Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-15
CITY INDEBTEDNESS

One Hundred and Thirty Cities whose Ag-
sregate Debt is $644,37S,663.
Robert P. Porter of Chicago read paper
on Municipal Indebtedness before the
Social Science Association of Boston. last
week. In it he gave the debt of $50 cities in
the United States as 1921 ,312 .OO9 in 1866.
and $644,S78, sos in 1876. The assessed
value of the property was, in 1866, $3,451.-
619,3S1. and in 1876, S6,175,OS2,I58. An
nual taxation in 1866, $64. 900, 09S: in 1876.
$l12.711. 275. Population, $685. ola in 1866.
increase Of the debt in ten years of upward
of 1920, 1000, and an annual increase of
S42,OOO,OO0. With these facts staring us in the
face it is not an exaggerated statement to
say that the cities in the United States
have to-day debt of 81 zoo, O0O, 900
half the sum of tho national
debt, and an annual expenditure
of $22O.O0O0O0 within $4O,OOO.OOO of the
national expenses. The liabilities are in
creasing at the rate of $50, OOO,OOO yearly. in
volving an additional charge of $4,000, 900
upon the taxpayers. Allowing for the great
shrinkage in values, and continued depres-
sion in business, we find that the property of
taxpayers has already been actually mort
gagged for Is per cent. of its value; and as
this debt has increased at tho rate of $42,-
eco yearly, the mortgages will continue
to increase at the rate of l per cent. annu-
ally, and in another decade will amount to
25 per cent. of the assessed valuation of the
property.
Mr.. Porter then read table showing tina.
the total State indebtedness of the United
States is $3G9, 17O,976, while the municipal
Indebtedness of one hundred and thirty
cities, is upward of 100000 more than
the entire State debt, which in the Southern
States, through bad government, is upward
of $1S0OOO,OOO, and in better governed
States mere bagatelle. The greater part of
the municipal debts is in the Eastern States,
and of the State debts in the Southern
States. Of municipal debts, New York.
Massachusetts,, Pennsylvania, New Jersey,
and Maine carry probably about $417,-
100000. leaving by far the ishtest
proportion to the great Western States.
State debts in the East are very heavy
as compared with those in the West. Eight
Western States, California, Illinois, Indiana.
Iowa, Michigan, Missouri, Ohio and Wiscon-
sin, with all aggregate population of nearly
$751;, 100000, or about $3.50 per capita, while
the great Eastern States of Connecticut,
Massachusetts, Pennsylvania, New York,
Rhode Island, New Hampshire, Maine, and
New Jersey, with population of 11,968,179,
besides carrying a great burden of
municipal debts, have an aggregate
State debt Of nearly 50 per capita. The
State debts of the South are even worse.
Alabama, Georgia, Louisiana, Maryland,
North Carolina, Virginia, West Virginia.
South Carolina and Tennessee, with popu-
lation of little over 5000, 900, have an ag-
gregate State debt of $179,443,2O7, or over
$22 per capita, to say nothing of the great
municipal debts of Baltimore, New Orleans,
and other cities.
| State debts are distributed about as fol
lows: Western States, $3.50 per capita
Eastern States, 50 per capita: and Southern
States, 1922 per capita.