Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-02

twenty-One million six hundred and
sixty-three thousand six hundred and
fifty, or only about One-fOurth as much
ss our cities Of the tirst-clsss, having a
much less aggregate population, and far
less accumulated wealth, now owe. In
Great Britain We have enumerated all
the MUNICIPALITIES having q population
of one hundred thousand souls, except
five, and these five owe debts consider
ably less than one million dollars each,
and are therefore not included in our
table
II We Look to the rate Of interest paid
on these prOdigiOus city debts, We shall
find that the American cities are pay
ing fully 50 per cent. higher interest on
the average than those # England.
The msjority Of city bonds draw per
cent. interest.
Boston bOTrOWs small amount at
per cent. gold interest, while the ma
jOrity Of her loans draw 8 per cent. and
New York 7, while Cincinnati pays
Der cent. interest on twelve millions out
of the sixteen millions We owe.
A lew of the far western cities are
paying 10 per cent. on their borrowed
money, which were great deal better
left unbOrroWed than to rob the tsX-pay-
ers at such rates.
If, now, we take the aggregate not on
ly OF city Indebtedness, but of county
and State Indebtedness, leaving out Of
view the national debt, we shall find
the disprOpOrtiOnate amount owed in the
United States to be- still heavier. Ac-
cordiDg to the census of 1870 the county
debts Of the United States then amount
ed to $lS7, $50 $40; the city and town
debts amounted to 1928, IA, $50; and
the aggregate OF the State
debt was 1852, $50, $685.; total,
exclusive Of national debt, SS6S, 676. 75S
All these figures, enormous as they are,
have been largely increased since 1870.
There are no means Of estimating the
county aud town debts in 1875 other
than approXimately. But, as we have
seen above, the debts of only thirty cities
and towns have reached an amount so
per cent. greater in the aggregate than
the Indebtedness of all the towns aEd
cities in the United States five years ago.
These thirty municipalities now owe up
ward Of 1856. 600 900, whereas In 1870 all
the towns and cities in the country owed
only 1928 900, 900. While this alarming
increase Of debt may not have advanced
in the same ratio as regards the State
aud county securities, it is very certain
ALdsL luS dSSIeSdto vi LI6 EJldLE,
and municipal indebtedness now largely
exceeds one thousand million dollars, and
probably closely approximates to ST.
$50, 1000. Now compare this with the re-
turns of county and borough debts in
England in 1875. These are given in
the Financial Reform Almanac at e32,-
GIG, 235, or little more than S163, 000,-
OOO. This includes all the town, city
and county Indebtedness of England
and Wales, including las in the case of
Our own local governmental their share
OF the national debt. 1t thus appears
that while the public debt of Great Brit
ain, which she owes as a nation, is near
~ double our own, our local debts, on
the other hand, are from five to eight
times as large SIS those owed by English
men.
While it may be true that our own
country, with its rich soil and almost
bOundless mineral wealth, is abundant
ly able to pay these heavy burdens laid
by municipal ambition and eytrsvs-
gance upon the property Of the people,
the expediency OF increasing these mort
cages upon the future, which as we have
seen, have been so recklessly enlarged
of late years, is a matter deserving the
most prompt and anxious consideration.