man, woman and child, in
GLIDING negroes and Indians, in this
country owes $S7 apiece Of public debt.
The fact is we are the most debt-burdened
and tsx-oppressed people on earth to
have the name Of being prosperous and
powerful. A few bankers, spectators
and trading politicians are making
money and they Loudly assert that the
country is in q prosperous and healthy
condition. The merchants as q class
are not making any money, although
are notable exceptions in every
community. The farmers have not
made on an average q per cent. net
profit 10 the past Gfieen years. Prop
has deprecated everywhere, save
here and there in a favored locality where
business has concentrated. We are getting
rich over the left. The lew who ron poll
tics or have government bonds may make
light Of this, but the people are begin
ming to feel the thumb-screws Of debt
forged ior them fifteen years ago. The
financial question has suddenly loomed
up as the big issue in politics, and the
people are just now inguiring what is the
matter. 1t is calculated that there are
in this great and glorious Union to-day
one million Of men who are out Of en-.
ployment. and who cennot get work,
even ct starvation prices. Labor goes
unrewarded, industry is cramped, enter.
prise stunted and everything going
crooked. This we say in a general sense,
not applying particularly to Memphis.
All our trouble has been caused by a
reckless spirit of speculation aud a de-
psrture from the strict and economical
rules Of business and common sense.
The road back to credit and prosperity
is not an easy nor a smooth one. There
is a heavy mortgage on the muscle and
brain of the land, which it will take
years Of toll and rigid economy to lift
of, and the sooner we look the facts in
the face the better. If the work of re.
trenchment and reform is to amount to
anything it has but just begun.
A VALUABLE salt we'll in Hawkins
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