Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-04-03
OFFICE-NO. Is MADISON sTarz4:
B OF rHE CITIES.

DEBTS OF THE CITIES.
Since 1867, or say eight years, the mu-
nicipsl debt Of the country has increased
frightfully, and the burden of taxes is
getting to be about as heavy as can be
borne. The debt Of Allegheny City has
increased in this time 500 per cent and
the tax levy is nearly four times as
much. The debt Of Albany has in
creased $50 per cent, and the taxes the
same percentage. The debt Of Bslti.
more has increased SO per cent, and
taxes nearly 100 per cent. The debt OF
Boston has increased from Sl3, 900, 900
to $43, 600, 900, and the taxes from
1909, 900 to $l0,5OO,O 900. Chicago has
multiplied her debt by three and her
taxes by two. Cleveland has just quad
rupled her obligations and trebled her
taxation. The debt of Detroit is double
what it was in 1867, the taxation is
nearly three times as great. Lou.
i%sville's debt is double, taxes IL per
cent. more. Milwaukee has multi.
piled her debt by two and two
thirds, and her taxation by two and
q half. Newark owes IS, 600, 900, against
49, 10, 600 in 1867, with taxation doubled.
New Orleans has increased her debt
from $l4, 600, 900 to $22, 900, 900, and her
taxation is just one dollar a hundred, or
one per cent. greater. The debt Of New
York is four times greater, the taxation
increased fifty per cent. Philadelphia
has doubled its debt, but reduced its
taxation just half. The debt of Port
land is more than three times as large;
the taxation has increased about ten per
cent. Providence has multiplied her
deot by seven and her taxation BY two.
Richmond yves more than twice as
much, and taxes are greater by thirty
per cent. St. Louis has increased her
debt from $780, 900 to $l6,5OO, 900 and
her taxation sixty per cent. Rochester
debt is more than FIVE times as great,
and her taxes two and a half times as
great. The debt Of Pittsburg has been
multiplied by four and a half, and the
taxation by four and a quarter.
In the aggregate, and allowing $780,
100000 for convertible and mer-
charitable assets that belong to the
separate cities, we fad that the indebt-
edness of these nineteen cities, which,
with deductions made, was not quite
800, 600, 900 is 1867, has grown to $780,
900, 900 in 1875, a net increase Of $3.50.
600, 900, or 230 per cent. The, average
interest paid by these cities on their
loans is in excess OF seven per cent, SO
that the permanent addition to their an.
nual taxation aggregates $4,000, 900.
There is some consolation in knowing
hat New York is not alone in her mis-.
cry, nor is New Orleans, the worst gov
erned city upon the planet; but these
figures, in the rapidity Of their tremen.
dous accumulations, make it certain that
there will have to be a short and swift
limit set to municipal expenses, or else
our cities must accept the alternative oil
bankruptcy, with all its attendant shame.
fitness and ruin. The above is
from a recent copy Of the New
York World. The debt Of Memphis
is as follows: Total floating debt, 50,
O74,872.67 and total liabilities, S., 785,
372.67. To pay this the taxable values
Of the city, both real and personal
amount to but S23, 9O9,697, from which
must be deducted the taxable values il
the Ninth and Tenth wards, amounting
to about five millions, which, by a deci
sion of Judge Brown, Of the United
States Court, were exempt, the city deb
having been created prior to the admis
sion of these wards into the corporation.
This would reduce the taxable values tc
about eighteen or nineteen millions. Il
will be perceived that the debt is a5our
one.third of the taxable values Of thu
city-a bad exhibit truly.