The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-01-21
ARE THE UNITED STATES BANKRUPT

L
sides the important question which 1t
asks and discusses with ability, though
with comparative brevity, contains such
startling facts and figures that 1t can
not fail to be highly interesting to all
American citizens and especially to all
merchants and business men. Consid-
ering the authority Of the great period
zeal in question, the statements made
with data for their correctness. and the
present condition of this country, both
politically and pecuniarly. brought on
distinctly by the fanaticism, follies and
extreme selflshness OF the Republican
party, eliminating in fratricidal war
and prosecutions, and now threatening
religious controversies full Of venom
and danger to all, foreign conflict, a
third term and national bankruptcy,
we have deemed it proper to republish
the article on our editorial page
Are the United States bankrupt?
They may not be, for they have immense
resources, but II they go on increasing
their indebtedness as they have done
during the past five years they will
almost inevitably find themselves invol-
ments. The national debt for some
wears past has been steadily decreased,
until it now represents the not very
formidable aggregate Of G45l 100000 in
round numbers-a decrease Of about
G41 900, 900 in five years. But while this
decrease has been going on, the State,
county, and municipal debts have been
increased to an almost incredible extent.
The whole debt OF the United States at
NJ uS
be ascertaned, amounts to about G718,-
OOO, OOO-that is, national debt, el51 ,0O0,-
900; municipal debts, ESQ 900 600; State
debts, 76,OO0,O0O; and county debts,
G36, OOO, 900. The interest on the national
debt, including that paid on the Pacific
Railway bonds, Is E2O 900, 900, and on the
municipal, State, and county debts,
ELS, GOO, OOO-so that for interest on debt
alone the American national and local
governements require G39, 100000 yearly
from their people A comparison will
: best bring into view the enormous
} character OF this burden. For. in
terest on our own national debt we
pay G27,OOO,OOO a year, while our 10
cal indebtedness amounting, accord
ing to the report of the Local Govern
ment Board, to G72,OO5,6O5 bears
, yearly interest Of about Ga, 100000. Thus
the Americans, for the same purposes as
only $50, 900 900; and yet we never heard
any one here express the opinion that
our taxation for our debt was too light.
There is really little comparison be
tween the actual wealth Of Great Britain
; and that of the United States; the for
mer is almost incomparably richer, but
the Americans are bearing burden for
interest on debt alone heavier by
E9, OOO, 600 u year than our own.
| rfyl,, foot that tho local indie btQG npSs
of the United States-the county, mu-
nicipal and State debts increased
by more than 100000 since 1870
throws much light upon the hitherto
rather mysterious question OF the
cause Of the present depressed
condition of trade and industry in
) the Republic. The actual amount
7 of this indebtedness in 1870 wa;
| 1865, 676,73S and this has now increased
to ST. 1881, y7O,517. The State debts have
increased about $50, 900, and the mu-
nicipal debts about $40 100000. It is in
8 the cities that the "rings" have had full
, sway-there, where the non taxpaying
, voters outnumber the property holders
!, the practice of voting appropriations
for public works, and OF spending large
! sums upon improvements, has been car
D ried on almost without limit. The city
! of New York, with population Of less
-
67S. while London has debt Of only
Y g5, Isl, 900. Baltimore and Boston, the
. first with 267, 1854 people, and the second
with a population Of 25O,526, each have
debts much larger than London, New
York, Philadelphia, Boston, Brooklyn
| Baltimore, Washington, New Orleans
e st. Louis, Chicago, Cincinnati, Jersey
D City, Louisville, Newark, Providence
Pittsburg, Cleveland, Portland, Charles
, h; On II Sap Era f,icn
+ Albany, Mobile, Milwaukee, Detroit
d Bangor, Augusta, st. Joseph, Indianap
# oils, st. Paul, Lynchburg and Colum
a bus-the thirty-two principal cities in
: the United States, with population O.
d 1896. 7O6-have a debt of E105, rs, 545
:. while London, Liverpool, Manchester
!. Leeds, Bradford, Bristol, Halifax, Bol
4 ton, Brighton, Birmingham, Oldham
!, Stafford, Rochdale. Huddersfield, Vol
s burn, Ashton, Sunderland and Swanson
Q the twenty-one principal English
!. cities, with population of $685., 173-
!, have q debt of only e22 1892, 739-less b,
c9. 1872. 94s than the debt Of New Yorl
J. city alone. These facts are staggering
Il but, as we have said, they carry theil
a lesson with them.
q The imperial revenue Of Great Britain
y is about s75,266,OO0, and the amour
raised Dy UdAtClOu lOI lOCttl puIIOSco II
d about G23, 1876, 900, SO that the whole cos
@ Of governing the country, with what on
a American friends regard as our expen
; sive luxuries Of a monarchy, is g103, 452,
u 900. But the revenue of the Fedora
q Government Of the United States
If EST 1896, $50, and the amount raised b,
It taxation for local purposes is about Ell,
II OOO, 900, so that the whole cost of tn
- "self-government" Of the Americans
II nearly G129, 900, 600. We have an efficien
% army and navy-the Americans hav
10 neither; we have our colonies and on
n great Eastern Empire, while the Unite
~ States have no colony; and still
IL we get along with tolerable com
y fort by the expenditure Of EOS, OOO,OO
a year less than the Republic costs
'Local government" in the United State
70 costs in taxes and debt 100000
!. year, and the whole revenue of the Brit
~ ish Empire is not so large a sum. A
Of American writer, to whom we are In
s. debted for the facts which we have thu
G. set forth, says that ''this steady growt
70 Of municipal burdens" is the "natura
II result Of system which intrusts to tn
TX many who congregate in a city and cas-
J. the majority Of the votes unlimite
" power to impose taxes and debts upO
N the few who own most Of the property: