New-York tribune., 1879-09-19

tion TO the extent Of the extravaganza. spc'uai
and consequent indebtedness which have caused H.
Those who are out Of debt suffer least. W mere inU
debts arr heaviest the calamity Is heaviest, but /,
il of public indebtedness. and cspecitiiy oi l' 'ptS
nf towns and cities that wish to say lew WoIu>.
The practice of creating pubHc debts. - II pre-
walls i'm tins country. especially IN lnuhtiVal E"N
ernment. ha~ long attracted very serious % 'un
II is "A great and growing evil. States, whose S'"u
name and credit have been hitherto uhtAlhsh'u;
arr threatened with repudia;ion. Many towns ana
clties nave reached point where they must soon
face The same peril d0 not wish to discuss the
mischicfs uf rrp.dIa'on. Nv purpose IS lncieN =,
make a few Suggc- tons a. 10 the best way to HN't
rspudiaiioD. Bur in passing et -ls ouN',te
Experience in this country has SHOWN '"'1'
NO state or community can. under any vi
cuInstanccs, gam by repualAtlon. Ile repudatnIs
thefi~e IV,.s cannot afford IT,. The community tnat
lh.rtclv refuse, 10 provide for its homes, drOts
loses IFS good name and shuts the door 10 aII n"po
of future prosperity. VI domoraAZes ana veti1'c11
all classes of is citizens. Capital ana anor anu
good people VIII not 20 10 such communities "u'
Will surely leave them. II Thought my "oI"s
could influence any OF my countfyth'h Nnp 81, (" =;
unfortunate to be cOmpeyed I" cono"'l ':'l'
onesiion. | would say, let no good clttIeh ne i"-
Guccd by any prospect of advantage Z" hlhseii ~
To Ais party 20 take single step toN'.lu 90
ion Let him set hls face like flint against th ITS
dawriug OF an attempt 20 enter upon tEat COW
ward pathway. II has been well sald tiiat no w, -
ex9ensiVe wav for n community to get Ild ol us
honest debts is reputation. ,: -;
Returning 90 the subject Of muriciiAi denlS' ~ -
not alone tnOse that live IN towns ana citi'a 'ao
are interested tEeir wise aud ecouolicli gov
,,c,t An WHO trade with their citizens, al Mhp
buy of them all who sell to 'henr-in worn, t'V
whole of the laboring and producing cla7''s .sii i
bear a share OF their burdens Inc taxes cpl.e'C
I'm the city ind their way INTO tue Prcr-IS', ,d M
what is bought ot aud sold TO the i"ine's ia',
anorers IN the country. On Tue ours. ions ~ ro
and taVatiou the dweers of the city ana tii"so W"
habitually deal with them form together one CONF
muuity and nave a common interest. ;.
ine usual Argument IN laEoT oi ei"l''Ds @ d O't,
dob j. tiat The proposed building or Improvement
Is not thi- generation alone, hut - ais" i"r me
benefit of postrrty, and therefore poSicrilN Vu""t
to help To pay Tor IT. THIS reasoning VIII not Dear
examination. Each eenerail has rs own ut-
m.nd- upon It's purse. IA should not bc called on
to pay for he cast-,n garments OF It's ANCESTOR
ihe appliances ana ~tfuctu!es winch our it"-
c.sfors nroytded f,r water hght. streets. PARKS,
cemeteries tor pu,ung on fires, Tor ponce, i"i 10
colnoiion fer ne tOn. and Tor thcthou>and other
necessities Of c'iy Ire, Would mol oe Wen su'1Ta -
the tastes. haonS aud wants OF our u"y. LII
generation mlst nave steam nre-en2incs ana ""tr4-
v,ork, ana A.. taxpayers do not want 10 he calico
upon 10 pay for che ciScrnS, tle hfe-pucAe's an"
the pumps cd thirty wears aga:
Mnnlcina borrowing l. the parent OF waste
profiiplc, ana corruption. Money ha, comes 60 70
Iv goes elsily. I'm this career OF reckless 'A-
tf.lyl g.iucc clics build and bay what t.ry
do not need. and pay for what thy J. gel ~
more than 1t = worth. ADOPT Ihs I,,.'i.,S W"i',S
of the valuable report of me lcill'NNi-
ro Commission appointed 70 devise plan Tor the
government ot les To sum II mp. i t'O oIrn nap
ne,,. t.t ''ti. m-u who auinOrzc the contracts ae
suh.t tlntiav th, lreu who profess 10 perform the,n
TIE Mon who fX the prices are substantially thr
m,n vhp icrcI yt ihe pny Tor performing ihe ld",i'
ard tine uca vino is>uc thc bonds axe TIE men VINO
Irr riasn,,uGc aud ihc growth of this evil are
shown hr statistics with winch the TuhlIc j. tln-
liar. do mot choose 10 delan Nou IN ltPeatlh-
a NV weeks ago TIE Nrw-YoaK TERv>r. chilled
attention % nu excellent article on tina -uy'ct n
~, Princeton Eeifc. hy ROl err T. Porter ln Which
n 4 shown tLIt the local debts have, since
the waI. increased out OF all proportion %
thc increase OF properly oo 90 p.paIA't&in' & aatt
Porter shows thIt % 80 ciuc> ih., oent
increased from SOL. .3l2,Oo9 IL 1~Gt, 10
~,if fl-> CG} - 1876. Tie percent ge az increase
i. aUost 200 per cent in ten year, wif' tine PROF.
crtc ot these cite, iucrea~ hW - per cent, ana
ih,lr population out 3J per cent. lie 'ot"4 l,c"i
indebtedness of aii of tne ite> oa.d1g iie Iei-
rfor.e. % i- lrat,d l' thc article itt,r q" "i
~, close of ISIS. vas Sl,U5l.I .I0G112. IN many
instances DO Is shown fual tlc aunuJ amount oi u
irr.-t pail ly cities on thtll debts i- .Itoat cIuh
90 d., total annual expenses io. 'ilyli- on "'f
cchteducs. 0i the country aitci'y exceeds ohe-lal
thc great war Debt oi tIe raiion aHl llc ii'ci' 81
rupu iDrin, t.um the Ilgh "a, usually rid, VIII
soon equal the total interest upon the National
RADICAL CURE SUGGESTED.
The urgent question that Is now pressing for con-
sidoraiion IS how to deal with these large and III
creasnq local debts. The be.t answer, 1t seems TO
rc. is simple, ready a hand and sufficient. Do not
have .uv local debts. Let IL be embodied in the
constitutions and laws of every State tnat local
autholi.ies shall create no debts that thcy shnil
make no appropriations OF money until II j. col
i.cted and ON band; that all appropriations shall
be TOR spe ,ic objects. and tha; 20 existing debts
suitable provision shall Ice made for their cNuu-
/ ei.i-hmrft. J % pay oh the old o'"--in rict,, N"
! new ouc.-wili be difficult and embarrassing. "l-
| uabie reforms always ave rhuchll' anu lio.-
| ouch work often j. EMBARRASSING II we
/ would be nd Of the p'rl oi approach
iuc ban krlptcy ANA tcpuiniior Whlch l| lhi''' II
-o many fo.yus and cltc., there must hc "a hd4t 'u
/ this dangerous downward march. II the remedies
have suggested aie too laolcal, Ict ot"cls Do iIO-
! .tfHfIf D q % HIfI B.
Tho poiicy Of preventing the creation OF local
debts hv positive CONSTITUTIONAL prohibition l. iniS
sustained by the experience %. The Siaie- WIN r.
,ncci 90 state debts. CONSTITUTIONS ln many 81 ih,
OLD. and in all of the new, STATES nave ncei ad"lt' 4
within the last thirty or forty ycalS and almost AL
o.. them contain provisions denying 10 stale Lego
luIos the authority 10 create debts except ia ciS
| Of war; iusurrtction or other extraordinary cner-
| reucy. Under the operation OF these piohlbli"Ty
provisions. the debts existing At the time OF theu
adoption have been greatly reduced, and the only
STATES now embarrassed by debt are those whose
Constitutions do not contain this Wise prohibitions
TnE POLICY OF TnE GOVERNMENT
The general policy of the National Government
on the subject of debt has always been sound. 1t
may bc summed mp in few words. No debts to be
created IN time of peace, and war debts TO be paid
of As rapidly rs possible when the war ends.
The Revolutionary War debt, at the inauguration
of the present form of government, March 4, 17s9,
amounted TO S76OOO,OOO, and after successive re-
findings in longtime bonds, was paid Oft by their
redemption. finally, in 1885.
The debt created by the War of 1912. after re-
funding in 2 per cent bonds. was also paid IN $50,
and at the close of that year the Nation was prac-
tically free from debt. 49,
The debt incurred on account Of the Mexican War
Amounted To SS3 Jj2, ,69S. the bonded debt bearing
q per cent interest. running from five To twenty
years and Treasury note. at various rates OF inter
est from I mill 20 525 per cent. All IF THIS debt
was redeemed prior To 1870. excepting very small
amount not yet presented for reclamation:
As a marked evidence of the fidelity with which
our National obligations of this description have
heretofore been met ii worthy Oi note that dui-
ing the War ui 1872 the interest on the portion oi
the debt held by British subjects was regularly
paid the agents OF the holders IN this country, ow-
L.-r-