Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1875-09-22
Local Indebtedness.

While our national dept Is ulhllilshhe'
slowly indeed of late years, but still de-
creasing, the record Of State debts. ana es-
pecially city and town debts is far from
favorable. The Indebtedness of the gen
eral government amounts in round num-
hers TO twen,v-one hundred million dol
lars, having been reduced about twenty
five per cent during the ten years since the
war. On the other hand the State, county
and town debts throughout the country
show in bulk an increase of several hun
dred millions in the last half decade.
The States, which in 1870 owed three
hundred and fifly-two millions, now owe
thirty millions more. The increase Is
LARGELY due to the wild career Of some OF
the reconstructed states, for those in the
north As a general thing have been pay
ing instead of borrowing.
County debts offered Il much more fav-
orable exhibit, having in five years de-
creased seven millions from the one hun
dred and eightv-scven millions then owed.
Our own state is now substantially clear
Of both the above named burdens, the state
debt increased by reason of the war hay
inr been extinguishcd and our county
debts never having amounted to anything
of importance.
But the record of the debts of cities is
almost appalling. In the last five years
tbs burden has grown from three hundred
twenty eight millions to the enormous sum
OF seven hundred sixty nine millions. as
shown in late article in the New York
Tribune bv w. NJ Gro>venOr Of st. Louis.
The E,rrest ndeblcdnS5 is thlt of New
York. which, less the sinking fund, is al
most one hundred thirty millions. Phil;,
drlIlit follows with sixty-thrce millions.
Brooklyn with thirty-two and Boston with
twenty-eeven. These enormous sums are
not the most discouraging feature hy any
means for u very great proportion 'i
them have been borrowed in the last five
wears, and the tendency is towards Il
swift increase instead Of decrease; besides
this, many Of the lesser cities have debts
upon them that an pr"portionally greater
than those Of New York and the other
places above mentioned
Here in Montpelier We can appreciate
what :, large debt means. but our toa is
by Il heavy burden of Taxation paying it,
bonds, and in n few Years will be rid Of
them Moreover we have learned the
Wholesome dread of the burnt child and
no doubt many years will pass before
another large loan will be asked bv tn
village Our town debt. now amounting
to 500 Goo in round numbers. is less by
far in proportion than that shown 10y mum
crpus cities that are, instead of pawn
running expenses, the interest and Il par
of the principal are doing. not even
ttxing themselves to keep up their current
expenses alone.
The danger to the business interests OF
these places we can best appreciate by re-
fleeing in what an unwholeSome condi-
ton our own town would be if, instead of
the heroic treatment of heavy taxation
by which our debt is diminishing. we were
borrowing to pay interest and borrowin.
to pay for street repairs and schools and
half dozen other things that are now met
squarcly Ivy taxation.
Han of the country is going wild over
imitation. which is first cousin to that hall
way reputation which would pay bonds
and interest in other promises to pay. The
s;eps are easy from initiation to paying in
tere~t and then bonds in paper. and finally
if it is any trouble to make paper money
to repudiating entire the debt of the coun-
try, rs Mississippi and other debtors have
done in the past These wonderously en-
larging municipal debts are in the same
line. They are either for payment ulti-
mately or for reputation and if for the
former. citizens of these places that have q
good credit, and find it an easier source tc
raise money than any other, would do well
TO come to some place Ike this that is pay
ing up. and see how they like the prospect
for the future.
Cities like folks buy on credit what the,
would not take if they had to pay cash
Pay day is to come and it is high tim,
that a halt was called. If good citizen,
cannot band together and elect honest anC
economical city governments Throughout
the country, the method of prohibiting tn,
mourning of municipal Indebtedness b,
constitutional changes in state law will be
fore long be much more generally adopted
This will become necessary to save botl
creditor and debtor, and more especially It
preserve that credit which is the health O
4 nation and its PARIS.
MAssACHUsETTs.- Republican con
veniion, next Wednesday, will have Vice
President Wilson for prtsiding officer