Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-09-17
COMMUNICATED
,S'nr HanlxerS' S'OuYenliOn.

The Bankers Convention met recently 10
New Yolk 10 take iuto consideration the cnor-
nous taxation by the Government, for the pur
pose Of bringing It TO The attention II Congress
The State and municipa! taxation is also source
Of great compliant by the National Banks, and
uolosi reduction soon is made many OF them
vii! be taxed out OF existence. MIR. James
Bucl, secretary Of the convention, brought to
the attention Of tie convention The sut jsct OF
he State and municipal taxation, showing the
enormous Indebtedness. Ills remarks | ap
pend
Mr. James Buell., Secretary Of the American
| Bankers Association. made al address oG the
question Of munlcp pal bonds. lie said There
arc Two puiuls il regard to municipal bonds, on
which desire TO offer few observations if
ain compelled to speak al all. The first is as to
must b" done without delay. The evidence Of
scnllcmsr recently returned from Europe coio
cirs with the testimony which for some years
has been so abundant and conspicuous 10 this
couotry, and proves that cur public credit has
already lccriscd severe Injuries from the exccs-
sre >su 5 OF lIucIcipaI houds snd is threaten
ID With stili Greater evils in the not distant iu
tuir. As has been admirably shown 10 the
reports OF the commission appointed 10 the
State ol New ork to Investigate this sub 4ct,
an lmnouSn aggregate Of municipal bonds will
mature in three or four years, and, except some
vigorous policy Is adopted to support the credit
Of this elias: d securities, it will be absolutely
| Impossible 10 renew them on acceptable terms
cr to prevent public ou;cry for reputation.
Ia the taited States there are $50 cities
whose financial condition have had 10 view 10
makiog these remarks. y! these cities 20 have
population Of 100000 ard upward. Their net
total debt, as nearly as it en- be a5ccrtaiDed
after deductrg the sinking funds, is $492, 0O0,
UDJ. Next we have l. cities whose population
is from 10000 TO 100000, and whose aggregate
Indebtedness is So 900 900
We hsve, then, 81 cities with a popu alton Of
10000 10 1900, ard whose aggregate debt
amounts toi arly $50, 0,C0). The total Of lhese
II cities is mo C thsn half OF that watch l es,i-
mate as the total for the United States. Their
| aggregate is S0Jj, 81 ), SCI
1t is difficult, as every oce will ADM, who
has made the attempt to obtain the statIsnes OF
the smaller cities, even 10 the State Of New
York For many Of tie Western ard Southern
States the attempt, though involving great IT,
bor is seldom rewarded By much accurate 10.
formation. For Fifty six cities below % 900
population | iind that the total debt 10 lS1G
was $5l ,0O0, 900 Hence the $50 cities whose
statistics have analysed had, in 1876 net
debt OF $G4l ,37S Co. The sun is three h!ths
Of the aggregate estimated to be that O.! al! the
municipalities ui this country. 10 this cDor-
NOUS laJl see many reasons Tor grave alarm
especially Is Us Increase has been so rapid dur.
iog several years past. The amount Of the per
nancn; debt ut tn. several cities OF this State.
embracing in round numbers, population Of
2,UJO, 900, is upward OF ;l70, 00O,000, the au.
nual interest upon which, probably, exceeds
$Il 900. 600 The whole amount appropriated for
c.rryiuc on the governmental the State 10 1873,
| exclusive Of sums appropriated 10 cXtl0guljh
debt, WAS less than - Q0Q, 900 much less than
the snni which the cities OF this State are COM
rr!!: 10 raise 10 gay the interest on their local
debts Much Tie larger part OF this burden is
t!c growth OF recent years. The enormous debt
OF he city Of New York is especially deserving
Of atIcn!ou. As it is ut present, after deductiug
;hc sinking !unI, upward Of Sll3, 900 300; and
without deducting that fund, upward Of $l40,.
| 600 coo, an amount (X,cedlng the entire sum
requisite 10 dairay all the expenses OF the State
| government for the prescott year. and exceeding
the entire expenditure OF the city and county OF
| Nv York Ter = year so recent as 1860. when
the city hal = population OF 500, 900. The mag
r!tui. o! this DEBT is even less alarming than
the raniity OF It's recent Increase. 10 1910
he debt Of the city vas about $4,000, 900
II 1879 about $l2 900, 0OO an increase during
the decide Of about twenty per cent. 10 1860
it Was upward of $4,000, U0O an decrease OF
fifty per ccnt. la 1870 it was upward of
$73 Gao 600, an Increase Of nearly four hundred
pnr cant; and 10 the SIX years which have since
elapsed it has been swollen hy the enormous ad
ai!ioa ~! $40 100000. 1t IS proper 10 say that
i. i,.t
the .llndog CT preceding floating debt OF up
;Yarl Of so. 900 900, legacy from the corrupt
catal ov.rthrown 10 1871, ard which, or most
Of which, ought 20 BE- added to the amount OF
the debt, as above stated, in 1870. The mag.
nitnle and rapid Increase Of this debt are not
lass remarkable than the poverty Of the results
| exhibited rs the rcturn for 50 pro1iPious an eX.
pcndlture.
trust this association will be enabled 10 the
| future to do much Tor the achievement of this
most important reform. We have many ad-
v.ntaecs qualifying us as an association for IN
| dcrtaking this work. We have our organizl-
z,tlous in every State 10 the Union We have
our constituents and members 10 every town
and city OF the United States, where there is
bauk or baker. We have our officers busy en-
poycd during the session Of Congress 10 endeav.
orng to cnlighten and inform the minds Of Sena
tors and Representatives 10 regard 70 questions
| CT bank legislation and bank taxation Tor the
! United States and there is 20 reason why al
| orgaaiz ID body So powerful aud welding SO
much iLiucnce rs ours, should not, as 5000 as
the most pressing tax questions arc disposed of.
take up with vigor and success, other reforms
When:that time arrives, and hope it is very
near, We shall find ready to our hand important
work ia connection with the municipal indebted
acss OF the country to which [ have had the
| honor OF directing the attention Of this convcn-
lion 10 Gay.
This brings to my mind The very loose man.
ncrin which the General Assembly of Virginia.
for many yers past, has authorized county and
tomn subscriptions to be made, and it is duty
The next General Assembly owes to the people
as we'll as TO The good nome Of the Common
wealth. that they should hereafter refuse such
applications, and not only so, but repeal all
laws COW on the statute book authorizing such
subscriptions that have not been availed Of.